ch 11 powerpoint

ch 11 powerpoint - Chapter 11 Property Transactions:...

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1 Chapter 11 Property Transactions: Nonrecognition of Gains and Losses ©2011 CCH. Al Rights Reserved. 4025 W. Peterson Ave. Chicago, IL 60646-6085 1 800 248 3248 www.CCHGroup.com 1. Sale of a Principal Residence 2. Sale of Home by Divorced or Separated Taxpayers 3. Sale of Home Due to Unforeseen Circumstances 4. Like-Kind Exchanges—Tax Treatment for Gain or Loss Chapter 11 Exhibits CCH Federal Taxation Comprehensive Topics 2 of 20 5. Like-Kind Exchanges—Tangible Property 6. Like-Kind Exchanges—Boot 7. Like-Kind Exchanges—Assumption of Liabilities 8. Like-Kind Exchanges—Time Limitations 9. Like-Kind Exchanges—Holding Period Rules Chapter 11, Exhibit Contents A 10. Involuntary Conversions—What Qualifies 11. Involuntary Conversions—Rules 12. Involuntary Conversions—Time Limitations 13. Involuntary Conversions—Holding Period Rules Chapter 11 Exhibits CCH Federal Taxation Comprehensive Topics 3 of 20 Chapter 11, Exhibit Contents B
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Sale of a Principal Residence Amount and tax effect of the exclusion $250,000 (Married individuals filing jointly may exclude CCH Federal Taxation Comprehensive Topics 4 of 20 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 Qualifying for the exclusion Own and use the property as a principal residence for an Sale of a Principal Residence CCH Federal Taxation Comprehensive Topics 5 of 20 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 Ownership : If a residence is transferred to a taxpayer under a divorce or separation instrument, the time during which the taxpayer’s spouse or former spouse owned the residence is added to the taxpayer’s period of ownership Sale of Home by Divorced or Separated Taxpayers CCH Federal Taxation Comprehensive Topics 6 of 20 added to the taxpayer s period of ownership. Use : A taxpayer who owns a residence is deemed to have occupied it as a principal residence while the taxpayer’s spouse or former spouse is given use of the residence under the terms of a divorce separation. Chapter 11, Exhibit 2
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This note was uploaded on 12/02/2011 for the course ACCOUNTING 4001 taught by Professor Nathanielbell during the Spring '11 term at FIU.

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ch 11 powerpoint - Chapter 11 Property Transactions:...

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