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ACCT 4040

Final Exam Chapter 11 Review

QuestionAnswer
The sale of computer equipment used in a trade or business for 9 months results in the following type of gain or loss? Ordinary
The sale of machinery at a loss that was used in a trade or business and held for more than one year results in the following type of loss? 1231
The sale of land held for investment results in the following type of gain or loss? Capital gain or loss
Which of the following realized gains results in a recognized gain? sale to a related party
Which of the following is how gain or loss realized is calculated? amount realized less adjusted basis
Which of the following is not usually included in an asset's tax basis? none of these (purchase price, tax, shipping, installation)
Which of the following is NOT TRUE regarding an asset's adjusted basis? tax adjusted basis is usually greater than book adjusted basis
Which of the following is not used in the calculation of the amount realized... adjusted basis
The sale of machinery for more than the original cost basis, used in a trade or business, and held more than one year results in the following types of gain or loss? 1245 and 1231
Which of the following results in an ordinary gain or loss? sale of inventory
What is the character of land used in an active trade or business for two years? 1231
Which of the following is true regarding depreciation recapture? changes the character of a gain
Which of the following gains does not result solely in an ordinary gain or loss? sale of equipment where the gain realized exceeds the accumulated depreciation
Which of the following is not a 1245 asset if held for more than one year? land
Which of the following does not ultimately result in a capital gain or loss? sale of inventory
Which of the following sections does not currently recapture pr re characterize a taxpayer's gain? 1250
Which of the following sections recaptures or re characterizes only corporate taxpayer's gains? 291
Which of the following transactions results solely in a 1245 gain? sale of machinery held for more than one year and where the gain realized exceeds the gain realized
Why does 1250 recapture no longer apply? the Tax Reform Act of 1986
When does unrecaptured 1250 gains apply? it applies only when non-corporate taxpayers sell depreciable real property at a gain
Which of the following is true regarding the 1231 lookback rule? it only applies when a 1231 gain occurs and there is a non recaptured 1231 loss in the prior five years
Which of the following is not true regarding 1239? it only applies to gains on sales of non-residential property
Which one of the following is not considered boot in a like-kind exchange? mortgage received
Which one of the following is not true regarding a like-kind exchange? losses on boot given are not recognized
Which one of the following is not a requirement of a deferred like-kind exchange? the exchange must be completed within the taxable year
How long does a taxpayer have to identify replacement property in a like-kind exchange? the like-kind property to be received must be identified within 45 days
The general rule regarding the exchanged basis in a like-kind exchange is? the basis is equal to the adjusted basis of the old property
What is the primary purpose of a third-party intermediary in a deferred like-kind exchange? to prevent the seller from receiving cash (boot) that will taint the transaction
Each of the following is true except for... losses realized in involuntary conversions are deferred
Which of the following is not an involuntary conversion? a foreclosure
Which of the following may qualify as an installment sale? sale of asset used in a business at a gain
Which of the following is not true regarding installment sales? depreciation recapture is deferred in an installment sale
Which of the following is true regarding disallowed losses between related taxpayers? the tax laws essentially treat related parties as the same taxpayer
Created by: TChamberlain
 

 



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