tax15 - Chapter 15...

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Chapter 15 # 1,3,6,10,12,18,22,29,33,35,37,43,45,46,49,52, and 55 1. The justification for nontaxable exchanges are first, nontaxable exchanges represent a change in form but not in the substance of the taxpayer’s relative economic position and second, a nontaxable exchange does not provide the taxpayer with the wherewithal to pay the tax on any realized gain. 3. 1 The form of the transaction is an exchange. 2 Both the property transferred and the property received are held either for productive use in a trade or business or for investment. 3 The property is like-kind property. 6. a) Yes. b) No. c) No. d) No. e) Yes. f) No. g) Yes. h) No. i) Yes. j) No. k) No. 10. a) All of the realized gain is recognized and none of it is delayed. b) The recognition of realized gain results to the extent of the fair market value of the boot received. Any realized gain not recognized is postponed. c. The basis of any boot received will always be its fair market value. 12. The holding period of the transferred asset carries over to the newly acquired property since it is treated as a continuation of the old investment. The holding period of the boot received in a like-kind exchange begins on the date of the exchange. 18. a) 1 Elect § 1033 postponement of gain treatment. 2
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tax15 - Chapter 15...

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