Chapter 12 TAX 610 Individual Tax Planning - Chapter 12...

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Chapter 12 ProblemsIndividual Tax PlanningProblems: 30, 35-40, 49 & 5030. Which of the following is a capital asset? Answers are in bold.a. Gold ring received as a gift.b. Personal automobile (primary capital asset)c. Accounts receivable obtained in the ordinary course of businessd. Shares of stock in the Riviera (primary capital asset)e. Building owned and used by the Riviera Corporationf. Business cars and trucks owned and used by the Riviera Corporationg. Home in Florida used for only four months during the winterh. Copyright on a book written and owned by the author (primary capital asset if not written bythe taxpayer)
35. Boyd Bayer acquired 100 shares of Evans Corporation stock for $3,000 on January 8, 2017. He gavethe stock to his daughter Susan on January 8, 2018, when the fair market value was $2,400. On March 22,2018, Susan sold the stock for $1,500. What is the nature and the amount of the gain or loss for Susan in2018?

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