Mod 36 Wrong Answers Flashcards

1
Q

When a stock is received as a gift and the property’s FMV is used on the date of the gift to determine the loss, the donee’s holding period…

A

Begins when gift is received

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2
Q

Boot received includes both…

A

Cash and mortgage given away

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3
Q

Worthless securities generally receive capital loss treatment. However if the loss is incurred by a corporation on its investment in an affiliated corporations, the loss is…

A

Generally treated as an ordinary loss

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4
Q

Affiliated corporation

A

80% or more ownership

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5
Q

A loss would be recognized between what 3 groups of family members?

A

1 inlaws

2 ancestors/descendants

3 uncles/nephews

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6
Q

What is the amount of excess long term capital loss that can offset against taxable income for a corporation?

A

$0

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7
Q

What is the treatment of a sale of an antique at a loss that was held for personal use?

Why?

A

Sale of antique at a loss is not deductible

Because held for personal use

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8
Q

Definition of capital assets includes…2

A

1 investment property and property held for personal use

2 excludes property used in trade or business

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9
Q

Property held for personal use example 2

A

1 personal residence and

2 furnishings

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10
Q

A capital loss deduction for a married couple filing a joint return is…

A

$3,000

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11
Q

When items have already been included in book income, taxable income is…

A

The same as book income

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12
Q

With involuntary conversions, how do you calculate basis?

A

Basis = amount reinvested - deferred gain

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