Solutions Chapter 10 - 1. HOW is gain or loss calculated?...

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Unformatted text preview: 1. HOW is gain or loss calculated? The amount of money plus the value of property received in the sale or exchange of an asset is referred to as the amount realized. To calculate gain or loss, the taxpayer’s adjusted basis is subtracted from the amount realized. What is basis and What is the purpose of basis? Basis represents capital (or after-tax income) that a taxpayer uses to purchase an invest— ment. The purpose of basis is to keep track of after-tax dollars an individual invests so that upon the sale of the investment, income is not taxed twice. Describe three uses of basis. First, basis is used to determine gain or loss on an investment when it is sold. An inves- tor would subtract his or her basis from the sales proceeds of the investment to deter— mine the taxable gain or loss. Second, basis is used to determine depreciation deductions that an inveStor can take on an investment. Third, basis is used to determine the amount an investor has “at risk” which limits loss deductions for income tax purposes under the passive activity loss rules. What is cost basis? Cost basis is the initial basis an investor acquires in an asset by using capital to purchase the investment. It represents the amount of after-tax dollars that the investor has dedi— cated to purchasing the investment. For most investments, the initial basis in an invest— ment is cost basis. Cost basis includes not only the cash dedicated by the taxpayer to the ' investment, but also the amount of recourse debt that the investor incurs to purchase the investment. 89 What is the difference between recourse debt and nonrecourse debt? Recourse debt is debt that the taxpayer is personally liable to repay regardless of whether or not the invesrment produces a return for the investor. Unlike recourse debt, non-recourse debt is not included in the taxpayer’s cost basis. Non-recourse debt is a debt secured only by the investment itself; the creditor may not seek to receive pay— ments from the personal assets of the investor. Since a non-recourse debt places the investment, not the investor, at risk, the amount of non—recourse debt incurred to obtain the property is not included in cost basis. Name several items that increase basis. The first and most frequently encountered adjustment to basis is an upward adjustment to cost basis for additions to the investment. If additional capital is added to the investment, the cost basis must be increased to reflect this so that upon sale, the investor receives all of his or her capital back tax-free. Examples of capital infusions that increase a taxpayer’s basis in an investment include subsequent investments in the same vehicle, additions to the investment, or changes to the investment. The profit (or loss) of pass-through entities will also result in an increase (or decrease) in the basis that each owner has in his or her interest. Pass-through entities are not treated as separate taxable entities for income tax purposes, and the income that the entity earns is taxed to each of the owners in proportion to their ownership interest. Since the owner of the entity pays tax on the business earnings, and therefore the earnings have passed through the tax toll booth, the owner’s basis in the business interest must be increased by a like amount. Pass-through entities include partnerships, limited partnerships, LLCs, LLPS, and all unincorporated entities (other than trusts) that have two or more owners. Name several items that decrease basis. If an individual’s basis in an investment will increase when capital is added to the investment, the opposite will happen when capital is taken out of an investment. When capital is taken out of an investment, a basis reduCtion must occur because the taxpayer has received a refund of some of his or her capital. Capital can be taken out of an investment in several ways. Two of the most common methods of removing capital from an investment are (1) dis- tributions from business entities that have pass—thmugh tax treatment (such as partnerships, LLCs, and S corpora- tions), and (2) claiming depreciation deductions. What is depreciation? When an asset is used in productive use in a trade or business, or for the production of income, the owner of the asset is permitted to take depreciation deductions. Depreciation is a return of capital to a business, presumably so that it can be reinvested in additional equipment for the business, and therefore the depreciation deduction causes a basis reduction in the asset for which depreciation is claimed. In the context of this discussion, the term “depre— ciation” encompasses not only the classic form of depreciation, but also amortization, depletion, and other “cost recovery” methods. Since the cost of these items is recovered through depreciation, the adjusted basis of the asset must be decreased by the depreciation claimed each year. How is the basis of inherited property determined? The basis of property that passes through a decedent‘s estate is srepped to the fair market value of the asset on the date of the decedent’s death, or, if elected by the executor of the decedent’s estate, to the fair market value of the asset on the alternate valuation date. 10. 