Free Essay

Resident Status

In: Other Topics

Submitted By humashehnaz
Words 641
Pages 3
UNSOLVED ASSIGNMENT
Q1. Please explain the distinction between a "realized" gain and a "recognized" gain.
Ans. IRS has made a distinction between "realized gain" and "recognized gain".
Realized gain computes the profit taxable and the tax to be paid on it. It is the profit from sale of an asset at higher price then the original purchase price of that asset. It is a gain created from a transaction.
Whereas, recognized gain creates a liability of tax. It is the same as realized gain less any exclusion from gain, if any. Therefore, it is a part of realized gain that is recognized for tax purpose. Any loss from the same can be set off with the loss of another business of the assesee.
Example:
A property is brought for $150,000 and registering that property costs $2,000. i.e. Total price paid = $152,000.
Selling price of the property is $200,000 and legal expenses paid are $500. The net selling price will be $ 199,500.
Now, the realized gain is Net selling price less price paid for the property. i.e. $199,500 - $152,000 = $47,500.
But if there is any exclusion from the gain, i.e. If there is an exclusion of gain from primary residence of upto $200,000, then the realized gain $47,500 will be reduced to recognized gain of $0.
Q2. Are there any limits to the deductibility of losses on sales and exchanges between related parties? What code section defines this limitation?
Ans. IRC section 267 defines the limitation to the deductibty of losses on sales and exchanges between related parties.
Related parties means:-
1. A Fiduciary or grantor of a trust.
2. Members of a family.
3. A beneficiary and a fiduciary of any trust.
4. A grantor of two trusts who is also the fiduciary of both the trusts.
5. A beneficiary of one trust and fiduciary of another trust, and grantor of both the trusts.
6. Corporations being members of a same controlled group.
7.
It says that loss from the sale of property or exchange between related parties is not allowed as deduction.
Q3. What is the basis of property received (i.e. new property) in a like-kind exchange? What is the holding period for the new asset?
Ans. As per the "Treasury Regulation § 1.1031(a)-1(b)", like-kind exchange involves the same nature of property exchanged.
Basis of the property received, i.e. The new property received, is on the basis of the old property exchanged plus the boot received on it, i.e. any other property or cash received (non like kind property). Any deferred gain is added and any deferred loss is subtracted.
Holding period for the new Asset includes the holding period of the earlier asset exchanged.
Properties not treated as like kind exchange are:-
1. Interest in a partnership.
2. Trade in stock.
3. Other evidences of indebtness or interest.
4. Bonds or notes.
5. Beneficial interests.
Q4. David purchased stock in Zoll Corporation in 1985 for $6,000. On April 16, 2013 he gifted the stock to his daughter Susan; at the time of the gift, the Zoll stock was valued at $250,000. Susan sold the stock the next month for $252,000. What is Susan's gain or loss and what is the character of the gain or loss?
Ans. Selling price of the stock sold by Susan = $252,000 The period of the stock held by David will be included in Susan's holding period. Therefore, Holding period of the stock = from year 1985 to 2013 i.e. more than 1 year. Nature of capital is Long term capital gain as it is held for more than 1 year. Susan's gain = Selling price of the stock - Cost of acquisition of the stock. = $252,000 - $6000 = $246,000.

Similar Documents

Free Essay

Class Communication Evening

...План-конспект вечера общения в 9 «Б» классе Метод: игровой. Форма: чаепитие с играми и конкурсами. Цели: Практическая – 1. Развитие навыков говорения в непринужденной для учеников обстановке. Воспитательные – 1. Формирование благоприятной психологической обстановки в классе. 2. Снятие психологического напряжения. Развивающие - 1. Развитие умения работать в команде. 2. Развитие воображения и логического мышления. Оборудование: распечатки с играми и конкурсами, призы для конкурсов. Часть вечера | Содержание | Форма работы | Время | Приветствие | This year’s first academic quarter is finished. Today we are going to have a . We hope that it will leave good memories. | Учитель - Ученик | 2-3 мин. | Игра «Крокодил» | Let’s play the game “Crocodile”. One of the students thinks of a word and shows it using gestures, pose, etc. Other students should guess the word. | Учитель – Ученик,Ученик1 – Ученик2 | 15 мин. | Игра «Стулья» | Let’s play the game “Chairs”. A few chairs are put in a line. The number of chairs is one less than the students involved in the game. When music is turned on, the students start to walk around the chairs. When the music stops, the students should take free sits. One who doesn’t take a sit should leave the game. One chair should be removed. The chairs should be removed as long as there will be one student. | Учитель – Ученик,Ученик1 – Ученик2 | 15 мин. | Игра «Мафия» | Let’s play the game “Mafia”. The host hands out the playing cards face......

