Problem 1: Describe how realized gain or loss on the sale or other disposition of an asset is determined?
Problem 2: Janet Jantzen purchased 500 shares of American Oil Reserves at $50 per share. Two years later the price per share doubled and she sold the stock.
a. What is her basis for the 500 shares?
b. What is the total realized on the sale?
c. What is the total gain realized?
Problem 3: What is the rule for determining basis when property is acquired by gift?
Problem 4: When property is acquired subject to a mortgage. How is the basis of the property determined?
Problem 5: Arnold is an executive with the Air arrow corporation. His usual compensation is $60,000. This year, in addition to his normal salary, he is given a bonus in the form of an airplane worth $9,000. Explain the tax implications to Arnold of each of the following:
a. Arnold receives the airplane as a bonus
b. Arnold later sells the airplane for $12,000
Problem 6: How is the basis of jointly held property affected by the death of one of the joint tenants?
Problem 7: What is the general rule for determining the basis of property acquired by gift?
Problem 8: Lynne purchased land for $1,000 she gave the land to her brother, Jen at a time when the property was worth $2000. Jim later sold the property for $3000. Calculate Jim's taxable gain on the sale.
Problem 9: List three types of adjustments that increases or decreases the original cost basis of property
Problem 10:
a. What is meant by the term "boot?"
b. What is the rule for determination and recognition of gain or loss when boot is received in a like-kind exchange along with like kind property?
Problem 11: Sam sell more a successful salesman, owns an apartment building worth $75,000 with an adjusted basis of $80,000. Property he received an offer from Carol Rosenboom to exchange ownership of apartment buildings. Ms Rosenboom's building is also valued at $75,000 with an adjusted basis of $50,000.
a. Does either party have any gain or loss to recognize if they exchange buildings?
b. Would your answer be the same if they both demise and traders of many apartment buildings?
c. Does either party recon anise gain or loss.
i) Sam sallmore receives $2000 in cash in the deal?
ii) Mr. Rosenboom, instead of sam, receives $2000 in cash in the deal?
d. Calculate the following
i) Sam's basis in the property received if the receives $2000 in cash in the deal
ii) Carol's basis in the property received if she receives $20000 in cash in the deal
Problem 12: Marty is interested in rearranging his life insurance policies. Explain whether he can enter into following transactions without paying any income taxes on potential gains.
a. the exchange of his life insurance contact for an annuity contact.
b. the exchange of this endowment contact for an ordinary life insurance contact.
c. the exchange of his policy on his wife's life for a policy on his life.
Problem 13: Describe the ownership and user requirement for the exclusion of gain from the sale of a principle residence
Problem 14: Describe how taxpayers who do not fully meet the requirements for the exclusion of gain from the sale of a principle residence may be eligible for a reduced exclusion.
Problem 15: Describe the policy behind capital gains taxation and the issue involved in the development of that policy
Problem 16:
a. How is the term "capital" asset" defined in the internal Revenue Code?
b. What assets are specifically excluded by the code from the definition of a capital asset?
Problem 17: Explain the taxation of capital gains of individual taxpayers.
Problem 18: Explain how an individual's capital gains and losses are "netted" for a given year.
Problem 19: Billy Bob owns a building used in his business. He has owned the building 6 years. For various business reasons. Billy decides to sell the building loss. Explain how Billy's loss will be deductible, assuming that this is the only sale or exchange of property during the year.
Problem 20: Describe the applicability and operation of the net investment income tax.
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