11. 12. 13. 14. 15. What is the rationale for the step—to fair market value of the basis for inherited property? The rationale for the Section 1014 “step—to fair market value” in basis provision is two—pronged. First, since the asset is included in the estate of a decedent, and is subject to estate tax (which is generally assessed at a rate much higher than income taxes), it is fair to match the basis to the esrare tax value, since taxes are being paid on that amount. Second, the provision is one of convenience. It is difficult and, in many cases, impossible, to track basis when assets are passed through an estate. Very few individuals keep detailed records of the cost of the assets they acquire, and assets held for the longest holding periods are not often transferred complete with basis information. By setting the basis equal to the value in the estate, the need for detailed records spanning several generations sim« ply to compute taxable gain or loss on the sale of an asset is diminished, and eases the administrative burden on both the taxpayer and the government. What is the general rule for determining the basis of gifted property? Generally, when an individual gives property to another person, the donor’s basis carries over to the donee. No gain or loss is recognized at the time of the gift, but when the donee sells the gifted property, recognition will occur and tax will be paid on the gain. How is the basis of gifted property affected when the donor pays gift tax on the transfer? When property is transferred during lifetime and a gift tax must be paid on the transfer, an adjustment in the basis of the property should be made since the gift and estate tax are designed to serve similar functions. When the donor must pay gift tax, the portion of the gift tax paid that represents appreciation in the value of the property may be added to the donor’s original basis to determine the basis in the hands of the donee. The formula that can be used to calculate this increase in basis is: Appreciation in the Properg . . _ . . 1 FMV of Property at Date of Gift X Gift Tax Paid — Increase in Basrs for Donee How is the basis of gifted property determined when the donor gifts property that has a fair market value less than the donor’s adjusted basis on the date of the gift? In such a situation, the double basis rule applies. The donee will have one basis for gain purposes, which will equal the donor’s original basis, and another basis for loss purposes, which will equal the fair market value of the prop- erty on the date of the gift. If the property is sold by the donee at a price between the donor’s original basis and the value on the date of the gift, there is no gain or loss to the donee. How is the basis of property transferred between spouses determined? A special rule, found under Section 1041 of the Code, governs the treatment of basis for all assets transferred between spouses or incident to a divorce. Section 1041 states that, regardless of Whether property is soid or given to a spouse, the basis of the original owner will carry over to the new owner. This treatment is mandatory; it does not apply at the election of the taxpayer. What is a related party? Related parties include a taxpayer’s lineal ascendants (e.g., parents and grandparents), lineal descendants (e.g., chil« dren and grandchildren), and brothers and sisters (of whole or half blood). Collateral relatives (aunts, uncles, nephews, nieces, cousins, stepchildren, step—parents, or in-laws) are not considered to be related parties. 1. The “FMV of Property at Date of Gift” is the amount of taxable gift which includes a deduction for any gift exclusion taken for the particular gifted property. 16. 17. 18. 19. 20. 21. '92 What are the tax consequences of selling property to a related party at a loss? If property is sold to a related party (other than the seller’s spouse) at a loss, however, the double basis rule applies. As a result, the purchaser will have one basis for purposes of calculating gain, and another basis for purposes of cal— culating loss, and the seller will not be permitted to recognize the loss for tax purposes. The gain basis will equal the seller’s original basis in the property, and the loss basis will equal the fair market value of the property at the time of the sale. How is real property depreciated? For real estate, depreciation for federal tax purposes depends on the use of the property. Under current law, if the real estate is used for residential rental purposes, the property is depreciated according to the straight—line depreci— ation method over 271/2 years. if the real estate is used for commercial purposes, depreciation occurs on a straight— line basis Over 39 years. Of course, the value of land cannot be depreciated; only the value of