Which is not a capital asset
Q: Which one of the following statements is false? Group of answer choices A capital asset may be an…
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Q: Title to personal property may be acquired by purchase, gift or Adverse Possession Occupation…
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Q: Which of the following is not a “tax status” for an asset? Capital loss asset. Capital asset.…
A: Capital Assets:All property that taxpayers own is capital asset, unless it falls into one of the…
Q: Which of the following assets would be treated as a capital assets A. A painting that the taxpayer…
A: Capital Assets:- It is any kind of property held by an assessee, whether or not connected with the…
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Q: certain conditions are met, which of the following properties could be subject to Section 1245…
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A: In the context of Philippine tax laws, "ordinary assets" and "capital assets" refer to two distinct…
Q: Why is the cost of certain kinds of property not recoverable at all by way of de-preciation,…
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A: Answer with explanation are as follows.
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A: Taxation on income is a type of direct taxation which is paid by citizens of a nation on the income…
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A: Sec. 1245 and Sec . 1231 are sections of U.S. Internal Revenue Code.
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Q: true or false capital gains on a principal residence are never taxable.
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A: Every country has its own tax law and rules. Every individual, company, or firm should follow these…
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A: In the given case repairs of that respective property and expenses incurred for the sake of income…
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A: A personal use asset is an asset which is used only for personal use.
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Q: What would be the tax treatment of a superficial loss?
A: A: Permanently denied is incorrect because a superficial loss is not permanently denied, but rather…
Q: No gain or loss is recognized on the sale of property between related parties. True or false
A: The answer is as fallows
Q: Which of the following accurately describes when a taxpayer may report capital gain/loss…
A: Capital Gain :— Sale or Transfer of Capital Assets on which Consideration is Involved resulting in a…
Q: What guidelines must be followed to classify a transaction as associated with the principal of an…
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Q: Accounting When you dispose of a property and end up with a gain or a loss, it may be treated in one…
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Q: Which of the following types of income are not considered self-employment income? Select one: a.…
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- Select the best answer. Which of the following statements regarding transfers of property or services is true? For a transfer of property to a corporation, no gain is recognized by the taxpayer if the O A. transferred property is encumbered with liabilities in excess of the taxpayer's basis in the property. O O O If receipt of stock is subject to a substantial risk of forfeiture, income is recognized by th B. recipient in the year the stock is received even though the substantial risk of forfeiture h lapsed. If the contributing partner receives a capital interest in the partnership upon contributi C. services, the contributor will be taxed on the transfer when the contributor actually rec profits. In order for an exchange of services to a partnership for a profit interest to qualify as a D. nontaxable event, the service partner must provide services to the partnership or for it benefit, and the services must be provided by the service partner in his capacity as a p Submit AnswersThe owner of a property has never lived in the property but holds title. In this case, the owner is OA) required to deliver the Residential Property Condition Disclosure Statement to the buyer. B) not required to deliver the Residential Property Condition Disclosure Statement to the buyer. OC) exempt from the delivery of the form because he has never lived in the property. OD) exempt from the delivery of the form because he holds title.Which of these is not typically a responsibility of a property manager? O Maintenance programs Marketing and leasing O Tenant relations O Income tax analysis
- In order to be eligible to exclude gain on the sale of a principal residence, the taxpayer must meet which of the following tests? ○ Ownership test ○ Use test and ownership test Business use test ○ Use testWhich of the following accurately describes the tax implications of investing in real estate and rental properties? a) Real estate investments are not subject to taxation. b) Rental income is tax-exempt. c) Rental income is subject to taxation, and expenses related to real estate investments may be deductible. d) Rental income is taxed at a fixed rate determined by the IRS.___________ and __________ are examples of a depreciable asset, while ____________ and ____________ are examples of non-depreciable assets that can be used to generate business or property income.
- Why is the cost of certain kinds of property not recoverable at all by way of depreciation, depletion, or amortization deductions? In addition to answering that question, give three examples of the kinds of assets that are not subject to “cost recovery”.In determining the basis of like-kind property received, postponed losses are: O Subtracted from the basis of the old property. O Added to the fair market value of the like-kind property received. O Subtracted from the fair market value of the like-kind property received. O Added to the basis of the old property. O NONE of the choices are correctWhich is true regarding a like-kind exchange? Group of answer choices Personal-use assets qualify. Stocks and bonds qualify. Non like-kind property is considered “boot.” A taxpayer must elect for the like-kind provisions to apply.
- Whichis not charged against the income of an estate 1 Ordinary repairs to income-producing property 2 Expenses incurred to protect income flow 3 Loss on the sale of an estate asset 4 All of the above are charged against the incomeIf after paying debts and expenses, the estate principal is not adequate to satisfy the various legacies, the legacies are satisfied to whatever extent possible through the: a. probate process. b. a property devise. c. abatement process. d. legacy process._______ 9. Which of the following constitute property for purposes of §351 Money Debt of Transferee evidenced by a security Debt of Transferee NOT evidenced by a security Interest accrued on b & c after the Transferor acquired the debt Only A Only A & B Only A, B, & d All of the above