{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

AC 750 Chapters 10 and 11

AC 750 Chapters 10 and 11 - Chapters 10 11 Property...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapters 10 & 11 Property Transactions
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
AC 750 - Chapters 10 & 11 2 Property Transactions “Realized” Gain or Loss   Amount Realized - Adjusted Basis               Realized Gain or Loss    Cash + FMV of Property + Liabilities Discharged - Selling Costs                  Amount Realized Cost or rules + capital improvements - depreciation                  Adjusted Basis What is "regonized"?
Background image of page 2
AC 750 - Chapters 10 & 11 3 Character of Gain Ordinary or Capital? Capital assets are, generally,  EVERYTHING EXCEPT : 1)  Inventory 2) Depreciable property or land used in trade or        business held for more than a year (§1231) 3) Business assets held for less than 1 year 4) Trade accounts/notes receivable
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
AC 750 - Chapters 10 & 11 4 Realized ” versus “ Recognized ordinary gains and losses :  virtually all are recognized and net with other  taxable income capital gains:   virtually all are recognized Exceptions: (1) A portion of gain on sale of personal residence is excluded  (MFJ  - $500,000; other -$250,000) (2) §1202 stock capital losses:  assets used for personal purposes are  not  recognized; may be an  overall limitation Any loss  on related party transactions are not recognized Any loss  on  “wash sales”  are not allowed
Background image of page 4
AC 750 - Chapters 10 & 11 5 Qualified Small Business Stock § 1202
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}