Exam 14: Property Transactions Determination of Gain and Loss and Basic Considerations

Nontaxable stock dividends result in no change to the total basis of the old and new stock,but the basis per share decreases.

(True/False)

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Question 141

Lump-sum purchases of land and a building are allocated on the basis of the relative fair market values of the individual assets acquired.

(True/False)

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Question 142

Joyce's office building was destroyed in a fire (adjusted basis of $350,000;fair market value of $400,000).Of the insurance proceeds of $360,000 she receives,Joyce uses $310,000 to purchase additional inventory and invests the remaining $50,000 in short-term certificates of deposit.She received only $360,000 because of a co-insurance clause in her insurance policy.What is Joyce's recognized gain or loss?

(Multiple Choice)

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Question 143

Showing 141 - 143 of 143

Nontaxable stock dividends result in no change to the total basis of the old and new stock,but the basis per share decreases.

Lump-sum purchases of land and a building are allocated on the basis of the relative fair market values of the individual assets acquired.

An Introduction to Taxation and Understanding the Federal Law

Working With the Tax Law

Tax Formula and Tax Determination an Overview of Property Transactions

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

Deduction and Losses Certain Itemized Deductions

Investor Losses

Alternative Minimum Tax

Tax Credits and Payment Procedures

Property Transactions Nontaxable Exchanges

Property Transactions Capital Gains and Losses

Property Transactions Section 1231 and Recapture Provisions

Accounting Periods and Methods

Deferred Compensation

Corporations and Partnerships

Filters

Exam 14: Property Transactions Determination of Gain and Loss and Basic Considerations

​Nontaxable stock dividends result in no change to the total basis of the old and new stock,but the basis per share decreases.

Lump-sum purchases of land and a building are allocated on the basis of the relative fair market values of the individual assets acquired.

An Introduction to Taxation and Understanding the Federal Law

Working With the Tax Law

Tax Formula and Tax Determination an Overview of Property Transactions

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

Deduction and Losses Certain Itemized Deductions

Investor Losses

Alternative Minimum Tax

Tax Credits and Payment Procedures

Property Transactions Nontaxable Exchanges

Property Transactions Capital Gains and Losses

Property Transactions Section 1231 and Recapture Provisions

Accounting Periods and Methods

Deferred Compensation

Corporations and Partnerships

Filters

Nontaxable stock dividends result in no change to the total basis of the old and new stock,but the basis per share decreases.