Exam 14: Property Transactions: Capital Gains and Losses, 1231, and Recapture Provisions

Stanley operates a restaurant as a sole proprietorship. Which of the following items are capital assets in the hands of Stanley?

(Multiple Choice)

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Question 141

Verway, Inc., has a 2014 net § 1231 gain of $55,000 and had a $62,000 net § 1231 loss in 2013. For 2014, Verway's net § 1231 gain is treated as:

(Multiple Choice)

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Question 142

The subdivision of real property into lots for resale when no substantial physical improvements have been made to the property never causes the gain from sale of the lots to be treated as ordinary income.

(True/False)

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Question 143

If § 1231 asset casualty gains and losses net to a gain, the gain is treated as a § 1231 gain.

(True/False)

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Question 144

Individuals who are not professional real estate developers may get capital gain treatment for sale of their real property if they engage only in limited development activities.

(True/False)

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Question 145

Showing 141 - 145 of 145

Stanley operates a restaurant as a sole proprietorship. Which of the following items are capital assets in the hands of Stanley?

Verway, Inc., has a 2014 net § 1231 gain of $55,000 and had a $62,000 net § 1231 loss in 2013. For 2014, Verway's net § 1231 gain is treated as:

The subdivision of real property into lots for resale when no substantial physical improvements have been made to the property never causes the gain from sale of the lots to be treated as ordinary income.

If § 1231 asset casualty gains and losses net to a gain, the gain is treated as a § 1231 gain.

Individuals who are not professional real estate developers may get capital gain treatment for sale of their real property if they engage only in limited development activities.

An Introduction to Taxation and Understanding the Federal Tax Law

Working With the Tax Law

Computing the Tax

Gross Income: Concepts and Inclusions

Gross Income: Exclusions

Deductions and Losses: in General

Deductions and Losses: Certain Business Expenses and Losses

Depreciation, Cost Recovery, Amortization, and Depletion

Deductions: Employee and Self-Employed-Related Expenses

Deductions and Losses: Certain Itemized Deductions

Investor Losses

Tax Credits and Payments

Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges

Alternative Minimum Tax

Accounting Periods and Methods

Corporations: Introduction and Operating Rules

Corporations: Organization and Capital Structure

Corporations: Distributions Not in Complete Liquidation

Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations

Partnerships

S Corporations

Exempt Entities

Multistate Corporate Taxation

Taxation of International Transactions

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Income Taxation of Trusts and Estates

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