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f97 - Exam Number University of Florida College of Law...

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Exam Number University of Florida College of Law Final Examination Income Tax Fall Semester, 1997 Professor Willis Date: December 10,1997 Time: 9:00A.M. Time Limit: Four Hours Instructions 1. Consult any written materials you consider helpful. 2. Unless otherwise indicated, all parties use the cash method of accounting, use the calendar year, are unrelated, are single, and are not heads of households. All property, unless otherwise indicated, has been held for more than one year. 3. This exam is due in my office - Room 331 - by 1:30 p.m. 5. Place your exam number or other form of identification at the top of this page. 6. Once the exam begins, I will answer no questions prior to the time you turn in your paper. If you find something unanswerable due to vagueness or incomplete or contradictory information, please explain what information or clarification you need and why you need it. Then assume alternative information and illustrate the differences in your answer resulting from the alternative.
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Question One TP has the following assets. Determine the basis and holding period for each. 1. Vacant land he purchased in 1970 for $10,000. It is now worth $150,000. 2. Vacant land he purchased in 1997 for $10,000. It is now worth $2,000. 3. Vacant land his father purchased in 1997 for $10,000. His father died in August and TP inherited the land. It was then worth $15,000. The estate's personal representative did not elect an alternate valuation date. 4. Vacant land he purchased in 1990 for $10,000 cash and a purchase money promissory note for $25,000. He has paid all interest due on the note and $17,000 of principal. 5. Vacant land he purchased in 1990 for $10,000. It is now worth $20,000. Yesterday, he borrowed $15,000 from a bank, giving a mortgage on the land as security for the loan. He deposited the loan proceeds in a savings account. 6. Vacant land his wife purchased in 1997 for $10,000. It is now worth $2,000.
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