2004 CCH Basic Principles Ch 11 - CCH Federal Taxation...

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CCH Federal Taxation Basic Principles Chapter 11 Property Transactions: Nonrecognition of Gains and Losses ©2003, CCH INCORPORATED 4025 W. Peterson Ave. Chicago, IL 60646-6085 800 248 3248 http://tax.cchgroup.com
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CCH Federal Taxation Basic Principles 2 of 66 Chapter 11 Exhibits 1. Sale of a Principal Residence—General Rules 2. Sale of Home by Married Taxpayers—General Rules 3. Sale of Home by Married Taxpayers—Examples 4. Sale of Home by Divorced or Separated Taxpayers—Ownership Requirement 5. Sale of Home by Divorced or Separated Taxpayers—Occupancy Requirement 6. Sale of Home by Widowed Taxpayers 7. Sale of Home Due to Unforeseen Circumstances 8. Sale of Home by Incapacitated Taxpayers 9. Sale of Home by U.S. Citizens Temporarily Working Abroad 10. Like-Kind Exchanges—Tangible Property 11. Like-Kind Exchanges—Intangible Property 12. Like-Kind Exchanges—Tax Treatment for Gain or Loss 13. Like-Kind Exchanges—Time Limitations 14. Like-Kind Exchanges—Holding Period Rules Chapter 11, Exhibit Contents A
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CCH Federal Taxation Basic Principles 3 of 66 Chapter 11 Exhibits 15. Involuntary Conversions—What Qualifies 16. Involuntary Conversions—Time Limitations 17. Involuntary Conversions—Holding Period Rules 18. Involuntary Conversions—Template for Problem Solving 19. Installment Method—Eligible Property 20. Installment Method—Four-Step Computation 21. Installment Method— Example 22. Installment Method— Solution Step One 23. Installment Method— Solution Step Two 24. Installment Method— Solution Step Three 25. Installment Method— Solution Step Four Chapter 11, Exhibit Contents B
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CCH Federal Taxation Basic Principles 4 of 66 Sale of a Principal Residence—General Rules Amount and tax effect of the exclusion $250,000 (Married individuals filing jointly may exclude up to $500,000.) This is a permanent exclusion, not just a deferral or rollover of gain until a later time. Moreover, there is no reinvestment requirement. Chapter 11, Exhibit 1a
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CCH Federal Taxation Basic Principles 5 of 66 Qualifying for the exclusion To qualify for the exclusion, a taxpayer must: Own and use the property as a principal residence for an aggregate of at least two of the five years preceding the sale or exchange; and, Not claim the exclusion during the two years immediately preceding the sale. Chapter 11, Exhibit 1b Sale of a Principal Residence—General Rules
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6 of 66 Example. Fred, a single individual, owns and occupies his home during all of 20x1 and 20x2. He rents it to a tenant during all of 20x3, 20x4 and 20x5. He sells it on December 31, 20x5, realizing a $200,000 gain. If Fred had not taken exclusion on the sale of any other principal residence during 20x4 and 20x5, he may be entitled to exclude all of the $200,000 gain in 20x5. Chapter 11, Exhibit 1c
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This note was uploaded on 09/11/2011 for the course ACCOUNTING 323 taught by Professor None during the Spring '10 term at Prince George's Community College, Largo.

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2004 CCH Basic Principles Ch 11 - CCH Federal Taxation...

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