Reg4

Question 0

Gain or loss realized in a like kind exchange

Answer 0

Equals the fair market value of property received minus adjusted basis of property given up

Question 1

What are the four items that qualify for unlimited exclusion from gift tax

Answer 1

Payments made directly to an educational institution for Dhoni’s tuition, payments made directly to a healthcare provider for medical care, charitable gifts, marital transfers

Question 2

Gain or loss recognized on like kind exchange

Answer 2

The lesser of gain realized or boot received

Question 3

Basis of new property in like kind exchange

Answer 3

Adjusted basis of property given up plus gain recognized minus loss recognized minus boot received

Question 4

Under section 1245 ordinary income is recognized on the game to the extent of…

Answer 4

Accumulated depreciation. Any game in excess of the original cost is capital game

Question 5

The income distribution deduction is the lesser of…

Answer 5

The actual distribution to beneficiary or the distributable net income

Question 6

Section 1231 assets are comprisesprincipally of what

Answer 6

Depreciable personal and real property used in the taxpayers trade or business and held for over 12 months. Section 1231 losses are treated as ordinary losses

Question 7

In a non-liquidating distribution partner takes the ______ for assets distributed

Answer 7

Partnership basis. This basis cannot exceed the partners partnership interest

Question 8

What reduces the amount of calculated tentative estate tax to arrive at the amount of the state tax payable

Answer 8

The applicable credit and the amount of gift tax is payable on prior gifts made

Question 9

A fiduciary must file a return on form 1041 if the state has gross income of ______

Answer 9

$600 or more

Question 10

What’s a hot asset

Answer 10

Hot assets are unrealized receivables and appreciated inventory

Question 11

Makers five your property includes what

Answer 11

Automobiles, light trucks, computers, typewriters, copiers, duplicating equipment, and other such items

Question 12

What are the four items that qualify for unlimited exclusion from gift tax

Answer 12

Payments made directly to an educational institution for Dhoni’s tuition, payments made directly to a healthcare provider for medical care, charitable gifts, marital transfers

Question 13

Gain or loss realized in a like kind exchange

Answer 13

Equals the fair market value of property received minus adjusted basis of property given up

Question 14

Gain or loss recognized on like kind exchange

Answer 14

The lesser of gain realized or boot received

Question 15

Basis of new property in like kind exchange

Answer 15

Adjusted basis of property given up plus gain recognized minus loss recognized minus boot received

Question 16

Under section 1245 ordinary income is recognized on the game to the extent of…

Answer 16

Accumulated depreciation. Any game in excess of the original cost is capital game

Question 17

The income distribution deduction is the lesser of…

Answer 17

The actual distribution to beneficiary or the distributable net income

Question 18

Section 1231 assets are comprisesprincipally of what

Answer 18

Depreciable personal and real property used in the taxpayers trade or business and held for over 12 months. Section 1231 losses are treated as ordinary losses

Question 19

In a non-liquidating distribution partner takes the ______ for assets distributed

Answer 19

Partnership basis. This basis cannot exceed the partners partnership interest

Question 20

What reduces the amount of calculated tentative estate tax to arrive at the amount of the state tax payable

Answer 20

The applicable credit and the amount of gift tax is payable on prior gifts made

Question 21

A fiduciary must file a return on form 1041 if the state has gross income of ______

Answer 21

$600 or more

Question 22

What’s a hot asset

Answer 22

Hot assets are unrealized receivables and appreciated inventory

Question 23

Makers five your property includes what

Answer 23

Automobiles, light trucks, computers, typewriters, copiers, duplicating equipment, and other such items

Question 24

Nolan receives an interest in the partnership for services performed. The services are valued at what?

Answer 24

Fair market value of what is received (the partnership interests), regardless of what the normal billing for the services might have been

Question 25

Amount Realized =

Answer 25

Fairmarket value of new auto + boot received - adjusted basis of auto given up

Question 26

In a liquidating distribution, a partners basis in the distributive property is:

Answer 26

The same as the adjusted basis of the partnership interest reduced by any money actually received