過去問 Property Taxation ５

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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