Decker sold equipment for $200,000. The
equipment was purchased for $160,000 and had accumulated depreciation of
$60,000. What amount is reported as ordinary income under Code Sec. 1245?
a.
$ 0
b.
$ 40,000
c.
$ 60,000
d.
$ 100,000
9971
Solution c
Section 1245 Depreciable Personal
Property
100,000の Gain のうち、60,000は Depreciation Recapture = Ordinary Income。
40,000は、Section 1231
Gain。
Lee qualified as head of a household for
tax purposes. Lee's Year 1 taxable income was $100,000, exclusive of capital
gains and losses. Lee had a net long-term loss of $8,000 in Year 1. What amount
of this capital loss can Lee offset against Year 1 ordinary income?
a.
$0
b.
$3,000
c.
$4,000
d.
$8,000
3349
Solution b
個人が取れる Loss は、Max 3,000。
それ以上は、Carryforward Indefinitely 。
In Year 4, Bach sold a painting for $50,000
purchased for his personal use in Year 1 at a cost of $20,000. In Bach's Year 4
income tax return, the sale of the painting should be treated as a transaction
resulting in
a.
No taxable gain
b.
Section 1231 (capital gain-ordinary
lass rule) gain
c.
Long-term capital gain
d.
Ordinary income
7643
Solution c
全部非課税。
Lobster, Inc. incurs the following losses
on disposition of business assets during the year:
Loss on the abandonment of office
equipment
|
$ 25,000
|
Loss on the sale of a building
(straight-line depreciation
|
|
taken in prior years of $200,000)
|
250,000
|
Loss on the sale of delivery trucks
|
15,000
|
What is the amount and character of the
losses to be reported on Lobster's tax return?
a.
$ 40,000 Section 1231 loss only
b.
$ 40,000 Section 1231 loss,
$50,000 long-term capital loss
c.
$ 40,000 Section 1231 loss,
$250,000 long-term capital loss
d.
$290,000 Section 1231 loss
9972
Solution d
Coverage
が50,000まで非課税。
100,000
+ ( 100,000 x 2 – 50,000 ) x 2.76
Among which of the following related
parties are losses from sales and exchanges not recognized for tax purposes?
a.
Father-in-law and son-in-law
b.
Brother-in-law and sister-in-law
c.
Grandfather and granddaughter
d.
Ancestors, lineal descendants,
and all in-laws
3352
Solution c
Passive
Income と Passive Loss を相殺して Loss になった場合、Loss は取れない。
Short-term
Capital Gain は、個人の場合、AGIの計算に入れる
Conner purchased 300 shares of Zinco stock
for $30,000 in Year 3. On May 23, Year 5, Conner sold all the stock to his
daughter Alice for $20,000, its then fair market value. Conner realized no
other gain or loss during Year 3. On July 26, Year 5, Alice sold the 300 shares
of Zinco for $25,000.
What amount of the loss from the sale of Zinco stock can Conner deduct in Year 3?
What amount of the loss from the sale of Zinco stock can Conner deduct in Year 3?
a.
$ 0
b.
$ 3,000
c.
$ 5,000
d.
$ 10,000
5421
Solution a
Illegal
であっても、Cost of Merchandise は取れる。
それ以外の Expense はダメ。
Conner purchased 300 shares of Zinco stock
for $30,000 in Year 3. On May 23, Year 5, Conner sold all the stock to his
daughter Alice for $20,000, its then fair market value. Conner realized no
other gain or loss during Year 3. On July 26, Year 5, Alice sold the 300 shares
of Zinco for $25,000.
What was Alice's recognized gain or loss on her sale?
What was Alice's recognized gain or loss on her sale?
a.
$5,000 long-term loss
b.
$5,000 long-term gain
c.
$5,000 short-term loss
d.
$0
5422
Solution d
a 貸し出してるから
Depreciation は OK。
b Passive activity
の Loss は取れない。
d 自分も使ったから All じゃない。
An individual entered into several
exchanges during the current tax year. Which of the following exchanges is
classified as like-kind?
a.
Partnership interest for
partnership interest
b.
Common stock for common stock
c.
Apartment building for
unimproved land
d.
Manufacturing equipment for
factory building
90220
Solution c
Unemployment
Compensation は、州がくれても会社がくれても Gross Income に入れる。
In the current year Tatum exchanged
farmland for an office building. The farmland had a basis of $250,000, a fair
market value (FMV) of $400,000, and was encumbered by a $120,000 mortgage. The
office building had an FMV of $350,000 and was encumbered by a $70,000
mortgage. Each party assumed the other's mortgage. What is the amount of
Tatum's recognized gain?
a.
$ 0
b.
$ 50,000
c.
$ 100,000
d.
$ 150,000
9411
Solution b
Standard
Deduction なので、300は取れない。
Wynn, a single individual age 60, sold
Wynn's personal residence for $450,000. Wynn had owned Wynn's residence, which
had a basis of $250,000, for six years. Within eight months of the sale, Wynn
purchased a new residence for $400,000. What is Wynn's recognized gain from the
sale of Wynn's personal residence?
a.
$ 0
b.
$ 50,000
c.
$ 75,000
d.
$ 200,000
8855
Solution a
非課税４つに入っているのは、Veteran ～だけ。
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