improvements to land qualify for depreciation. What are the two methods of depreciation used with MACRS? The depreciation used under MACRS is an accelerated depreciation system unlike the straight—line depreciation used for real property. Assets that have a 3, 5, 7, or 10 year class life are depreciated under a depreciation method known as the double declining balance (or “200 percent”) method, but switch to straight—line depreciation when the straight-line method would produce a greater deduction than the double declining balance method. Property in the 15 and 20 year class lives are depreciated under the 150 percent declining balance method, but also switch to straight—line depreciation when the straight-line method would produce a greater deduction for the current tax year. One notable exception from these rules is the depreciation of software, which is depreciated on a straight-line basis over 3 years. How is the cost of an intangible asset recovered? Intangible assets, such as the goodwill of a business, patents and copyrights acquired with the acquisition of a busi— ness interest, covenants not to compete and franchises, trademarks, and tradenames acquired in connection with the acquisition of a business, may be amortized on a straight-line basis over a 15 year (180 month) period. The term “amortization” is typically used to signify that cost recovery deductions are being taken for intangible assets. What is “listed property?” “Listed Property” can more accurately be described as suspect property, at least from the perspective of the IRS. Listed property includes automobiles weighing less than 6,000 pounds, cellular telephones, and computers; Listed property is considered suspect because it is easily used for both business and personal purposes, and taxpayers will be tempted to take a deduction for their personal use of the asset. Since only the business use of the asset qualifies for depreciation deductions, those taking deductions for such property will merit special review. What is the Section 179 deduction? Section 179 provides business owners with an option to elect to expense property placed in service during the year instead of capitalizing the assets and depreciating them over their MACRS class life, provide that certain require— ments are met. To qualify for expensing under Section 179, an asset must be used more than 50% of the time in a trade or business (if the asset is used less than 100% of the time in a trade or business, only the percentage of busi- ness use may be expensed under Section 179). A business owner may elect to immediately expense up to $250,000 for 2009 ($154,000 For 2010) of assets placed in service during the year, unless the phaseout limit has been met. The amount that can be immediately expensed is subject to a phaseout, and is reduced dollar for dollar for depre- ciable real property placed in service during the year that exceeds $800,000 for 2009 ($530,000 for 2010). "'"CHiiFi'iEfi'TOE""BasisRULES,'ijE'enECIATloN, sassereneeasrzarm ‘ " Five years ago Frederick purchased 1,000 shares of Ickingham Industries, Inc. for $10 per share. He signed an agreement with the company which allowed the company to use his dividend payments to purchase additional shares for him. Over the last 5 years, Frederick received a total of $1,200 in dividend payments, which purchased an additional 100 shares of stock. If Frederick sells his shares for $24,000, what is his taxable gain? a. $0. 1:). $12,800. c. $14,000. d. $24,000. The correct answer is b. Frederick’s adjusted basis in the shares equals the initial purchase price of the shares, $10,000 plus the dividends that were reinvested of $1,200 since Frederick was required to pay tax on the dividend payments the year they were made. When he sells the shares, he has an amount realized of $24,000, less his adjusted basis of$11,200, which equals a taxable gain of $12,800. Which of the following items is not included in the cost basis of an investment? a. Cash used to purchase the investment. b. Recourse debt incurred in purchasing the investment. c. Nonrecourse debt incurred in purchasing the investment. d. The fair market value of property transferred to acquire the investment. The correct answer is c. Non-recourse debt is generally not included in basis because a taxpayer is not personally obligated to repay the loan. All of the other items are included in the determination of a taxpayer’s basis in their investment. When Uncle Richard died, he left his kingdom to his ungrateful cousin, Henry. Richard’s cost basis in his property was $2 million but, due to turbulent political and economic times, it was worth $1 million at his death. Richard had reinvested approximately $250,000 of dividends during his holding period, and his estate paid $500,000 in transfer taxes at his death. What is Henry’s basis in the property? a. $1 million. b. $2 million. c. $2,250,000. Cl. $2,750,000. The correct answer is a. Section 1014 can result in a step-down in basis as well as a step-up in basis. Since the property was worth $1 mil- lion as