PROBLEMS PG 89
1. Consider whether it is likely that 102 applies in the following circumstances:
a. Father leaves Daughter $20,000 in his will. Yes, 102 applies here because the daughter is
receiving the money as a result of a gift, devise or bequest.
PROBLEMS PG 761
1.) Here are two questions on capital losses incurred in the current year. The figure for taxable
income given in column A reflects a single taxpayers taxable income for each of two years without
regard to his capital gains and losses. Not
PROBLEMS PG 106
1. Employer provides Employee and Spouse and Child a residence on Employers business
premises, having a rental value of $15,000 per year but charging Employee only $6,000.
a. What result if the nature of Employees work does not require Emp
PROBLEMS PG 62-63
1. Would the result to the taxpayers in the Cesarini case be different if, instead of discovering $4,467
in old currency in the piano, they discovered that the piano, a Steinway, was the first Steinway
piano ever built and it i
PROBLEMS PG 132
1. Donor gave done property under circumstances that required no payment of gift tax. What gain or
loss to Donee on the subsequent sale of the property if:
a. The property had cost Donor $20,000, had a $30,000 FMV at the time of the gift,
PROBLEMS PG 80
1. Employer gives all of her employees, except her son, a case of wine at Christmas, worth $120. She
gives Son, who also is an employee, a case of wine, worth $700. Does Son have gross income?
A single person can only have one dom
PROBLEMS PG 101
1. Consider whether or to what extent the fringe benefits listed below may be excluded from gross
income and, where possible, support your conclusions with statutory authority:
a. Employee of a national hotel chain stays in one o
PROBLEMS PG 158-159
1. Mortgagor purchases a parcel of land from Seller for $100,000. Mortgagor borrows $80,000 from
Bank and pays the amount and an additional $20,000 of cash to Seller giving Bank a nonrecourse
mortgage on the land. The land is the secur
PROBLEMS PG 124
1. Owner purchases some land for $10,000 and later sells it for $16,000.
a. Determine the amount of Owners gain on the sale.
6,000 Gain 1001(a)
Gain recognized pursuant to 1001(c)
b. What difference in resul
PROBLEMS PG 135
1. Andre purchased some land ten years ago for $40,000 cash. The property appreciated to $70,000
at which time Andre sold it to his wife Steffi for $70,000 cash, its FMV.
a. What are the income tax consequences to Andre?
Andre does not hav