Part gift part Sale

Question 1

Seller must..

Answer 1

recognize some gain 1.001-1e

Question 2

Buyer has a discount sale and

Answer 2

can exclude from his income.

Question 3

buyers basis

Answer 3

cost basis or 1015 transferors basis

Question 4

Loss in part gift part sale

Answer 4

cant take loss

Question 5

alternative optiomn Bifurcate (BASIS)

Answer 5

Take cost basis + the value of the discounted sale.

Question 6

when bifurcating

Answer 6

needs to equal what sellers gain and stuf

Question 7

part gift/part sale to charity

Answer 7

must bifurcare

Question 8

How can mortgage exceed AB

Answer 8

2nd mortgage not put into property.