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Regulation-Property

Property transactions taxation

QuestionAnswer
Stock dividends if included in inc. basis=dist. date FMV. Holding period is hold period of orig. stock. Allocation Exam: T owns 100 shrs. of XYZ purch.@12k and received non-taxable 10 pref.shrs @distrib. 100shrsFMV=15k & 10shrs div.=5k Pref.=12k*5/20=3k Comm.=12*15/20=9k
Like-kind property basis basis of property given+gain recognized+boot basis-loss recognized -FMV boot received No boot-no gain or loss, unlike property basis is FMV, Liabilities treated as boot
Stock rights if less then 15% of FMV then zero, otherwise allocate same as non-taxable dibs.
Basis of property gift from decedent after 12/31/09 modified carryover basis is LESSER of FMV or cost at death. Aggregate basis may be increased by 1.3M+built in losses and NOLs.  Qualified spousal prop. basis may be increased up to 3M.
Basis of Property gift from decedent b4 1/1/2010 FMV on date of death (only if acquired over 12 mos ago, otherwise cost) or alt. val. date (dist. date if distributed b4 alt.val. Date)
Gift basis increase for gift tax paid the increase is limited by the same ratio as the net appreciation in value of the gift to the amount of the gift. Ex: T rec'd gift with FMV of 103k and basis of 73k with gift tax paid by donor of 18k, T's basis is 73k+(18k*(103kFMV-73k/103kFMV-13k))=79k
Non-recognition rule for gifted property no gain or loss when use of the basis for loss = gain, and use of the basis for gain= loss. Ex: Jill rec'd boat as gift. Dad paid 10k but FMV on the date of gift is 8k; basis 4 gain is 10k, basis 4 loss is 8k. If Jill sells for 9.2k, no gain or loss.
Stock received as a gift from the decedent's estate always long term
Gift basis generally donor's basis unless disposed at a loss then the lesser of FMV or basis (exception when loss is a gain and gain is a loss)
Created by: baurjan on 2011-11-15



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