Words: 530 - Pages: 3

Premium Essay

Sula

...forbidden to them, they set about creating something else to be.” They would be black women. That means something different to each of them. For Nel, it means becoming a wife and mother, sustaining the values of the community. For Sula, it means living an “experimental life,” rejecting commonly held values. Nel tells Sula, “You can’t do it all. You a woman and a colored woman at that. You can’t act like a man. You can’t be walking around all independent-like, doing whatever you like, taking what you want, leaving what you don’t.” Sula will not accept such limitations. When Nel demands to know what Sula has gained from her choices—having no husband and no children; her grandmother put away in a nursing home; her mother, father, and uncle dead; residents of the Bottom all despising her—Sula responds, “Girl, I got my mind. And what goes on in it. Which is to say, I got me.” Nel, on the other hand, has loneliness, an empty space that Jude used to fill, and another one Sula formerly occupied. Sula’s self-knowledge and Nel’s connection to other people are both essential to human existence. Each woman, even if only momentarily, comes to understand that. Fire and water are recurrent devices throughout the novel, demonstrating the destructive forces always threatening the individual self. Two of Eva Peace’s children die by fire. Plum burns in a kerosene conflagration, and Hannah, her beautiful skin burned and melted, dies while Sula watches. Eva “remained convinced that Sula had......

Words: 601 - Pages: 3

Premium Essay

Volunteer

...of the residents were just getting up while others were walking towards there lounging area for their lunch. I sat with them to discuss issues within the facility. Interestingly, a lot of valuable information regarding this diverse community was shared. Specifically, the issue with the religion code of conduct between the employees and the management. The board of management has just accommodated the Muslims female employees to use hijab within the facility but unfortunately, some of the residents find it offensive because of their misconceptions. I totally understand how our society view Muslims, especially Muslim women who wear the veil or hijab since the past decade and particularly since the September 11th terrorist attacks, the Muslim community in the United States has experienced an increased level of social and religious scrutiny. The diverse group and people that we work with has shown how easy it can be to stereotype one another based on background, race, culture and belief. I have always thought Nursing home (Rehabilitation centers) were only for the elderly but I later came to realize that it’s not only for the elderly. Perhaps, anybody of any age group can end up in nursing home and there are various kinds of aliment each individual battles with and some happened to be there due to him/her recovering from surgery, but most people are patient of Alzheimer’s disease and Dementia. It’s a temporary home for some residents and permanent home for other residents,......

Words: 901 - Pages: 4

Premium Essay

Interview

...Aric Walker 12/4/2014 HSV-2250 Assignment #6 After visiting Marge, a resident at Upjohn Community Care Center, I came to the realization that there are various ways to improve one’s health in late adulthood, and exercise is the most important. During my visit, I observed a numerous amount of learning situations in the area of aged care facilities. I explored the facility with the director and as she took me around I had a little time to converse with a few of the residents and staff members. During this time, I found out that communicating with a few of the residents was a difficult process and a challenge to not only myself, but to the caregivers that may impact to implement the system of care. One of the things that stuck out most to me was that communication is one of the barriers that resulted in difficulty and stress between the caregivers and elderly patients. I understand that this may vary in different ways such as cultures, languages and loss of some forms of functionality. However, based on my knowledge of learning and experience from the visit of the nursing home; I will finish by reflecting the significance of this assignment and the suggestion of giving care for elderly people. While I’m sitting down in the resident dining room beside Marge, a 76 year old woman, I found a sense of amusement in her story as she thought I was a news reporter, which I explained to her that I wasn’t, and a bit of emotion as well when I realized her situation. Marge......

