week 4 individual assignment tax accounting

week 4 individual assignment tax accounting - C) Yes,...

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I:5-38 May 20 09 Nov 12 09 FMV 60000 30000 Aunt basis 42000 27600 purchased in 2002 1990 Uncle died in Nov 12, 2009 Taxable gift 60000 Daniel Gift tax 9300 a)Sold for 62600 30750 b)Sold for 58200 28650 c)New basis 71000 31200 a)gain or loss ? Gain 17038 gain 750 gain b)gain or loss ? Gain 12638 gain -1350 loss c)gain or loss ? -8400 loss -450 loss AMOUNT OF GIFT 47000 amt added to basis 3561.7 Daniel new basis 45562 C) Amoun t of gift 58000
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I:5-34 A) Doug basis of the land is the same as his uncle B) Doug basis of the building is the same as his uncle
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Unformatted text preview: C) Yes, because the FMV is higher than the basis I:8-13 a) With respect to Laura, the rental activity is not a passive activity because she spends more than 500 hours during the year. b) Kami's lab activity is passive, because she does not materially participate In the lab activity. c) Kami spends an aggregate of more than 500 hours total in all antivities and a minimum of 100 hours in each activity, thus her activity is not passive. yes yea no no yes no no...
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week 4 individual assignment tax accounting - C) Yes,...

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