Question 1

What is Section 291 recapture?

Accepted Answer

Section 291 recapture requires corporate

Question 2

Bennett,who is single,owns all of the outstanding stock of Bennett Company.In 2015 Bennett sells all of his stock in the company for $30,000.If the stock qualifies as Section 1244 and his basis in the stock is $140,000,how is his loss on the sale classified for tax purposes?

Accepted Answer

A) $110,000 capital loss 
B) $110,000 ordinary loss 
C) $60,000 capital loss; $50,000 ordinary loss 
D) $100,000 ordinary loss; $10,000 capital loss 
E) None of the above 
A) $110,000 capital loss 
B) $110,000 ordinary loss 
C) $60,000 capital loss; $50,000 ordinary loss 
D) $100,000 ordinary loss; $10,000 capital loss 
E) None of the above

Question 3

What are three types of dispositions other than a sale? Briefly explain each.

Accepted Answer

Three other dispositions are exchanges,i

What is Section 291 recapture?

Bennett,who is single,owns all of the outstanding stock of Bennett Company.In 2015 Bennett sells all of his stock in the company for $30,000.If the stock qualifies as Section 1244 and his basis in the stock is $140,000,how is his loss on the sale classified for tax purposes?

What are three types of dispositions other than a sale? Briefly explain each.

Introduction to Taxation

The Tax Practice Environment

Determining Gross Income

Employee Compensation

Business Expenses

Property Acquisitions and Cost Recovery Deductions

Tax-Deferred Exchanges

Taxation of Corporations

Sole Proprietorships and Flow-Through Entities

Income Taxation of Individuals

Wealth Transfer Taxes

Filters

Exam 7: Property Dispositions

What is Section 291 recapture?

Bennett,who is single,owns all of the outstanding stock of Bennett Company.In 2015 Bennett sells all of his stock in the company for $30,000.If the stock qualifies as Section 1244 and his basis in the stock is $140,000,how is his loss on the sale classified for tax purposes?

What are three types of dispositions other than a sale? Briefly explain each.

Introduction to Taxation

The Tax Practice Environment

Determining Gross Income

Employee Compensation

Business Expenses

Property Acquisitions and Cost Recovery Deductions

Tax-Deferred Exchanges

Taxation of Corporations

Sole Proprietorships and Flow-Through Entities

Income Taxation of Individuals

Wealth Transfer Taxes

Filters