AC 750 Chapters 10 and 11

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

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Property Transactions
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AC 750 - Chapters 10 & 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"?
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AC 750 - Chapters 10 & 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
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AC 750 - Chapters 10 & 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
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AC 750 - Chapters 10 & 5 Qualified Small Business Stock § 1202
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This note was uploaded on 03/19/2012 for the course ACC 750 taught by Professor Tracynoga during the Spring '12 term at Bentley.

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

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