過去問 Property Taxation ７

Winkler, a CPA, provided accounting services to a client, Thompson. On December 15 of the same year, Thompson gave Winkler 100 shares of Foster Corp. as compensation for services. The adjusted basis of the stock was $4,000, and its fair market value at the time of transfer was $5,000. Two months later, Winkler sold the stock on February 15 for $7,500. What is the amount that Winkler should recognize as gain on the sale of stock?

a.               $0

b.               $1,000

c.                $2,500

d.               $5,000

9432

Solution　c

サービスの提供なのでFMV。

Winkler, a CPA, provided accounting services to a client, Thompson. On December 15 of the same year, Thompson gave Winkler 100 shares of Foster Corp. as compensation for services. The adjusted basis of the stock was $4,000, and its fair market value at the time of transfer was $5,000. Two months later, Winkler sold the stock on February 15 for $7,500. What is the amount that Winkler should recognize as gain on the sale of stock?

a.               $0

b.               $1,000

c.                $2,500

d.               $5,000

9432

Solution　c

親子でもBasis の求め方は同じ。

A taxpayer purchased five acres of land for $600,000 and placed in service other tangible business assets that cost $100,000. Disregarding business income limitations and assuming that the annual Section 179 (Election to Expense Certain Depreciable Business Assets) limit is $500,000, what maximum amount of cost recovery can the taxpayer claim this year?

a.               $700,000

b.               $600,000

c.                $500,000

d.               $100,000

9850

Solution　d

聞かれてるのは、Cost Recover として償却できる金額。

A taxpayer sold for $200,000 equipment that had an adjusted basis of $180,000. Through the date of the sale, the taxpayer had deducted $30,000 of depreciation. Of this amount, $17,000 was in excess of straight-line depreciation. What amount of gain would be recaptured under Section 1245 (Gain from Dispositions of Certain Depreciable Property)?

a.               $13,000

b.               $17,000

c.                $20,000

d.               $30,000

8695

Solution　c

買ったとき210,000＞200,000なので、Section 1231 Depreciation Gain は出ない。税務上はDDBなので17,000はBluff 引っかけ。

Depreciation 30,000のうち20,000までがRecapture した分でOrdinary Income。

Danielson invested $2,000,000 in DEC, a qualified small business corporation. Six years later, Danielson sold all of the DEC stock for $16,000,000, and purchased an office building with the proceeds. Danielson had not previously excluded any gain on the sale of small business stock. What is Danielson's taxable gain after the exclusion?

a.               $0

b.               $6,000,000

c.                $7,000,000

d.               $9,000,000

9412

Solution c

Qualified Small Business Corporation の株を５年以上持っていて、売却して利益が出た場合、利益の半分はExclusion できる。

A will provided that an estate was to be distributed "per stirpes" to the deceased's heirs. The only possible heirs are two daughters, who each have three children, and two children of a predeceased son. What fraction of the estate will each child of the predeceased son receive?

a.               0

b.               1/10

c.                1/6

d.               1/4

6858

Solution　c

Per Stirpe 相続人は2人の娘と亡くなった息子の２人の子ども。1/3 x 1/2。

Generally, which of the following parties would have the first priority to receive the estate of a person who dies without a will?

a.               The state

b.               A child of the deceased

c.                A parent of the deceased

d.               A sibling of the deceased

6507

Solution　b

妻　⇒　子　⇒　親　⇒　兄弟

End and Law, both US citizens, died in 2014. End made taxable lifetime gifts of $150,000 that are not included in End's gross estate. Law made no lifetime gifts. At the dates of death, End's gross estate was $800,000, and Law's gross estate was $1,400,000. A federal tax return must be filed for

	End	Law
a.	No	No
b.	No	Yes
c.	Yes	No
d.	Yes	Yes

1730

Solution　a

Unified Credit があるから、残した遺産1,500,000以上だとFederal Tax Return で税金がかかる。

Which of the following is (are) deductible from a decedent's gross estate?

I. Expenses of administering and setting the estate
II. State inheritance of estate tax

a.               I only

b.               II only

c.                Both I and II

d.               Neither I nor II

4469

Solution　c

Inheritance of Estate Tax もDeduction できる。

Which of the following is a capital asset?

a.               Inventory held primarily for sale to customers

b.               Accounts receivable

c.                A computer system used by the taxpayer in a personal accounting business

d.               Land held as an investment

8884

Solution　d

ｄはDRCIAにならない。

Wright exchanged investment real property, with an adjusted basis of $80,000 and subject to a mortgage of $35,000, and received from Lloyd $15,000 cash and other investment real property having a fair market value of $125,000. Lloyd assumed the mortgage. What is Wright's recognized gain in the year of exchange on the exchange?

a.               $15,000

b.               $35,000

c.                $45,000

d.               $50,000

8038

Solution　d

Like-kind Exchange のGain は、Recognized GainかBoot Receivedの低い方。

Realized Gain  25,000 + 15,000 + 35,000 – 80,000

この手の問題は、たいていBoot ReceivedがRecognized Gain。

Leker exchanged a truck that was used exclusively for business and had an adjusted tax basis of $20,000 for a new truck. The new truck had a fair market value of $10,000, and Leker also received $3,000 in cash. What was Leker's tax basis in the acquired truck?

a.               $20,000

b.               $17,000

c.                $13,000

d.               $ 7,000

6638

Solution　b

簿価 – Cash Received。

Jan, an unmarried individual, gave the following outright gifts in 2010:

Donee	Amount	Use by Donee
Jones	$20,000	Down payment on house
Craig	20,000	College tuition
Kande	5,000	Vacation trip

Jan's 2010 exclusions for gift tax purposes total

a.               $39,000

b.               $31,000

c.                $20,000

d.               $13,000

1705

Solution　b

13,000（今は14,000） x ２人分 + 5,000

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