Words: 882 - Pages: 4

Free Essay

My Job Role

...My Job Role My main responsibilities as a home manager are: Care: Initially before a resident is admitted into my home I carry out a needs assessment to ensure the home can meet the needs of the resident, this involves me going to meet them at the address where they are residing or a place of their choice. The home which I manage is a home for residents with different types of dementia and there are different stages, residents that have the onset of dementia are able to answer most questions however there are also residents in which their dementia is quite advanced and they may not have the ability to answer as they may not understand the questions being asked, in this and most cases there are other family members and social workers involved in the assessment process. Working in partnership can have a positive influence on the assessment process, and the benefit of working in partnership is that others can make an effective contribution to the assessment. Working in partnership brings a range of professional perspectives, knowledge and skills to the assessment process. Once the resident comes to my home a care plan is completed using information gained from the assessment and from the resident themselves. On admission the wishes of residents with regards to the way they live their life are obtained. This should be from the resident themselves, if they are able to do so, or from family or other persons that know them well. A detailed history of the resident’s life should......

Words: 7505 - Pages: 31

Free Essay

Edd Sample Appeal

...process with __________ and _______________, I voiced concern about receiving adequate training, thus, was advised that I would receive proper training to be successful in my newly accepted role as Director of Resident Engagement & Activity. Additionally, during my interview I inquired as to how many staff I would be supervising; I was told (& noted) 4 as the number of staff. During my first week of employment with __________________(Daye of week, and date), I was already putting in 10+ hour days, as the department was in a rather unstable state. During the first week, I learned that there was 6 staff, another on maternity leave, that I would be responsible for managing (not 4). The responsibilities continued to pile on at a rate that was rather intense and impeded on my first two weeks of “new-hire training”. Before my hiring, _____________ acted as somewhat of an interim director. She played a pivotal role in my training and understanding of the numerous tasks that seemed endless. During my second week on staff (month/dates), I met with______________, Director of Resident & Family Services, to review my training status. In that meeting, I voiced my concern of being extremely understaffed (4 activities staff to carry out the day’s activities with 100 residents); she sympathized with me and encouraged me with “…it will get better…” and advised that I bring the ratio issue up to my manager, _____________. Later that week, (date), I...

Words: 692 - Pages: 3

Free Essay

Unexpected Success, Unexpected Effects

...English 100, Section 6 Unexpected Success, Unexpected Effects In the profile “Rural Idaho Town Seeks to Turn Film’s Cult Status into Prosperity” by Laura Holson, she shows the impact that a movie can have on a town. The movie is Napoleon Dynamite, and the town is Preston, Idaho. Throughout this profile, Holson tells the reader about a Napoleon Dynamite festival held in the small Idaho town the movie was filmed in. Some examples are given as to the events held at the festival such as the Napoleon look-alike contest, or the tater tot eating contest. Many of these contests and activities help people bring out their so called, “inner Napoleon” (Holson 162). Holson is able to illustrate the impact the Napoleon Dynamite festival had on the town and the people of Preston, while organizing the piece effectively. One point that is addressed by Holson is how the town is affected by the Napoleon Dynamite festival. The title addresses this point when she says the “rural Idaho town” (Holson 161). After her short story about the festival, Holson immediately jumps into how the town is effected. Holson states that “more than 300 people traveled from as far away as California and Connecticut for the chance to embrace their own inner Napoleon” (Holson 162). She also gives another example of how a movie can impact a town. Holson mentions Field of Dreams, which turned a small town in Iowa to someplace that is visited by over 65,000 people a year. Holson continues to show how the...

Words: 827 - Pages: 4

Premium Essay

Farmingville Case Study

...April 17, 2015 Assignment: Farmingville Case Study (part 1) Chapters 1 and 2: Review 1. Using symbolic interaction theory as your guide, explain how the terms “aliens” and “illegals” helped shape public opinion/attitudes in Farmingville towards Latino day laborers. What do these words mean? How did these definitions influence perceptions and behaviors? I think the word “alien” describes the symbolic interaction best. To the locals of Farmingville the immigrants were alien in a very broad sense of the word. They spoke another language, enjoyed food that was different to the local fare; even the way they interacted with each other was something that was very incongruous to their way of life. We all know that labels can hurt and wound deeply, also give others a preconceived notion of another. The other words for alien are inappropriate, estranged and incompatible. The list for illegals is so long and heinous, but here are some examples, Illegitimate, unconstitutional, felonious, shady, violating and criminal. I think words like this corrode and influence a maybe somewhat rational mind, then picks up momentum and produces a concurrence of likeminded ignorance. 2. How might conflict theory to explain the development of an illegal alien ideology (use index of text to locate information about ideology and conflict theory)? Again I think we have to look at it from a cultural view point and the labels we put on others that perpetuates a myth about those people....

