THE-WFT08-06-1001-ch_07_V4-SM[1]

THE-WFT08-06-1001-ch_07_V4-SM[1] - CHAPTER 7 PROPERTY...

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Unformatted text preview: CHAPTER 7 PROPERTY TRANSACTIONS: BASIS, GAIN AND LOSS, AND NONTAXABLE EXCHANGES SOLUTIONS TO PROBLEM MATERIALS Status: Q/P in Question/ Present Prior Problem Topic Edition Edition 1 Amount realized: determination of Modified 1 2 Basis and cost recovery Unchanged 2 3 Personal use asset sale, exchange, or Modified 3 casualty 4 Recognition and condemnation Unchanged 4 5 Issue recognition Unchanged 5 6 Basis and cost identification Unchanged 6 7 Allocation of purchase price to goodwill Modified 7 8 Gift basis Unchanged 8 9 Ethics problem Unchanged 9 10 Gift basis Unchanged 10 11 Gift basis and effect of gift tax Unchanged 11 12 Gift versus sale of asset and gift of proceeds; New inheritance versus sale of asset and bequest of proceeds 13 Gift basis: gain basis and loss basis New 14 Basis for inherited property: primary versus Modified 14 alternate valuation date 15 Basis for inherited property: alternate Unchanged 15 valuation date 16 Related party loss disallowance Modified 16 17 Wash sales Unchanged 17 18 Property converted from personal use Unchanged 18 19 Property converted from personal use Modified 19 20 Like-kind exchange: recognition and basis Unchanged 20 21 Like-kind exchange: related party Unchanged 21 22 Like-kind exchange: like-kind property Unchanged 22 23 Like-kind exchange: boot received New 24 Issue recognition Unchanged 24 25 Like-kind exchange: basis Unchanged 25 26 Like-kind exchange: like-kind property Unchanged 26 27 Like-kind exchange: form of the transaction Unchanged 27 7-1 7-2 2008 Entities Volume/Solutions Manual Status: Q/P in Question/ Present Prior Problem Topic Edition Edition 28 Like-kind exchange: boot given that has Modified 28 declined in value 29 Like-kind exchange and mortgage assumed Unchanged 29 30 Like-kind exchange: recognition, boot, and Unchanged 30 basis 31 Like-kind exchange and mortgage assumed Unchanged 31 32 Involuntary conversion: qualifying Modified 32 replacement property 33 Ethics problem Unchanged 33 34 Involuntary conversion: recognition and basis Unchanged 34 35 Involuntary conversion: recognition and basis Modified 35 36 Involuntary conversion: recognition and basis Unchanged 36 37 Sale of residence: calculation and maximum Unchanged 37 121 exclusion 38 Transfer of property between spouses or Unchanged 38 incident to divorce Bridge Discipline Problem 1 Depreciation Unchanged 1 2 Depreciation Unchanged 2 3 Like-kind exchanges Modified 3 Research Problem 1 Gift tax and recognized gain Unchanged 1 2 Like-kind exchange Unchanged 2 3 Involuntary conversion: condemnation New 4 Internet activity New 5 Internet activity Unchanged 5 Property Transactions: Basis, Gain and Loss, and Nontaxable Exchanges 7-3 PROBLEMS 1. a. Whether the property is sold for cash or on credit is not relevant for this purpose. The amount realized includes both the cash received at the time of sale and the cash to be received in the future (i.e., the payments made by the debtor)....
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This note was uploaded on 04/19/2009 for the course BUSINESS ACCT 305 taught by Professor Poletti during the Spring '09 term at DeVry Columbus North.

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THE-WFT08-06-1001-ch_07_V4-SM[1] - CHAPTER 7 PROPERTY...

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