Area 5: Property Transactions

Uncle gives Niece stock with a Basis of ,000 and FMV of ,000. Niece sells the stock later for ,000. What is Niece's recognized gain or loss?

Decedent died on Jan 1. Estate elects Alternate Valuation Date (AVD). Asset A: Date of Death (DOD) Value 0k, 6-month Value 0k. Asset B: DOD Value 0k, Sold 3 months later for 0k. What is the basis of these assets in the hands of the heir?

Taxpayer has the following capital gains/losses: LTCG (15% rate) ,000; LTCL (28% rate collectibles) (,000); STCG ,000. What is the final tax treatment?

In Year 5, a business sells a machine (Section 1231 asset) for a ,000 gain. In Years 1-4, the business had net Section 1231 losses of ,000 that were deducted as ordinary losses. How is the Year 5 gain taxed?

A business purchased ,000 of office furniture (7-year property) on Feb 1 and ,000 of machinery (5-year property) on Dec 1. No other assets were purchased. Which MACRS convention must be used?

In Year 1, Company X purchased equipment for .2 million. The Section 179 limit is .16 million and the phase-out threshold is .05 million. Taxable income is million. What is the maximum Section 179 deduction allowed?

Investor exchanges a building (FMV 0,000, Basis 0,000) for another building (FMV 0,000) and ,000 cash. What is the realized gain, recognized gain, and basis in the new building?

A warehouse (Basis 0,000) was destroyed by fire. Insurance paid 0,000. The taxpayer purchased a replacement warehouse for 0,000 within the required period. What is the recognized gain and the basis of the new warehouse?

A single taxpayer lived in a home for 1 year, rented it out for 2 years, then moved back in and lived there for 2 years. They sold it for a 0,000 gain. What is the maximum exclusion allowed under Section 121?

Father sells stock (Basis ,000) to Daughter for ,000 (FMV). Daughter later sells the stock to an unrelated party for ,000. What is Father's recognized loss and Daughter's recognized gain?