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Week 7 Homework

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ACCT553
Week 7 Homework

Chapters 10-11-12
1. Please explain the distinction between a "realized" gain and a "recognized" gain. (5 pts)
A realized gain is the excess of the amount realized on a sale or exchange over the basis of the property sold or exchanged. The recognized gain is the amount of the realized gain that will be treated as income and subject to tax on the seller’s income tax return.

2. Are there any limits to the deductibility of losses on sales and exchanges between related parties? What code section defines this limitation? (5 pts.)
No loss deduction is allowed on sales or exchanges of property, directly or indirectly between certain related parties. This can be found under Code Section 267.

3. 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? (5 pts.)
To figure out the basis of the new property, start with the fair market value of the like-kind property received. Any deferred gain is subtracted and deferred losses are added. This gives the basis of the acquired property. The holding period for property acquired in a nontaxable exchange includes the holding period of the property given in exchange if the property was a capital asset or property used in a taxpayer’s trade or business.

4. 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? ( 5 pts.)
Susan would have a long term capital gain of $246,000 ($252,000-6000). Susan includes in her holding period the time the stock was held by…...

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