of the date of Uncle Richard’s death, that is the basis of the property in Henry’s hands despite the fact that Uncle Richard had $2,250,000 in after—tax capital invested in the property and his estate paid a transfer tax of $500,000. i i E 5 l i a i. i i i i ; i i 5 i . . Tanya gave her nephew Liam 100 shares of Bridge Corporation stock that she purchased 6 months ago for $10,000. At the time of the gift, the fair market value of the stock was $12,000. Which of the following statements concerning the stock is correct? a. If Tanya sold the stock, she would have realized a long— term capital gain. b. Liam’s basis in the stock is $10,000. c. Liam’s basis in the stock is $12,000. d. If Liam sells the stock immediately after the gift, he will realize a long-term capital gain. The correct answer is b. Since Tanya transferred appreciated property to Liam by gift, her basis carries over to Liam. Liam has a $10,000 basis in the stock. Two months after Tom purchased Greenacre for $30,000, he died. The fair market value of Greenacre as of the date of Tom’s death was $32,000. He left Greenacre to his son, Kevin. Since Kevin was the only beneficiary of the estate and there were no estate taxes due, the title to the property was transferred to Kevin within one month of Tom’s death. Two weeks after receiving title to the property, Kevin sold Greenacre for $35,000. What is the amount and type of income that Kevin will report on the sale? a. $5,000 short—term capital gain. b. $5,000 long—term capital gain. c. $3,000 short—term capital gain. d. $3,000 long—term capital gain. The correct answer is d. When Tom died the basis of Greenacre qualified for a step—to fair market values under IRC Section. 1014. Kevin’s basis in the property is therefore $32,000. Since he sold the property for $35,000 and his basis was $32,000, Kevin’s gain in $3,000. Even though Tom purchased the property three and a halfvmonths before it was sold, Kevin’s gain will be a long-term capital gain. Any property received through the estate of a decedent automatically qualifies for long-term capital gains treatment. Mike gave his granddaughter, Jordan, stock worth $500,000 this year. He purchased the stock for $250,000 several years earlier, and felt that the value would increase substantially in the near fiiture. Since he had already used up his lifetime gift—tax exemption in prior tax years, Mike paid $200,000 in gift taxes on the transfer. if Jordan sells the stock for $750,000 six months after the transfer, which of the following statements is correct? a. Jordan will realize a $400,000 long-term capital gain. b. Jordan will realize a $250,000 long-term capital gain. c. Jordan will realize a $500,000 long—term capital gain. d. Jordan will realize a $250,000 short-term capital gain. The correct answer is a. Jordan received the stock by gift, so she qualifies for a carry—over basis. Mike's original basis in the property was $250,000. Since Mike paid gift tax on the transfer, Jordan is permitted to increase her basis by the portion of the gift tax paid that represents gain. The portion of the gift that represents gain is 50% ($250,000 appreciation in the property divided by $500,000 fair market value of the property as of the date of gift). 50% of the gift taxes paid equals $100,000. Jordan’s basis, therefore, is $350,000. If she sells the stock six months after the transfer for $750,000, she will realize a $400,000 gain. Because Mike transferred appreciated property to Jordan, his holding period is added to Jordan’s holding period for the asset, transforming the gain into a long-term capital gain. 1 J i Two years ago, Vernon purchased 100 shares of Stairwell Refittet‘s, Inc., a start—up company, for $12,000. Unfortunately, Stairwell Refitrer’s business model did not perform as expected, and the value of the shares has dropped to $8,000. Vernon’s son, Dudley, recently realized a large capital gain on an investment he held, so Vernon gave his shares of Stairwell Refitters, Inc. to Dudley when they were worth $8,000. If Dudley sells the shares for $5,000 thirteen months after the transfer, what is the amount and character of his gain or loss? a. $7,000 long—term capital loss. b. $7,000 short-term capital loss. c. $3,000 long—term capital loss. d. $5,000 shortnterrn capital loss. The correct answer is c. Vernon gave loss property to his son. When a taxpayer transfers property with a loss to someone else, and the recip— ient sells the property for less than the fair market value as of the date of the gift, the basis in the hands of the donee for purposes of calculating loss is the fair market value of the property as of the date of the gift. This is referred to as the “loss basis” in the property. When loss basis is used to calculate 1055, the holding period is deemed to begin at the date of the gift — the donor’s holding period does not tack on to the donee’s holding period to deter— mine the nature of the loss. Since the fair market value of the property was $8,000 on the date of the gift, and Dudley sold the property for $5,000 thirteen