過去問 Property Taxation ４

When Jim and Nina became engaged in April of Year 1, Jim gave Nina a ring that had a fair market value of $50,000. After their wedding in July of Year 2, Jim gave Nina $75,000 in cash so that Nina could have her own bank account. Both Jim and Nina are US citizens. What was the amount of Jim's marital deduction?

a.               $ 0

b.               $ 75,000

c.                $ 115,000

d.               $ 125,000

1706

Solution　b

Marital Deductions は、婚約中はダメ。

Carter purchased 100 shares of stock for $50 per share. Ten years later, Carter died on February 1 and bequeathed the 100 shares of stock to a relative, Boone, when the stock had a market price of $100 per share. One year later, on April 1, the stock split 2 for 1. Boone gave 100 shares of the stock to another of Carter's relatives, Dixon, on June 1 that same year, when the market value of the stock was $150 per share. What was Dixon's basis in the 100 shares of stock when acquired on June 1?

a.               $ 5,000

b.               $ 5,100

c.                $10,000

d.               $15,000

8181

Solution　a

FMV > Donnor’s Basis だから Donor’s basis を引き継ぐ。

Donor’s basis < FMV ならマジックハンド。

相続は FMV 。

Bluff purchased equipment for business use for $35,000 and made $1,000 of improvements to the equipment. After deducting depreciation of $5,000, Bluff gave the equipment to Russett for business use. At the time the gift was made, the equipment had a fair market value of $32,000. Ignoring gift tax consequences, what is Russett's basis in the equipment?

a.               $31,000

b.               $32,000

c.                $35,000

d.               $36,000

8866

Solution　a

Basis ＜　FMV だから、Donor’s basis を引き継ぐ。

Upon her grandfather's death, Jordan inherited 10 shares of Universal Corp. stock that had a fair market value of $5,000. Hear grandfather acquired the shares in 1995 for $2,500. Four months after her grandfather's death, Jordan sold all her shares of Universal for $7,500. What was Jordan's recognized gain in the year of sale?

a.               $2,500 long-term capital gain

b.               $2,500 short-term capital gain

c.                $5,000 long-term capital gain

d.               $5,000 short-term capital gain

89823

Solution　a

Inheritance した物を売った場合、１年未満であっても基本 Long-term。

Browne, a self-employed taxpayer, had net business income of $3,500,000 prior to any expense deduction for equipment purchases. In October, Browne purchased and placed into service, for business use, equipment costing $2,040,000. This was Browne's only capital expenditure during this year-a year with a maximum allowable Section 179 amount of $500,000 and a ceiling of $2,000,000 of qualifying property. Browne's business establishment was not in an economically distressed area. Browne made a proper and timely election to deduct the maximum amount under Section 179, but opted out of any bonus depreciation. Browne was not a member of any pass-through entity. What is Browne's deduction under the Section 179 election?

a.               $ 460,000

b.               $ 500,000

c.                $2,000,000

d.               $2,040,000

5420

Solution　a

聞かれてるのは Deduction。

Gem Corp. purchased all the assets of a sole proprietorship, including the following intangible assets:

Goodwill	$50,000
Covenant not to compete	13,000

For tax purposes, what amount of these purchased intangible assets should Gem amortize over the specific statutory recovery periods?

a.               $63,000

b.               $50,000

c.                $13,000

d.               $0

89802

Solution　a

Goodwill は、FAR では Amortize しないが、REG ではする。

Starr, a self-employed individual, purchased a piece of equipment for use in Starr's business. The costs associated with the acquisition of the equipment were:

Purchase price	$55,000
Delivery charges	725
Installation fees	300
Sales Tax	3,400

What is the depreciable basis of the equipment?

a.               $55,000

b.               $58,400

c.                $59,125

d.               $59,425

8197

Solution　d

Basis に Sales Tax も含める。

Rock Crab, Inc. purchases the following assets during the year:

Computer	$3,000
Computer desk	1,000
Office furniture	4,000
Delivery van	25,000

What should be reported as the cost basis for MACRS five-year property?

a.               $ 3,000

b.               $25,000

c.                $28,000

d.               $33,000

8460

Solution　c

PC と車は５年。家具は７年。

Martin, an unmarried physical therapist, had the following capital gains and losses in Year 3 and Year 4.

	Year 3	Year 4
Net short-term gain (loss)	($4,500)	$500
Net long-term gain (loss)	$ 500	($900)

What is the capital loss amount that can be carried over to Year 4?

a.               $ 900

b.               $ 1,000

c.                $ 3,000

d.               $ 4,500

7709

Solution　b

Short-term と Long-term を相殺。

個人は3,000までしか Loss が取れない。

A taxpayer lived in an apartment building and had a two-year lease that began 16 months ago. The taxpayer's landlord wanted to sell the building and offered the taxpayer $10,000 to vacate the apartment immediately. The taxpayer's lease on the apartment was a capital asset but had no tax basis. If the taxpayer accepted the landlord's offer, the gain or loss would be which of the following?

a.               An ordinary gain

b.               A short-term capital loss

c.                A long-term capital gain

d.               A short-term capital gain

89814

Solution　c

Capital Asset なので、売却と一緒。

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