HS321: Chpt 13

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0 [{"id":406738,"quiz_id":"20542","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:21:42","updated_at":"2018-03-12 04:22:01","questionName":"A taxpayer who inherits property from a decedent will assume the decedent's adjusted basis in the property. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":9,"explanation":"A taxpayer who receives property from a decedent receives a new basis stepped up to the fair market value of the property on generally either the date of the decedent\u2019s death or the alternate valuation date (6 months after death) if that date is elected by the executor for federal estate tax purposes.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406731,"quiz_id":"20542","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:21:42","updated_at":"2018-03-12 04:22:01","questionName":"The \"amount realized\" on a sale of property is the same as the gain realized. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":2,"explanation":"The amount realized is the value of all cash or property received for the asset transferred. Realized gain is calculated by subtracting the transferred asset\u2019s basis from the amount realized.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406734,"quiz_id":"20542","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:21:42","updated_at":"2018-03-12 04:22:01","questionName":"When gain on property is not recognized but postponed to a future time, the property receives a stepped-up basis equal to its fair market value. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":5,"explanation":"When recognition of gain or loss on an exchange is postponed to a future time, the property received takes a substituted basis.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406730,"quiz_id":"20542","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:21:42","updated_at":"2018-03-12 04:22:01","questionName":"Whenever a realization of gain or loss occurs, the transaction is taxable in that year. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":1,"explanation":"Realization of gain does not always trigger immediate taxation. The gain that is realized must be recognized for tax purposes in order to have an immediate tax effect reportable in the current taxable year. Gain that is realized but not recognized may be excluded or deferred to some later time.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406742,"quiz_id":"20542","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:21:42","updated_at":"2018-03-12 04:22:01","questionName":"An exchange of General Motors stock valued at $15,000 for a General Motors auto valued at $15,000 is treated as a like-kind exchange that will allow taxation of gain to be postponed. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":13,"explanation":"An exchange of stock for an auto of equal value is not a qualifying transaction under the like-kind exchange provisions. Therefore the gain on such an exchange is recognized to the extent of the gain realized.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406741,"quiz_id":"20542","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:21:42","updated_at":"2018-03-12 04:22:01","questionName":"Depreciation deductions result in a basis adjustment to the property that is depreciated. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":12,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406743,"quiz_id":"20542","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:21:42","updated_at":"2018-03-12 04:22:01","questionName":"Nontaxable exchanges occur when property is exchanged solely for other property of like kind. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":14,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406740,"quiz_id":"20542","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:21:42","updated_at":"2018-03-12 04:22:01","questionName":"Death beneficiaries under nonqualified annuity contracts are generally not eligible for a basis step-up with respect to such contracts. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":11,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406735,"quiz_id":"20542","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:21:42","updated_at":"2018-03-12 04:22:01","questionName":"The basis of property acquired by gift is determined by reference to the donor's basis in the same property. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":6,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406736,"quiz_id":"20542","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:21:42","updated_at":"2018-03-12 04:22:01","questionName":"Property acquired as compensation for services has a basis equal to its fair market value at the time of acquisition. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":7,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406732,"quiz_id":"20542","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:21:42","updated_at":"2018-03-12 04:22:01","questionName":"It is necessary to determine the basis of property in order to calculate the amount of gain or loss on a sale or other disposition of the property. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":3,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406739,"quiz_id":"20542","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:21:42","updated_at":"2018-03-12 04:22:01","questionName":"A person who makes a gift of appreciated property to a decedent within 1 year of death and then inherits that property from the decedent will be denied the stepped-up basis normally available for transfers of property passing at death. ","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":10,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406729,"quiz_id":"20542","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:21:42","updated_at":"2018-03-12 04:22:01","questionName":"Realized gain includes economic gain that a taxpayer obtains from the sale or exchange of property. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":0,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406737,"quiz_id":"20542","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:21:42","updated_at":"2018-03-12 04:22:01","questionName":"When a taxpayer acquires property subject to a mortgage loan, the taxpayer's basis in the property will be the value of his or her equity in the property. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":8,"explanation":"When property is acquired subject to a mortgage, the taxpayer\u2019s basis becomes the entire cost of the property, consisting of the taxpayer\u2019s equity plus the amount of the mortgage.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406733,"quiz_id":"20542","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:21:42","updated_at":"2018-03-12 04:22:01","questionName":"Losses on the sale of property are generally not deductible unless the transaction was in connection with a trade or business or an activity entered into for profit. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":4,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null}]
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A taxpayer who inherits property from a decedent will assume the decedent's adjusted basis in the property. [2]

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