5-34, 5-38, 8-13, 8-41, & 12-26

5-34, 5-38, 8-13, 8-41, & 12-26 - Name: Exercise:...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Name: Saurin Patel Exercise: I:5-34 Course: ACC/483 - Income Tax Accounting Date: 15-Jun-09 the time of the gift, the land and building have FMVs of $40,000 and $80,000, respectively. No g the gift. a. To determine gain, what is Doug's basis for the land? b. To determine gain, what is Doug's basis for the building? c. Will the basis of the land and building be the same as in Parts a and b for purposes of d Yes, the basis will be the same because the FMV on the date of the gift is greater than th Basis of Property Received as a Gift. Doug receives a duplex as a gift from his uncle. The un ($40,000 / $120,000) X $90,000 = $30,000 ($80,000 / $120,000) X $90,000 = $60,000
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
ift tax is paid by Doug's uncle at the time of determining a loss? he donor's basis. cle's basis for the duplex and land is $90,000. At
Background image of page 2
a gift when the stock has a $60,000 FMV. His aunt purchased the stock in 2000 for $42,000. The taxa earlier gifts to Daniel during 2007 and used the annual exclusion. She paid a gift tax of $9,300 on the Daniel also inherited 300 shares of Longhorn Corporation preferred stock when his uncle died on
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/20/2009 for the course ACC 483 taught by Professor Susankuniyoshi during the Spring '08 term at University of Phoenix.

Page1 / 9

5-34, 5-38, 8-13, 8-41, & 12-26 - Name: Exercise:...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online