At Kevin's date of death he owned a house valued at $250,000. He originally purchased it for $125,000. Six months after his death it is valued at $255,000. You inherit this house. What is your basis?
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- Raymond and Susan are married and 55 years old. They sell their personal residence for $850,000 cash. They purchased the house fifteen years ago for $200,000. What is the amount of gain that Raymond and Susan should recognize on the sale?Cody and Chelsi, who are married to each other, own their home together titled as community property. They purchased the home three years ago for $200,000. After improvements and a surge in the market, the home is now worth $400,000. If Cody died today and left his share of the home to his daughter Alyssa, what is Alyssa's federal income tax basis in the home? a. $50,000. b. $100,000. c. $150,000. d. $200,000.Clara received from her Aunt Sona property with a FMV at the date of the gift of $30,000. Aunt Sona purchased the property five years ago for $35,000. If Clara sold the property for $33,000, what is her gain or loss on the sale?
- Marcus purchased Vinnie and Marie’s personal residence for $225,000 cash and the assumption of their $100,000 mortgage. Vinnie and Marie bought the house six years ago for $275,000 and have used it as a primary residence. What amount of gain should Vinnie and Marie recognize on the sale of their personal residence?When Barry’s grandmother passed away, she gave Barry a diamond ring that was worth $6,000 at the time of death. Barry’s grandmother had purchased the ring for $5,400. What is Barry’s basis in the ring if he sells it for $7,000? What if he sells it for $5,000? What if he sells it for $5,800?Gerry's grandmother bequeathed stock to Gerry at her death five years ago. The grandmother paid $100 for the stock and it was valued at $5,000 when the grandmother died. Gerry gave the stock to his daughter Emily two years ago. The stock was valued at $4,000 at the date of transfer. Emily sold the stock today for $4,500. What is her gain or loss on the sale? $0 Loss of $500 Gain of $500 Gain of $4,400
- Jimmy owns two parcels of real estate, Tara and Sundance. Tara is worth $150,000 and Sundance is worth $225,000. Jimmy plans to bequeath Tara directly to his spouse Lois and leave her a life estate in Sundance. What amount of value will be included in Jimmy's gross estate and taxable estate should he die now?You have been notified by the family attorney that you are the sole heir to your lost uncle's estate. You have two options for receiving the inheritance: receive $500,000 at the end of each of the next 10 years or receive a lump sum payment of $2,500,000. Determine which is the better option.John Johnson, single, sold his home that he had owned for 20 years for $650,000. He purchased it for $125,000 and made $50,000 of capital improvements on the home during his time of ownership. How much gain is excluded? How much is recognized? If John purchased another home for $425,000, how much is excluded and recognized?
- Steven owns an apartment building that he purchased ten years ago for $339,000. His current adjusted basis is $218,000 and his outstanding mortgage is $253,000. Steven sells the building for cash of $310,000 plus assumption of his mortgage. He pays commissions on the sale of $30,000, title transfer fees of $520, and an attorney at closing $900. What is Steven's recognized gain? Recognized gain $Alan inherited $100,000 with the stipulation that he"invest it to financially benefit his family." Alan and his wife Alice decided they would invest the inheritance to help them accomplish two financial goals: purchasing a Park City vacation home and saving for their son Cooper's education. INVESTMENT: Initial Investment; Investment horizon VACATION HOME: $50,000; 5 years COOPER'S EDUCATION: $50,000; 18 years. Alan and Alice have a marginal income tax rate of 32 percent (capital gains rate of 15 percent) and have decided to investigate the following investment opportunities. Growth Stock: 5 years, Future Value = $$65,000: What is the Annual After-Tax Rate of Return: _____________% : 18 years, Future Value = $140,000: What is the Annual After-Tax Rate of Return: _____________%Kevin received stock as a gift from his uncle. The stock was worth $4,820 as of the date of the gift and his uncle had paid $2,390 for it several years ago. If Kevin sells the stock for $5,800, what is his taxable income from the sale? tA Income $ 4,820
