過去問 Property Taxation １

In Year 1, Flora Ring bought a diamond necklace for her own use, at a cost of $10,000. In Year 4, when the fair market value was $12,000, Flora and her husband gave this necklace to her daughter, Ruth. No gift tax was due

If Ruth sells this diamond necklace in Year 4 for $14,000, Ruth's recognized gain would be

a.               $4,000

b.     $2,000

c.     $1,000

d.     $0

1627

Solution　a

Related Party からの Donation で、FMV > 簿価の場合、Donor の簿価を引き継ぐ。

In Year 1, Flora Ring bought a diamond necklace for her own use, at a cost of $10,000. In Year 4, when the fair market value was $12,000, Flora and her husband gave this necklace to her daughter, Ruth. No gift tax was due

Simmons gives her child a gift of publicly-traded stock with a basis of $40,000 and a fair market value of $30,000. No gift tax is paid. The child subsequently sells the stock for $36,000. What is the child's recognized gain or loss, if any?

a.               $ 4,000 loss

b.     No gain or loss

c.     $ 6,000 gain

d.     $36,000 gain

90218

Solution　b

Related Party Transaction で、FMV < 簿価の場合、マジックハンドを使う。

Daven inherited property from a parent. The property had an adjusted basis to the parent of $1,600,000. It was value at $2,000,000 at the date of death and valued at $1,800,000 six months after the date of death. The executor elected the alternative valuation date. What is Daven's basis in the property?

a.               $0

b.     $1,600,000

c.     $1,800,000

d.     $2,000,000

7654

Solution　c

Distribution の日付があれば、その金額を使う。

Fuller was the owner and beneficiary of a $200,000 life insurance policy on a parent. Fuller sold the policy to Decker, for $25,000. Decker paid a total $40,000 in premiums. Upon the death of the parent, what amount must Decker include in gross income?

a.               $0

b.     $135,000

c.     $160,000

d.     $200,000

7083

Solution　b

Fuller が売らずにそのまま持っていた場合は、a。

On March 1, Year 7, Lois Wheat was bequeathed 1,000 shares of Lane Corp. common stock under the will of her uncle, Pat Prisy. Pat had paid $5,000 for the Lane stock in Year 2. Fair market value of the Lane stock on March 1, Year 7, the date of Pat's death, was $8,000 and had increased to $11,000 six months later. The executor of Pat's estate elected the alternate valuation date for estate tax purposes. Lois sold the Lane stock for $9,000 on May 1, Year 7, the date that the executor distributed the stock to her.

How much should Lois include in her individual income tax return for the inheritance of the 1,000 shares of Lane stock which she received from Pat's estate?

a.               $ 0

b.     $ 5,000

c.     $ 8,000

d.     $ 11,000

1635

Solution　a

相続は、もらった側は０。

On March 1, Year 7, Lois Wheat was bequeathed 1,000 shares of Lane Corp. common stock under the will of her uncle, Pat Prisy. Pat had paid $5,000 for the Lane stock in Year 2. Fair market value of the Lane stock on March 1, Year 7, the date of Pat's death, was $8,000 and had increased to $11,000 six months later. The executor of Pat's estate elected the alternate valuation date for estate tax purposes. Lois sold the Lane stock for $9,000 on May 1, Year 7, the date that the executor distributed the stock to her.

Lois's basis for gain or loss on sale of the 1,000 shares of Lane stock is

a.               $ 5,000

b.     $ 8,000

c.     $ 9,000

d.     $ 11,000

8035

Solution　c

AVD を採用。相続した日＝売った日。

Green Valley, Inc., purchased and placed in service a $125,000 piece of used equipment in a year with 50% bonus depreciation as well as maximum allowable Section 179 amount of $25,000 and a celling of $200,000 of qualifying property. No other property was placed into service during the year. The equipment is 7-year property. The first-year depreciation for 7-year property is 14.29%. Before considering any depreciation deduction, Green Valley had $300,000 of taxable income. Green Valley did not elect out of bonus deprecation. Rounding to the nearest dollar, what amount is the maximum allowable depreciation deduction?

a.               $125,000

b.     $ 39,290

c.     $ 25,000

d.     $ 17,863

7648

Solution　b

25,000 + ( 125,000 – 25,000 ) x 14.29%

200,000 を超えていないので、全額取れる。

Which of the following conditions must be satisfied for a taxpayer to expense, in the year of purchase, under Internal Revenue Code Section 179, the cost of new or used tangible depreciable personal property?

I. The property must be purchased for use in the taxpayer's active trade or business.
II. The property must be purchased from an unrelated party.

a.               I only

b.     II only

c.     Both I and II

d.     Neither I nor II

7008

Solution　c

個人で使っていたからダメ。

Unrelated Party からでないとダメ。

On August 1, Graham purchased and placed into service an office building costing $264,000 including $30,000 for the land. What was Graham's MACRS deduction for office building in that year?

a.               $9,600

b.     $6,000

c.     $3,600

d.     $2,250

5423

Solution　d

264,000 / 39 x 4.5 （８月は半月分）

Individual Lark's year 2 brokerage account statement listed the following capital gains and losses from the sale of stock investments:

Short-term capital gain $6,000
Long-term capital gain 14,000
Short-term capital loss 4,000
Long-term capital loss 8,000

In addition, two stock investments became worthless in year 2. Public Company X stock was purchased in December, year 1, for $5,000, and formal notification was received by Lark on July, year 2, that it was worthless. Private company Section 1244 stock was issued to Lark for $10,000 in January, year 1, and was determined to be worthless in December, year 2. What is Lark's year 2 net capital gain or loss before any capital loss limitation?

a.               $2,000 net capital loss

b.     $3,000 net capital gain

c.     $7,000 net capital loss

d.     $8,000 net capital gain

90232

Solution　b

Section 1244 優遇されている株は、Small Business Stock としてOrdinary Income。

5,000は、Short-term 。

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