chapter 11 problems - 300,000 office building FMV 500,000...

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21) sale of land 2011 350,000 cost of land 2001 100,000 improvements onland 30,000 a) excluded and realized gain 220,000 b) realized gain 570,000 excluded gain 500,000 c) realized loss -50,000 no excluded gain 22) sale of home 650,000 cost of home 125,000 improvements 50,000 a) realized gain 475,000 excluded gain 250,000 b) 23) cost of home 350,000 sale of home 550,000 a) recognized gain 200,000 excluded gain 200,000 b) recognized gain 400,000 excluded gain 400,000 29) a,,e 30) yatch cost 310,000 FMV 220,000 AGI 150,000 sale of yatch 220,000 a) realized 0 recognized 0 b) no gain nor loss c) no gain nor loss 31) FMV 50,000 Basis 25,000 a) realized and recognized gain 25,000 b) realized and recognized gain 5,000 c) realized loss -5000 no recognition 32) ben basis 3,200 lester basis 1,700 ben FMV 4,500 lester FMV 2,000 2,500 Ben realized gain is 1,300 Lester realized gain 300 recognized gain 1,300 recognized gain 300 34) car FMV 22,000 exchange car 28,000 car basis 25,000 cash 6,000 a) realized gain 9,000 recognized gain 6,000 b) realized gain 9,000 no recognized gain nor loss 35) land basis
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Unformatted text preview: 300,000 office building FMV 500,000 FMV land 600,000 cash 100,000 basis 350,000 a) Waynes realized 300,000 recognized gain 100,000 b) fred realized gain 150,000 recognized gain 150,000 c) Waynes realized 300,000 recog nized gain 300,000 49) property basis 170,000 condemnation award 250,000 a) realized gain 80,000 no recognized gain b) realized gain 30,000 no recognized loss c) realized loss 30,000 no recognized loss d) realized lossq 70,000 no recognized loss 51) John income 93,500 Amy income 58,300 itemized deduction 12,400 a) sale of residence 160,000 basis 108,000 purchase of new 130,000 selling expenses 6,000 b) exchange FMV 100,000 Basis 50,000 office building 105,000 c) sale of property 45,000 basis 10,000 FMV 30,000 d) basis of stock 8,000 FMV of stock 12,000 sale of stock 10,000 taxable income 52) b) 53) a) e) Chapter 11 Problems 21,22,23,29,30,31,32,34,35,49,51,52,53...
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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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