Property Transactions

Question 1

Qualification for macrs depreciation

Answer 1

over 50% business use can also depreciate business use

Question 2

is salvage value used in macrs depeciation

Answer 2

no

Question 3

amortization for goodwill and covenant not to compete

Answer 3

15

Question 4

Gain for like kind exchange

Answer 4

lower of realized gain or boot received, boot includes debt relief(- debt assumed)

Question 5

gain offset

Answer 5

disallowed loss from prior prty reduces gain

Question 6

wash-sale

Answer 6

cannot recognize loss w/in 30 days before or after