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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

  1. 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
    1. Does wither party have any gain or loss to recognize if they exchange buildings?
    2. Would your answer be the same if they were both dealers and traders of many apartment buildings?
    3. Does either party recognize gain or loss if
  1. Sam Sellmore receive $2000 in cash in the deal?
  2. Ms. Rosenboom, instead of Sam, receives $2,000 in cash in the deal?
    1. Calculate the following:
  1. Sam’s basis in the property received if he receives $2,000 in cash in the deal
  2. Carol’s basis in the property received if she receives #2,000 in cash in the deal.
  1. 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:
    1. The exchange of his life insurance contract for an annuity contract.
    2. The exchange of his endowment contract for an ordinary life insurance contract.
    3. The exchange of his policy on his wife’s life for a policy on his life.
  2. Describe the ownership and use requirements for the exclusion of gain from the sale of a principal residence.
  3. 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

  1. Describe the policy behind capital-gains taxation and the issues involved in the development of that policy. 
  2. 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?
  1. Explain the taxation of capital gains of individual taxpayers.
  2. Explain how an individual’s capital gains and losses are “netted” for a given year.
  3. 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.
  4. Describe the applicability and operation of the net investment income tax.
 

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