Mod 36 Wrong Answers Flashcards Preview

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Flashcards in Mod 36 Wrong Answers Deck (12):

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


Boot received includes both...

Cash and mortgage given away


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


Affiliated corporation

80% or more ownership


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

1 inlaws

2 ancestors/descendants

3 uncles/nephews


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



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


Sale of antique at a loss is not deductible

Because held for personal use


Definition of capital assets includes...2

1 investment property and property held for personal use

2 excludes property used in trade or business


Property held for personal use example 2

1 personal residence and

2 furnishings


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



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

The same as book income


With involuntary conversions, how do you calculate basis?

Basis = amount reinvested - deferred gain

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