An individual had the following capital
gains and losses for the year:
Short-term capital loss
|
$70,000
|
Long-term gain (unrecaptured §1250 at
25%)
|
56,000
|
Collectibles gain (28% rate)
|
10,000
|
Long-term gain (15% rate)
|
20,000
|
What will be the net gain (loss) reported
by the individual and at what applicable tax rate(s)?
a.
Long-term gain of $16,000 at the
15% rate
b.
Short-term loss of $3,000 at the
ordinary rate and long-term capital gain of $86,000 at the 15% rate
c.
Long-term capital gain of $3,000
at the 15%rate, collectibles gain of $10,000 at the 28% rate, and Section 1250
gain of $56,000 at the 25% rate
d.
Short-term loss of $3,000 at the
ordinary rate, long-term capital gain of $10,000 at the 15% rate, collectibles
gain of $10,000 at the 28% rate, and Section1250 gain of $56,000 at the 25%
rate
8461
Solution a
Recapture
していれば、Ordinary Income。超えた分はCapital Gain。
Unrecapture
ならCapital
Loss とぶつけることができる。
Platt owns land that is operated as a
parking lot. A shed was erected on the lot for the related transactions with
customers. With regard to capital assets and Section 1231 assets, how should
these assets be classified?
Land
|
Shed
|
|
a.
|
Capital
|
Capital
|
b.
|
Section 1231
|
Capital
|
c.
|
Capital
|
Section 1231
|
d.
|
Section 1231
|
Section 1231
|
3351
Solution d
Business
に使っているので、土地も小屋もSection 1231。
Gibson purchased stock with a fair market
value of $14,000 form Gibson's adult child for $12,000. The child's cost basis
in the stock at the date of sale was $16,000. Gibson sold the same stock to an
unrelated party for $18,000. What is Gibson's recognized gain from the sale?
a.
$0
b.
$2,000
c.
$4,000
d.
$6,000
8433
Solution b
16,000と12,000のマジックハンドで18,000との差額。
ちなみに Related Party Loss 4,000は、Disallowed。
Hogan exchanged a business-use machine
having an original cost of $100,000 and accumulated depreciation of $30,000 for
business-use equipment owned by Baker having a fair market value of $80,000
plus $1,000 cash. Baker assumed a $2,000 outstanding debt on the machine. What
taxable gain should Hogan recognize?
a.
$ 0
b.
$ 3,000
c.
$10,000
d.
$11,000
9951
Solution b
Boot
Receivedがなければ a 。Boot ReceivedはTaxable
Gain。
Patty Leave owned an apartment house for
ten years. Depreciation was taken on a straight-line basis. When Patty's
adjusted basis for this property was $300,000, she traded it for an office
building having a fair market value of $700,000. The apartment house had 100
dwelling units, while the office building has 40 units rented to business
enterprises. The properties are not located in the same city. What is Patty's
reportable gain on this exchange?
a.
$400,000 Section 1250 gain
b.
$400,000 Section 1231 gain
c.
$400,000 long-term capital gain
d.
$0
1630
Solution d
Like-kind
Exchange だから。
A married couple purchased their principal
residence for $300,000. They spent $40,000 on improvements. After living in it
for 10 years, the couple sold the house for $650,000 and paid $36,000 in real
estate commissions. What gain should the couple recognize on their join return?
a.
$ 0
b.
$ 60,000
c.
$274,000
d.
$310,000
9952
Solution a
自宅を売却した場合、夫婦で500,000（Single は250,000）まで非課税。
Taylor owns 1,000 shares of Media
Corporation common stock with a basis of $22,000 and a fair market value of
$33,000. Media paid a nontaxable 10% common stock dividend. What is the basis
for each share of Media common stock owned by Taylor receipt of the dividend?
a.
$20
b.
$22
c.
$30
d.
$33
8431
Solution a
Common
Stock 10%のDividend をもらったので、1,100株。
For a cash basis taxpayer, gain or loss on
a year-end sale of listed stock arises on the
a.
Date of delivery of stock
certificate
b.
Settlement date
c.
Date of receipt of cash proceeds
d.
Trade date
1610
Solution d
株の売買 Cash basis は Trade Date。
Which one of the following statements is
correct with regard to an individual taxpayer who has elected to amortize the
premium on a bond yields taxable interest?
a.
The amortization is treated as
an itemized deduction.
b.
The amortization is not treated
as a reduction of taxable income.
c.
The bond’s basis is reduced by
the amortization.
d.
The bond’s basis is increased by
the amortization.
1615
Solution c
FAR
と同じ。Bond のPremium をAmortize
すると、徐々に切り下がって、額面に近づいていく。
Which of the following assets generally
will be distributed outside of the probate estate and regardless of intestacy
laws, provided the estate is not the named beneficiary?
Totten trusts
|
insurance policies
|
|
a.
|
Yes
|
Yes
|
b.
|
Yes
|
No
|
c.
|
No
|
Yes
|
d.
|
No
|
No
|
6506
Solution a
Totten
Trust （Payable at Death）も保険も、Beneficiary が特定されているから。
Probate
Estate は、遺言等により法律で管理されているもの。
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