Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
4 Cards in this Set
- Front
- Back
|
The basis of property acquired by gift is the _________ if property is sold at a gain.
If the taxes are paid, they are _______ IF there is a gain. |
DONOR'S BASIS
ADDED TO THE BASIS |
|
|
What type of property is considered a CAPITAL ASSET?
|
PERSONAL USE PROPERTY
and INVESTMENT PROPERTY |
|
|
Depreciable property used in a business is a Section ________ asset.
Section ________ applies to the sale of real property at gain. Section _________ only applies to the sale of personal property at a gain. |
1231
1250 1245 |
|
|
To qualify as 1244 stock, the stock must have been issued to ________ by the small business corp.
A loss qualifying from sale of 1244 stock is treated as an ORDINARY LOSS up to $50,000 |
the TAXPAYER DIRECTLY
|
