Test Bank SWFT Comprehensive 2010 ch 13

Test Bank SWFT Comprehensive 2010 ch 13 - CHAPTER 13...

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CHAPTER 13 PROPERTY TRANSACTIONS: DETERMINATION OF GAIN OR LOSS, BASIS CONSIDERATIONS, AND NONTAXABLE EXCHANGES Instructor: The test items in both the print Test Bank and ExamView test-creation software are numbered by question type within each chapter. Thus, users of ExamView can more easily preview their selections using the printed Test Bank in the same numbering system. Learning Objective, Level of Difficulty, Estimated Time to Completion, and the AACSB’s and AICPA’s Core Competencie s for each test item are located within the item itself. Status: Q/P Question/ Present in Prior Problem Topic Edition Edition TRUE OR FALSE 1 Realized gain or loss: definition of Unchanged 1 2 Amount realized: mortgage assumption Unchanged 2 3 Amount realized: mere decline in value distinguished Modified 3 4 Amount realized and liabilities Unchanged 4 5 Fair market value: definition of Unchanged 5 6 Capital additions versus repairs and maintenance Unchanged 7 and effect on basis 7 Cost recovery: allowed and allowable New 8 Casualties and adjusted basis Unchanged 9 9 Casualties and adjusted basis New 10 Casualties and recognized gain Unchanged 10 11 Corporate distributions: effect of earnings and Unchanged 11 profits 12 Corporate distributions: return of capital Modified 12 13 Amortizable bond premium New 14 Amortizable bond premium and discount Unchanged 15 15 Easments Unchanged 16 16 Gains and losses on personal use assets Unchanged 17 17 Bargain purchase New 18 Cost identification for securities Unchanged 20 19 Lump-sum purchase Unchanged 21 20 Goodwill: purchased versus developed Unchanged 22 21 Nontaxable stock dividends Unchanged 23 22 Nontaxable stock rights Unchanged 24 23 Gift basis: appreciated property Modified 25 24 Gift basis: appreciated property and gift tax New 25 Gift basis: depreciation Modified 27 13-1
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13-2 2010 Comprehensive Volume/Test Bank 26 Gifts and holding period New 27 Inherited property: basis Unchanged 29 Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 28 Inherited property: alternate valuation date New 29 Inherited property: alternate valuation date New 30 Inherited property: community property versus Unchanged 32 common law property basis 31 Inherited property: holding period Unchanged 33 32 Disallowed loss: related taxpayers Unchanged 34 33 Disallowed loss: constructive ownership Unchanged 35 34 Disallowed loss: related taxpayers Unchanged 36 35 Disallowed loss: right of offset Unchanged 37 36 Disallowed loss: wash sale Unchanged 38 37 Disallowed loss: wash sale New 38 Personal use property converted to business use Unchanged 39 39 Personal use property converted to business use New 40 Income-producing property converted to business use New 41 Gift versus inheritance Unchanged 40 42 Selection of property for a gift Unchanged 41 43 Nontaxable exchange: justification New 44 Nontaxable exchange: justification Unchanged 42 45 Nontaxable exchange versus tax-free transaction Unchanged 43 46 Nontaxable exchange: carryover basis
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Test Bank SWFT Comprehensive 2010 ch 13 - CHAPTER 13...

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