Property Taxation Flashcards
Alternate valuation date for assets is ______ after decedent’s death
6 months
If property is gifted and then sold at a gain (above FMV at date of donation and above donor’s basis), the reportable gain or loss is?
The selling price less the donor’s basis (not FMV)
If property is gifted and then sold at a loss (below FMV at date of donation and below donor’s basis), the reportable gain or loss is?
The lesser of donor’s basis or FMV less the selling price
If property is gifted and then sold between FMV at date of donation and the donor’s basis, the reportable gain or loss is?
Zero
If property under the alternate valuation date is sold prior to that date, the basis is _____.
FMV on the date sold
De minimus safe harbor rule allows Audited F/S companies to deduct property expenses for for less than $________ instead of depreciating it, and $_______ for Non-Audited F/S
$5,000 / $2,500
The holding period of assets acquired from a decedent if sold is always a (short/long)-term capital gain or loss.
LTCG/L
The basis upon transference of property upon the death is based on the (decedent’s basis/FMV)
FMV
Like-kind exchanges between _______ properties recognize no gain or loss (unless between two ________ or if _____ is received)
Real Estate / Countries / Boot
In individual may exclude up to $_________ if selling their primary residence if they lived in it for ___ out of ___ years.
$250,000
2/5 years primary residence
If boot is received in a like-kind exchange, gain recognized is the (lesser/greater) of _________ or _________
lesser of gain realized or boot received
Basis of property transferred as compensation is (basis/FMV on date of receipt)
FMV
Loss on disposals of personal-use assets (are/aren’t) deductible. If so how much?
are NOT
Wash sales are sales of stock within ___ days of purchasing them.
30 days
Realized loss (is/isn’t) recognized in a like-kind exchange?
is NOT
