South-western Federal Taxation 2018: Individual Income Taxes
41st Edition
ISBN: 9781337385886
Author: William H. Hoffman, James C. Young, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Question
Chapter 17, Problem 13DQ
To determine
State the impact of these facts on Person M sells the property at a gain several years after she acquired it.
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If property is inherited by a taxpayer,
a.To the recipient, the basis for the property is the same as the basis to the decedent.
b.At sale date, the basis of the property to the recipient differs depending on whether the property was sold at a gain or a loss.
c.At sale date, the recipient will not have a gain or loss even if the recipient has held the property for more than a year.
d.In general, the basis to the recipient is the fair market value at the decedent's date of death.
Angelina gave a parcel of realty to Julie valued at $167,500 (Angelina purchased the property five years ago for $71,000).
Required:
a. Compute the amount of the taxable gift on the transfer, if any.
b. Suppose several years later Julie sold the property for $174,000. What is the amount of her gain or loss, if any, on the sale?
a. Amount of taxable gift
b. Amount of gain
John is the owner of an annuity that is in the accumulation phase. Jean is named as beneficiary. If John dies, the value of the annuity will
A) be taxed to John's estate as a capital gain
B) be kept by the company that issued the contract
C) be paid to Jean
D) not be included in his gross estate
Chapter 17 Solutions
South-western Federal Taxation 2018: Individual Income Taxes
Ch. 17 - Prob. 1DQCh. 17 - Prob. 2DQCh. 17 - Prob. 3DQCh. 17 - Prob. 4DQCh. 17 - Prob. 5DQCh. 17 - A depreciable business dump truck has been owned...Ch. 17 - Prob. 10DQCh. 17 - Prob. 11DQCh. 17 - Prob. 12DQCh. 17 - Prob. 13DQ
Ch. 17 - Prob. 15DQCh. 17 - Prob. 16DQCh. 17 - Prob. 17DQCh. 17 - Prob. 18DQCh. 17 - Prob. 19DQCh. 17 - Prob. 20DQCh. 17 - Prob. 21CECh. 17 - Prob. 22CECh. 17 - Prob. 23CECh. 17 - Prob. 24CECh. 17 - Prob. 25CECh. 17 - Prob. 26CECh. 17 - Prob. 27CECh. 17 - Prob. 28CECh. 17 - Prob. 29CECh. 17 - Prob. 30CECh. 17 - Prob. 31PCh. 17 - Prob. 32PCh. 17 - LO.2 A sculpture that Korliss Kane held for...Ch. 17 - Prob. 34PCh. 17 - Prob. 35PCh. 17 - Prob. 36PCh. 17 - Prob. 37PCh. 17 - Prob. 38PCh. 17 - Prob. 39PCh. 17 - Prob. 40PCh. 17 - Prob. 41PCh. 17 - Prob. 43PCh. 17 - Joanne is in the 24% tax bracket and owns...Ch. 17 - Prob. 45PCh. 17 - Prob. 46PCh. 17 - Prob. 47PCh. 17 - Prob. 48PCh. 17 - Prob. 49PCh. 17 - Prob. 50PCh. 17 - Prob. 51PCh. 17 - Prob. 52PCh. 17 - Prob. 53PCh. 17 - Prob. 54PCh. 17 - Jay sold three items of business equipment for a...Ch. 17 - Prob. 1RPCh. 17 - Prob. 2RPCh. 17 - Prob. 3RPCh. 17 - Prob. 4RPCh. 17 - Prob. 1CPACh. 17 - Prob. 2CPACh. 17 - Jerry uses a building for business purposes. The...Ch. 17 - Prob. 4CPACh. 17 - Prob. 5CPACh. 17 - Prob. 6CPACh. 17 - Wally, Inc., sold the following three personal...Ch. 17 - Net Section 1231 losses are: a. Deducted as a...Ch. 17 - Prob. 9CPACh. 17 - Prob. 10CPA
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- Oisha gave a parcel of realty to Julie valued at $197,500 (Oisha purchased the property five years ago for $83,000). a. Compute the amount of the taxable gift on the transfer, if any. b. Suppose several years later Julie sold the property for $204,800. What is the amount of her gain or loss, if any, on the sale? Answer is complete but not entirely correct. $ 182.500 $ 121,800 a. Amount of taxable gift b. Amount of gainarrow_forwardMa1. Part 3: Spouse purchased Blackacre, worth $200,000.00, as tenants by the entirety. Spouses purchased Blackacre in 1990. Upon the death of one of the spouses. a. Does an interest in property pass from the decedent o surviving spouse? b. What is the amount of the marital deduction? Part 4: Decedent leaves property in trust, the income to be paid to parent for parent’s life, and at parent’s death, the corpus to be distributed to decedent’s spouse or spouse estate. Does the transfer quality for a marital deduction?arrow_forward
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