Reg4 Flashcards
Gain or loss realized in a like kind exchange
Equals the fair market value of property received minus adjusted basis of property given up
What are the four items that qualify for unlimited exclusion from gift tax
Payments made directly to an educational institution for Dhoni’s tuition, payments made directly to a healthcare provider for medical care, charitable gifts, marital transfers
Gain or loss recognized on like kind exchange
The lesser of gain realized or boot received
Basis of new property in like kind exchange
Adjusted basis of property given up plus gain recognized minus loss recognized minus boot received
Under section 1245 ordinary income is recognized on the game to the extent of…
Accumulated depreciation. Any game in excess of the original cost is capital game
The income distribution deduction is the lesser of…
The actual distribution to beneficiary or the distributable net income
Section 1231 assets are comprisesprincipally of what
Depreciable personal and real property used in the taxpayers trade or business and held for over 12 months. Section 1231 losses are treated as ordinary losses
In a non-liquidating distribution partner takes the ______ for assets distributed
Partnership basis. This basis cannot exceed the partners partnership interest
What reduces the amount of calculated tentative estate tax to arrive at the amount of the state tax payable
The applicable credit and the amount of gift tax is payable on prior gifts made
A fiduciary must file a return on form 1041 if the state has gross income of ______
$600 or more
What’s a hot asset
Hot assets are unrealized receivables and appreciated inventory
Makers five your property includes what
Automobiles, light trucks, computers, typewriters, copiers, duplicating equipment, and other such items
What are the four items that qualify for unlimited exclusion from gift tax
Payments made directly to an educational institution for Dhoni’s tuition, payments made directly to a healthcare provider for medical care, charitable gifts, marital transfers
Gain or loss realized in a like kind exchange
Equals the fair market value of property received minus adjusted basis of property given up
Gain or loss recognized on like kind exchange
The lesser of gain realized or boot received
Basis of new property in like kind exchange
Adjusted basis of property given up plus gain recognized minus loss recognized minus boot received
Under section 1245 ordinary income is recognized on the game to the extent of…
Accumulated depreciation. Any game in excess of the original cost is capital game
The income distribution deduction is the lesser of…
The actual distribution to beneficiary or the distributable net income
Section 1231 assets are comprisesprincipally of what
Depreciable personal and real property used in the taxpayers trade or business and held for over 12 months. Section 1231 losses are treated as ordinary losses
In a non-liquidating distribution partner takes the ______ for assets distributed
Partnership basis. This basis cannot exceed the partners partnership interest
What reduces the amount of calculated tentative estate tax to arrive at the amount of the state tax payable
The applicable credit and the amount of gift tax is payable on prior gifts made
A fiduciary must file a return on form 1041 if the state has gross income of ______
$600 or more
What’s a hot asset
Hot assets are unrealized receivables and appreciated inventory
Makers five your property includes what
Automobiles, light trucks, computers, typewriters, copiers, duplicating equipment, and other such items
Nolan receives an interest in the partnership for services performed. The services are valued at what?
Fair market value of what is received (the partnership interests), regardless of what the normal billing for the services might have been
Amount Realized =
Fairmarket value of new auto + boot received - adjusted basis of auto given up
In a liquidating distribution, a partners basis in the distributive property is:
The same as the adjusted basis of the partnership interest reduced by any money actually received
