Ch_11_Questions - Income Tax I Name _Christian Yimgnia_...

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Income Tax I Name __Christian Yimgnia_______ Chapter 11 Questions Explain and/or discuss the following based on reading the chapter and viewing the power points. Be thorough with your answers. You may take all the space you need. 1. Explain how the exclusion of gain on sale of personal residence applies if the two year requirement has not been met in the case of unforeseen circumstances. The rule that allows an individual to exclude $ 250,000 of gain and for a couple, $500,000 still applies even if the two year requirement has not been met as long as each spouse would have been eligible to exclude up to $250,000 gain if the couple had filed separate returns. Also, if a single taxpayer eligible for the exclusion marries someone who has used the exclusion within two years before the marriage, that individual may still use the $250,000 exclusion. 2. What is a like kind exchange? Explain what property qualifies, give an example. Like kind exchanges are those that involve like king property held for investment or
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This note was uploaded on 11/26/2011 for the course INCOME TAX 4404 taught by Professor Bulie during the Spring '11 term at University of Minnesota Duluth.

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Ch_11_Questions - Income Tax I Name _Christian Yimgnia_...

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