Individual Taxation

Question 1

rental loss max

Answer 1

25000

Question 2

securities act of 1933

Answer 2

do not need to prove reliance or intent must be material

Question 3

parol evidence rule

Answer 3

no evidence from prior written or oral that contradicts final written, subsequent allowed

Question 4

gift tax exemption

Answer 4

14000 each ttaxpayer

Question 5

sect 1221

Answer 5

inventory, A/R and depreciable properties or real estate used in trade or business. inventory a/r less than 1 year ordinary. over 1 year sect 1231-depreciabel