Mod 36 Wrong Answers Flashcards Preview

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Flashcards in Mod 36 Wrong Answers Deck (12):
1

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...

Begins when gift is received

2

Boot received includes both...

Cash and mortgage given away

3

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...

Generally treated as an ordinary loss

4

Affiliated corporation

80% or more ownership

5

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

1 inlaws

2 ancestors/descendants

3 uncles/nephews

6

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

$0

7

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

Why?

Sale of antique at a loss is not deductible

Because held for personal use

8

Definition of capital assets includes...2

1 investment property and property held for personal use

2 excludes property used in trade or business

9

Property held for personal use example 2

1 personal residence and

2 furnishings

10

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

$3,000

11

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

The same as book income

12

With involuntary conversions, how do you calculate basis?

Basis = amount reinvested - deferred gain

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