Gains And Losses Flashcards
0
Q
What is recognized on any type of property
A
Gains
1
Q
Amt realized - adj basis of asset sold is
A
Gain/loss
2
Q
What is recognized on business or income producing prop
A
Losses
3
Q
The loss on purchase/sell securities w/I 30 days is called
A
Wash sale but can’t recognize
4
Q
Related parties r FCPTE
A
Family members Corp > 50% Partnership > 50% Trusts Estate
5
Q
When an exchange is tax free the basis for the new asset is
A
Basis of old asset + gain - boot
6
Q
Prop received as an inheritance is
A
FMV @ decendent’s date of death
