11 May WHAT EFFECT DOES A DEDUCTIBLE CASUALTY LOSS HAVE ON THE ADJUSTED BASIS OF PROPERTY?
What effect does a
deductible casualty loss have on the adjusted basis of property?
131.Can dividend treatment
result to a shareholder on a distribution from a corporation that has no E
& P?
132.If a taxpayer purchases taxable bonds at a premium, the
amortization of the premium is elective. However, if a taxpayer purchases
tax-exempt bonds at a premium, the amortization of the premium is mandatory.
Explain this difference in the treatment.
25
133.Under what circumstances will
a distribution by a corporation to its only shareholder result in a capital
gain?
134.Describe the relationship between the recovery of capital
doctrine and the realized and recognized gain and loss concepts.
135.If a taxpayer purchases a
business and the price exceeds the fair market value of the listed assets, how
is the excess allocated among the purchased assets?
136.Lois received nontaxable stock rights with a
fair market value of $4,000. The fair market value of the stock on which the
rights were received is $24,000 (cost $14,000). Assume the rights are exercised
by paying $31,000 plus the rights. Discuss how to calculate the basis of the
old stock and the basis of the new stock.
26
137.For gifts made after 1976,
when will part of the gift tax paid by the donor be added to the donees basis?
138.Joseph converts a building (adjusted basis of $50,000 and
fair market value of $40,000) from personal use to business use. Justin
receives a building with a $40,000 fair market value ($50,000 donors adjusted
basis) from his mother as a gift. Discuss the tax consequences with respect to
Josephs and Justins adjusted basis.
139.Discuss the
application of holding period rules to property acquired by gift and
inheritance.
130.What effect does a
deductible casualty loss have on the adjusted basis of property?131.Can dividend treatment
result to a shareholder on a distribution from a corporation that has no E
& P?132.If a taxpayer purchases taxable bonds at a premium, the
amortization of the premium is elective. However, if a taxpayer purchases
tax-exempt bonds at a premium, the amortization of the premium is mandatory.
Explain this difference in the treatment.25133.Under what circumstances will
a distribution by a corporation to its only shareholder result in a capital
gain?134.Describe the relationship between the recovery of capital
doctrine and the realized and recognized gain and loss concepts.135.If a taxpayer purchases a
business and the price exceeds the fair market value of the listed assets, how
is the excess allocated among the purchased assets?136.Lois received nontaxable stock rights with a
fair market value of $4,000. The fair market value of the stock on which the
rights were received is $24,000 (cost $14,000). Assume the rights are exercised
by paying $31,000 plus the rights. Discuss how to calculate the basis of the
old stock and the basis of the new stock.26137.For gifts made after 1976,
when will part of the gift tax paid by the donor be added to the donees basis?138.Joseph converts a building (adjusted basis of $50,000 and
fair market value of $40,000) from personal use to business use. Justin
receives a building with a $40,000 fair market value ($50,000 donors adjusted
basis) from his mother as a gift. Discuss the tax consequences with respect to
Josephs and Justins adjusted basis.139.Discuss the
application of holding period rules to property acquired by gift and
inheritance.
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