Test Bank SWFT Comprehensive 2010 ch 14

Test Bank SWFT Comprehensive 2010 ch 14 - CHAPTER 14...

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Unformatted text preview: CHAPTER 14 PROPERTY TRANSACTIONS: CAPITAL GAINS AND LOSSES, 1231, AND RECAPTURE PROVISIONS 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 pre- view their selections using the printed Test Bank in the same numbering system. Learning Objective, Level of Difficulty, Estimated Time to Completion, and the AACSBs and AICPAs 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 Reason for separation: benefit of alternative tax Unchanged 1 2 Reason for separation: limit on deduction of net Unchanged 2 capital loss 3 General considerations: effect of holding period Unchanged 3 4 Definition of capital assets Unchanged 4 5 Definition of capital assets Unchanged 5 6 Definition of capital assets Unchanged 6 7 Definition of capital assets Unchanged 7 8 Definition of capital assets Unchanged 8 9 Subdivided real estate Unchanged 9 10 Worthless securities Unchanged 10 11 Original issue discount Unchanged 11 12 Options Unchanged 12 13 Options Unchanged 13 14 Patents Unchanged 14 15 Franchises Unchanged 15 16 Franchises Unchanged 16 17 Lease cancellation Unchanged 17 18 Holding period: how to count Unchanged 18 19 Holding period: like-kind exchange Unchanged 19 20 Short sales Unchanged 20 21 Capital gain and loss netting process New 22 Taxation of net short-term capital gain New 23 Offsetting net short-term capital loss against 28% New collectibles gain 24 Alternative tax rates for collectibles gain New 25 Individual capital loss deduction New 14-1 14-2 2010 Comprehensive Volume/Test Bank 26 Section 1231 concepts Modified 25 Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 27 Section 1231 concepts Modified 26 28 Section 1231 concepts Unchanged 27 29 Section 1231 and net casualty loss Unchanged 28 30 Section 1231 assets Unchanged 29 31 Section 1231 assets Unchanged 30 32 Section 1231 assets Unchanged 31 33 Nonpersonal use capital assets and casualty netting New 34 Condemnation gains and losses and the netting New process 35 Personal use property condemnation gains and New losses 36 Section 1231 casualties Unchanged 34 37 Involuntary conversions Modified 35 38 Section 1231 lookback Unchanged 36 39 Personal use property casualty Unchanged 37 40 Recapture provisions Unchanged 38 41 Section 1245 property Unchanged 39 42 Section 1245 recapture Unchanged 40 43 Section 1250 recapture Unchanged 41 44 Unrecaptured 1250 gain Unchanged 42 45 Section 1250 gain and 1231 lookback Unchanged 43 46 Recapture: inherited property Unchanged 44 47 Recapture: donated property Unchanged 45 MULTIPLE CHOICE 1 Net capital gain and net capital loss Unchanged 1 2 Characterizing gains and losses Unchanged 2 3 Definition of capital assets Unchanged 3 4 Definition of capital assets Unchanged 4 5 Definition of capital assets Unchanged...
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Test Bank SWFT Comprehensive 2010 ch 14 - CHAPTER 14...

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