Sam Sellmore, a successful salesman, owns an apartment buiding worth $75,000 with an adjusted basis of $80,000. Recently, he received an offer from Carol Rosenboom to exchange owenership of apartment
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Sam Sellmore, a successful salesman, owns an apartment buiding
worth $75,000 with an adjusted basis of $80,000. Recently, he
received an offer from Carol Rosenboom to exchange owenership of
apartment buildings. Ms. Rosenboom’s building is also valued
at $75,000 with an adjusted basis of $50,000
- Does wither party have any gain or loss to recognize if they exchange buildings?
- Would your answer be the same if they were both dealers and traders of many apartment buildings?
- Does either party recognize gain or loss if
- Sam Sellmore receive $2000 in cash in the deal?
- Ms. Rosenboom, instead of Sam, receives $2,000 in cash in the deal?
-
- Calculate the following:
- Sam’s basis in the property received if he receives $2,000 in cash in the deal
- Carol’s basis in the property received if she receives #2,000 in cash in the deal.
-
Marty is interested in rearranging his life insurance
policies. Explain whether he can enter into the following
transactions without paying any income taxes on potential
gains:
- The exchange of his life insurance contract for an annuity contract.
- The exchange of his endowment contract for an ordinary life insurance contract.
- The exchange of his policy on his wife’s life for a policy on his life.
- Describe the ownership and use requirements for the exclusion of gain from the sale of a principal residence.
- Describe how taxpayers who do not fully meet the requirements for the exclusion of gain from the sale of a principal residence may be eligible for a reduced exclusion.
Chapter 14
- Describe the policy behind capital-gains taxation and the issues involved in the development of that policy.
-
a. How is the term “capital asset” defined in the Internal
Revenue Code?
b. What assets are specifically excluded by the Code from the definition of a capital asset?
- Explain the taxation of capital gains of individual taxpayers.
- Explain how an individual’s capital gains and losses are “netted” for a given year.
- Billy Bob owns a building used in his business. He has owned the building for 5 years. For various business reasons, Billy decided to sell the building at a loss. Explain how Billy’s loss will be deductible, assuming that this is Billy’s only sale or exchange of property during the year.
- Describe the applicability and operation of the net investment income tax.
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