months after receiving it, Dudley's loss is a $3,000 long—term capital loss. Two years ago, Olive purchased 100 shares of Pennsylvania Railroad, Inc. for $15,000. Unfortunately, the value of the shares has dropped to $10,000. Olive’s daughter, Agnes, was heading off to college, and Olive was tired of waiting for a return on the stock. Olive gave the stock to Agnes when it was worth $10,000 to help fund Agnes’ education. If Agnes sells the shares for $12,000 three months after the transfer, what is the amount and character of his gain or loss? a. $0. b. $2,000 short—term capital gain. c. $3,000 long—term capital loss. d. $3,000 short-term capital loss. The correct answer is a. _ Olive gave loss property to her daughter. When a taxpayer transfers property with a loss to someone else, and the recipient sells the property for an amount between the donor’s adjusted basis and the fair market value of the stock on the date of the gift, no gain or loss is recognized. In this example, the no-gain, no—loss corridor is from $10,000 (the fair market value of the stock on the date of the gift) to $15,000 (the adjusted basis in the hands of the donor). If Agnes sold the stock for any amount between $10 and $15 thousand dollars, she is not required to rec- ognize any gain, and she is prohibited from recognizing any loss on the transaction. Since there is no gain or loss, there is no need to categorize the tax result as either long-term or short—term. '95 9. Two years ago, Amanda purchased 100 shares of Quick Produce, inc. for $15,000. Unfortunately, the value of the shares has dropped to $10,000. Amanda gave the stock to her daughter, Daphna, when it was worth $10,000. If Daphna sells the shares for $17,000 three months after the transfer, what is the amount and character of his gain or loss? a. $2,000 short-term capital gain. b. $2,000 long—term capital gain. c. $7,000 short—term capital gain. 3 d. $7,000 long—term capital gain. The correct answer is b. Amanda gave property subject to a loss to her daughter, Daphna, but Daphna sold the property at a price greater than the donor’s adjusted basis in the property. Since the sale price exceeded the donor’s adjusted basis, the donor’s basis transfers to the donee, and is referred to as the gain basis. Daphna sold the stock for $17,000 and Amanda’s basis (that carried over to Daphna) was $15,000, so Daphna’s gain is $2,000. Whenever gain basis is used to deter- mine the tax result, the donor’s holding period tacks on to the donee’s holding period. Daphna’s gain will be a long-term capital gain, since Amanda held the shares for over one year prior to the gift. 10. Several years before his marriage to Marie, Patrick purchased a vacation home in a remote shoreline community for $250,000. After their marriage, Patrick needed some cash to invest in a new business opportunity, so he sold the house to his wife Marie for its current fair market value, $75 0,000. Nine months after purchasing the house, Marie soid it for $1 million. What is the amount and nature of Marie’s taxable gain on the sale of the home? a. $250,000 short—term capital gain. b. $25 0,000 long—term capital gain. c. $750,000 short-term capital gain. d. $750,000 long-term capital gain. The correct answer is d. Even though Patrick sold the home to Marie in an arm’s—length transaction, at the time of the sale Patrick and Marie were married. IRC Section 1041 requires ali transfers between spouses to be treated as gifts for income tax purposes, and when a gift of appreciated property is made, a carry—over basis results. Consequently, even though Marie paid $750,000 for the home, her basis in the home is $250,000. When Marie sells the house for $1 million, her gain is $750,000 ($1 million — $250,000), and the gain is characterized as a long-term capital gain. The bold- ing period of both the husband and wife are added together to determine whether the holding period is long—term or short-term. If this were their personal residence they may get relief under IRC Section 121. 1 1. All of the following statements concerning depreciation are correct EXCEPT: a. Depreciation is a method of cost recovery that allows a taxpayer to receive his capital back over the useful life of an asset. b. Assets purchased for personal use are eligible for depreciation deductions. c. Depreciation deductions cause a downward adjustment in the taxpayer’s basis. d. Depreciation on real estate is taken on a straight-line basis. The correct answer is b. Assets purchased for personal use are not eligible for depreciation deductions — only assets used in a trade or busi- ness or for the production of income qualify for depreciation deductions. All of the other statements are correct. 96' " ' canes '1'ds""s;ts.§nutts,' 'D’E’éhecmos,"a Asser'cneconizancn ' ' " ' " ' ' 12. 