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Exam 2 Study Sheet - 3 Section 1231 Assets Defined 4...

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TAX 4001 Fall 2010 EXAM II STUDY SHEET CHAPTER SEVEN 1) Realized vs. Recognized gain/loss 2) Basis Allocation (e.g. lump-sum, stock dividend) 3) Basis of Property acquired as a gift (including dual basis issue) 4) Basis of inherited property 5) Basis of Property converted from personal to business use 6) Disallowed losses (related party, personal-use assets) 7) Like-Kind Exchanges 8) Involuntary Conversions CHAPTER EIGHT 1) Capital Assets Defined 2) Tax Treatment of Capital Gains and Losses (e.g. different rates, netting rules, capital loss limitations)
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Unformatted text preview: 3) Section 1231 Assets Defined 4) Section 1231 tax treatment (e.g. “bucket”, look-back rule) 5) Sec 1245 Depreciation Recapture 6) Sec 1250 Depreciation Recapture 7) Sec 291 Depreciation Recapture 8) Real Estate 25% gain (Unrecaptured Sec 1250 gain) EXTRA CREDIT PROBLEMS 1) At-Risk Rules 2) Passive Loss Limitations (definition, loss limitations) 3) Rental Real Estate Exception to Passive Loss Limits Note: You should also expect to calculate depreciation expense (including in the year of disposal)....
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