Property transactions taxation
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| 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
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| 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
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| Stock rights | if less then 15% of FMV then zero, otherwise allocate same as non-taxable dibs.
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| 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.
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| 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)
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| 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
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| 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.
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| Stock received as a gift from the decedent's estate | always long term
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| 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)
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