13. Christopher recently purchased Quarry City Industrial Park, a commercial industrial and office community, as an investment. The complex is already rented out to tenants, and ChriStopher will continue to lease the property to industrial and office space tenants while he owns the property. Which of the following statements concerning the depreciation deductions that can be taken on the property is correct? a. Christopher cannot take depreciation deductions on real property, so the land and apartment house is not eligible for depreciation. b. Christopher can depreciate the cost allocable to the buildings (but not the land) over a 20 year period. c. Christopher can depreciate the cost allocable to the buildings (but not the land) over a 27.5 year period. d. Christopher can depreciate the cost allocable to the buildings (but not the land) over a 39 year period. The correct answer is d. Commercial rental property is depreciated on a straight-line basis over a 39 year period. Depreciation deductions will be allowed for the structures, but not the land. Milton, an independent consultant for Initech, inc, purchased a new red laptop computer to match his red stapler. He plans to use the computer primarily for personal purposes, but will occasionally use it (perhaps 25% of the time) to complete assignments that he has accepted from Initech. Which of the following statements concerning the red computer is correct? a. If Milton purchases the computer through Initech, he will be able to depreciate the full cost of the computer. b: Milton will not be eligible to claim depreciation deductions for the computer. Since he purchased the computer to match the red stapler in his office, he can depreciate the Full cost of the computer over the appropriate class life. d. Milton can depreciate 25% of the cost of the computer, since the computer is used for business purposes 25% of the time. The correct answer is b. Computers are listed property. In order to qualify for depreciation deductions on listed property, the property must be used for business purposes more than 50% of the time. Provided that the property is used primarily for business purposes, the owner may take depreciation deductions for that portion of the property that is used for business. Since Milton used the property primarily for personal, not business purposes, he may not claim depreci- ation deductions. 14. Wilson runs an oil and gas operations consulting practice, and has had a very good year. Oil prices, as well as the demand for his services, have risen. Given the windfall profits his firm received this year, in December of 2010 Wilson decided to redecorate his office and upgrade the computer system used by himself and his employees. The cost of the office equipment is $40,000 and the computer upgrade cost $20,000. Assuming Wilson has purchased j no other depreciable assets in 2010, that the gross income from his consulting practice was $500,000 and Wilson would like to minimize his exposure to income taxes, how should he treat the new purchases for income tax purposes? a. Wilson should deduct the entire cost of the office equipment and computer upgrades against this year’s business income. b. Wilson must use the mid-month convention in determining depreciation deductions, since he placed the upgrades in service in December. c. Wilson must use the mid-quarter convention in determining depreciation deductions, since he placed the upgrades in service in December. d. Wilson must use the mid—year convention in determining depreciation deductions, since he placed the upgrades in service in the second half of the year. The correct answer is a. Wilson qualifies for the Section 179 election, allowing him to immediately expense the cost of up to $134,000 for 2010 (as indexed) against his business income. Since Wilson had business income to offset with the deduction, and he did not put more than $530,000 for 2010 of depreciable property in service this year, and he has expressed a desire to minimize his exposure to income tax this year, he qualifies for the immediate expense election. 15. Which of the following assets qualifies as a Section 1231 asset? a. Greeting cards held by the owner of a gift shop for sale to customers. 13. A bicycle owned by a 12 year old child. c. An apartment building held for rental to tenants. d. Artwork prominently displayed in a taxpayer’s summer residence. The correct answer is c. The only asset that is listed that qualifies for depreciation deductions is the apartment building held for rental to tenants. Many individuals automatically classin real estate as a capital asset, but depreciable real estate held for productive use in a trade or business or for the production of income is classified as a Section 1231 asset. The greeting cards in option a are ordinary income assets (inventory) and the bicycle and artwork in options b and d are capital assets. ‘ “9's”"""canisters";"assumes:staircases, 81ASSET’CATEGoniiarIoN"0' ' ...
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This note was uploaded on 02/21/2011 for the course ACCT 3410 taught by Professor Vicky during the Spring '11 term at Aarhus Universitet, Aarhus.

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Solutions Chapter 10 - 1. HOW is gain or loss calculated?...

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