Words: 2880 - Pages: 12

Premium Essay

Communication Work Sheet

...Associate Level Material Communication Process Worksheet Think about a misunderstanding you have experienced with another person at work, school, or in a health care environment. Write your answers in paragraph form. 1. Briefly describe the misunderstanding, including the setting and the people involved. There was a misunderstanding about physical therapy nurse that came into the facility to have physical therapy with one of my residents. 2. Complete the following table with information from your described misunderstanding. Question | Answer | Who was the sender? | The manager | Who was the receiver? | Physical therapy nurse | What was the message? | Letting the nurse know that when she came into the facility that she had to write in the residents chart to let me know what type of progress that the resident was making. | What channel was used to send the message? | I asked her to please write in the chart of the resident that she was performing therapy with | What was the misunderstanding? | The nurse would not write in the chart she said it was because of the HIPPA law | How could you have avoided the misunderstanding? | Needed to sit down and explain to her the notes that she wrote was only seen by staff, and the doctor that we where following the HIPPA law, but that we needed to know the progress as well. | 3. The perception model in Ch. 2 of Communicating in the Workplace shows that prior knowledge and experiences combine with your......

Words: 441 - Pages: 2

Free Essay

Together We Stand Outline

...inform all residents living in or around Bayside that we have had many of our residents become ill with similar extensive symptoms. We have been doing thorough research to get down to the bottom of the problem, and have narrowed the illness down to a possible improper chemical disposal at a nearby company. We are doing everything in our legal power to get this unfortunate matter taken care of. II. Diagnosis The first thing I would do would be to contact those residents whom I know have been contracted with the illness, and ask them questions related to, where were they at the on-set of the illness? How long have they had said symptoms? Did anyone who may have been with them get sick as well? Were they exposed to anything unusual that may have gotten them sick? I would ask many questions that could help me get to the cause of the problem. a. Symptoms Here I would keep a book and log every symptom from every person I interviewed. This would allow me to find a possible pattern in related symptoms. I would also document ages and genders of residents who got the illness, so to see if there is a difference in children versus adult symptoms. b. Medications/Vaccines After evaluating ill residents’ symptoms, I would then ask them questions about what they have done to fight the illness. What medications have they tried? Has their doctor prescribed anything? What, if anything, has helped? What hasn’t helped? This way I can recommend these options to my residents......

Words: 776 - Pages: 4

Premium Essay

Problem Solution: M-Core

...New England, to use as a fabricating plant. New Oxford population is mostly hardworking, calm people who are very proud of their residences and area. A lot of of the people of New Oxford receive the new fabricating plant, as a new way to raise income for the town and generate employment. M-Core is trying to construct the new plant by buying the homes of the people who presently reside in the terrain for a cost higher than what the homes are valuable. The majority of the people have been content to get the corporation up on its offer but three residents have been indisposed to move and put up for sale their houses. M-Core has requested the mayor to assist convince the people to put up for sale their terrain. This paper will study the difficulty facing M-Core and several of the potential solutions to the dilemma. In the end I will suggest a solution for M-Core to employ to resolve the conflict among the corporation and the residents and how the corporation can assess the consequences of the solution. Describe the Situation Issue and Opportunity Identification M-Core is sustaining a fragile balance because the corporation desires to construct a new plant that will in fact do well to the population although it also wants to construct the facility immediately with the...

Words: 4428 - Pages: 18

Free Essay

M-Core

...without first dealing with the nonemployment disputes that have arisen as a result of their expansion project. The three holdout residents are similar in that they are steadfast in their beliefs to stay in their homes, although their reasons why are much different. Not only does M-Core have a responsibility to their parent company, Silatel Corp., they also have significant ties to the community leaders within the New Oxford City Council. A third party constituent, The Nature’s Gift Society, has also pledged funds to come to the aid of the holdout residents if need be. Addressing the conflict and resolving the disputes must be handled in an efficient and timely manner. Concerns over broken friendships, animosity, and lack of trust with the company and the Council are all valid concerns the company and community leaders have. By resolving the issue with the holdout residents first, the conflict or interference from the society should go away. Stakeholder Perspectives/Ethical Dilemmas [Triple click anywhere in this paragraph to begin typing.] Frame the “Right” Problem M-Core, Inc. will become the world leader in the development of the next generation of multi-core processing chips by resolving the nonemployment disputes that have arisen between the company, holdout residents, the city council, and a third party constituent. Senior management believes success hinges on the development of the land......

