Question 1. On June 10, 2014, Ebon, Inc. acquired an office building as a res

1. On June 10, 2014, Ebon, Inc. acquired an office building as a result of a like-kind exchange. Ebon had given up a factory building that it had owned for 26 months as part of the like-kind exchange. Which of the statements below is correct?

a. The holding period of the factory building includes the holding period of the office building.

b. The holding period of the office building starts on June 11, 2014.

c. The holding period of the office building starts on June 10, 2014.

d. The holding period of the office building includes the holding period of the factory building.

e. None of the above.

2. Tan, Inc., sold a forklift on April 12, 2014, for $8,000 (its FMV) to its 100% shareholder, Ashley. Tan’s adjusted basis for the forklift was $12,000. Ashley’s holding period for the forklift:

a. Includes Tan’s holding period for the forklift.

b. Begins on April 12, 2014.

c. Begins on April 13, 2014.

d. Does not begin until Ashley sells the forklift.

e. None of the above.

3. Hank inherited Green stock from his mother when she died. The mother had a tax basis of $366,000 for the Green stock when she died and the Green stock was worth $437,000 at the date of her death. Which of the statements below is correct?

a. Hank’s holding period for the Green stock includes his mother’s holding period for the stock.

b. Hank’s holding period for the Green stock does not include his mother’s holding period for the stock.

c. Hank’s holding period for the Green stock is automatically long term.

d. b. and c.

e. None of the above.

4. Which of the following is correctconcerning short sales of stock?

a. At the time the short sale is made, the taxpayer does not deliver to the purchaser the shares sold short.

b. At the time the short sale is made, the taxpayer delivers to the purchaser the shares sold short.

c. At the time the short sale is made, the taxpayer may already own the shares sold short.

d. At the time the short sale is made, the taxpayer always already owns the shares sold short.

e. None of the above.

5. Ryan has the following capital gains and losses for 2014: $6,000 STCL, $5,000 28% gain, $2,000 25% gain, and $6,000 0%/15%/20% gain. Which of the following is correct:

a. The net capital gain is composed of $1,000 25% gain and $6,000 0%/15%/20% gain.

b. The net capital gain is composed of $5,000 28% gain and $2,000 0%/15%/20% gain.

c. The net capital gain is composed of $3,000 28% gain, $2,000 25% gain, and $2,000 0%/15%/20% gain.

d. The net capital gain is composed of $1,000 28% gain and $6,000 0%/15%/20% gain.

e. None of the above.

6. In 2014, Mark has $18,000 short-term capital loss, $7,000 28% gain, and $6,000 0%/15%/20% gain. Which of the statements below is correct?

Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.