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TB Individual Income ch. 14 - CHAPTER 14 PROPERTY...

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CHAPTER 14 PROPERTY TRANSACTIONS: DETERMINATION OF GAIN OR LOSS AND BASIS CONSIDERATIONS 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 Liabilities and adjusted basis Unchanged 6 7 Capital additions versus repairs and maintenance Unchanged 7 and effect on basis 8 Cost recovery: allowed and allowable New 9 Casualties and adjusted basis Unchanged 9 10 Casualties and adjusted basis Unchanged 10 11 Casualties and recognized gain Unchanged 11 12 Corporate distributions: effect of earnings and Unchanged 12 profits 13 Corporate distributions: return of capital Modified 13 14 Corporate distributions: return of capital Unchanged 14 15 Amortizable bond premium New 16 Amortizable bond premium and discount Unchanged 16 17 Easments Unchanged 17 18 Gains and losses on personal use assets Unchanged 18 19 Recovery of capital and realization Unchanged 19 20 Recovery of capital and realization Unchanged 20 21 Bargain purchase New 22 Cost identification for securities Unchanged 22 23 Lump-sum purchase Unchanged 23 24 Goodwill: purchased versus developed Unchanged 24 25 Nontaxable stock dividends Unchanged 25 14-1
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14-2 2010 Annual Edition/Test Bank Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 26 Nontaxable stock rights Unchanged 26 27 Gift basis: appreciated property Modified 27 28 Gift basis: appreciated property and gift tax Unchanged 28 29 Gift basis: gain basis and loss basis Unchanged 29 30 Gift basis: depreciation Modified 30 31 Gifts and holding period New 32 Inherited property: basis Unchanged 32 33 Inherited property: alternate valuation date New 34 Inherited property: alternate valuation date Unchanged 34 35 Inherited property: alternate valuation date Unchanged 35 36 Inherited property: community property versus Unchanged 36 common law property basis 37 Inherited property: holding period Unchanged 37 38 Disallowed loss: related taxpayers Unchanged 38 39 Disallowed loss: constructive ownership Unchanged 39 40 Disallowed loss: related taxpayers Unchanged 40 41 Disallowed loss: right of offset Unchanged 41 42 Disallowed loss: wash sale Unchanged 42 43 Disallowed loss: wash sale Modified 43 44 Personal use property converted to business use Unchanged 44 45 Personal use property converted to business use Unchanged 45 46 Income-producing property converted to business use New 47 Gift versus inheritance Unchanged 46 48
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