Words: 4573 - Pages: 19

Free Essay

The House Behind Analysis

...short story “The House Behind” recounting a murder that took place between two houses, the author uses the motif of the trashcan, the distinct shift in residences’ behavior and smell imagery to explore its effect. Through detailing the increased anxiety between the pair of houses that differ socially and economically and residents’ deteriorating spirits, the author emphasizes the consequences an event can have on those involved. The motif of the trashcan is symbolically used in “The House Behind” to express the growing unease between the house in front and the house behind after the murder. The narrator, a resident of the house behind, states: “Tenants in the front house are high civil servants, while the house behind is filled with shopkeepers, salesmen, retired post-office employees…” (1). The narrator then continues: “the trashcans were always a source of embarrassment” (1). Upon the murder, “the atmosphere has sharpened: the tenants from the house in front are afraid to empty their trash” (1). Clearly, the house in front and the house behind had always— even prior to the murder— been distinguished by their contrasting social and economic states. Though residents in the back house “can’t really blame the people in the front house for their wealth”, the well-established disparities triggered the “ill will that has always existed between the two houses” (1). Thus situated in the courtyard— “a sort of no-man’s-land” (3)— the trashcan that is shared between the two houses......

Words: 932 - Pages: 4

Free Essay

Hsm 230 Appendex D

... Acre Woods Retirement Community Case Study Acre Woods is a private retirement community with 275 senior residents. Its mission is to improve the quality of life of its residents through physical and emotional care. Sarah Armstrong, Acre Woods’ resident physical therapist, manages the retirement community’s activity program. Recently, Acre Woods added a pool to its rehabilitation center to facilitate resident exercise and aquatic therapy. The residents’ monthly rent was raised to help finance the pool. After the pool was constructed, Sarah immediately contacted the director of Acre Woods, Mark Adams, with concerns that the pool did not meet some important specifications included in the original design, such as nonslip treads on the stairs and improved wheelchair access to the pool area. Mark advised Sarah that the residents would be happy to have a pool, even if it did not incorporate all the requested special features. When Sarah asked why the new ramp and stair treads were not provided even though they were included in the budget, the director remarked that Sarah’s job was to provide physical therapy, not to worry about the budget. Over the next month, four Acre Woods residents had minor falls using the pool stairs. While the accidents were not serious, other residents began to express fears about using the pool. Sarah contacted Mark again to relate resident complaints and to stress the need for pool accessibility and safety improvements. Mark informed Sarah that......

Words: 1057 - Pages: 5

Free Essay

Nursing Journal Exemplars

...rounds and wake the residents up and make sure they were all okay before breakfast and showering. I walked into an elderly woman’s room, she was already awake and looked as though she was in pain. I asked the resident how she was feeling and if she was in any pain. She responded with my back hurts, I asked why and if I could take a look. After the resident allowed me to look, I lifted the blankets and noticed she was lying on a bed pan. I immediately removed the bed pan and put underwear and an incontinence aid on the resident. I asked the resident how long she had been on the bed pan and she told me all night. The patient told me that the night shift nurse forgot to come and remove the bedpan before the resident fell asleep. I apologised on behalf of the other nurse and checked the residents back for any skin damage or bruising and told the supervising nurse and wrote on the resident’s progress notes what had happened. I felt very empathetic and sorry for this resident. Lying on a bedpan all night would be extremely uncomfortable and painful and it should not have happened. Exemplar 2: 22/07/2015 During lunch time a male patient seemed very upset. I went and sat with the patient while they ate and tried to talk to them. I asked how they were feeling, how their day has been, etc. the resident told me that they were just having a bad day and missed their family. After eating the resident went back to their room. I told my supervising nurse that the resident was quite......

Words: 412 - Pages: 2