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Exam 10: Property Dispositions

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Question 61

True/False

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Boot is not like-kind property involved in a like-kind exchange.

A) True
B) False

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Question 62

Multiple Choice

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Which one of the following is not true regarding a like-kind exchange?

A) Loss on like-kind property is not recognized.
B) Gains on boot given are deferred.
C) Losses on boot given are not recognized.
D) Securities can be like-kind with any other securities.
E) All of these.

F) C) and E)
G) B) and D)

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Question 63

True/False

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The gain or loss realized is the amount realized less the adjusted basis.

Which of the following is true regarding disallowed losses between related taxpayers?

Manassas purchased a computer several years ago for $2,200. On November 10th of the current year, the computer was worth $800. If $1,000 of depreciation deductions had been taken, what is Manassas' tax adjusted basis for the computer?

Redoubt LLC traded machinery used in its business to a machinery dealer for some new machinery. Redoubt originally purchased the machinery for $80,000 and it had an adjusted basis of $53,000 at the time of the exchange. The new machinery had a fair market value of $62,000. Redoubt also received $7,000 of computer equipment in the transaction. What is Redoubt's gain or loss recognized on the exchange?

The gain or loss realized is always recognized for tax purposes.

A parcel of land is always a capital asset.

Which one of the following is not considered boot in a like-kind exchange?

When does unrecaptured §1250 gains apply?