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5 Cards in this Set

  • Front
  • Back
An individual receiving common stock for services rendered must recognize the fair market value as ordinary income. Any dividends received on that stock would also result in income recognition.
Rental of vacation home when treated as personal
rental < 15 days = treated as personal

ANY rental income is excluded from income
any depreciation, utilities and repairs not deductible
Rental of vacation home when treated as personal/rental
rental > 15 days AND used for personal for > of

14 days OR 10% of rental days
any net loss from the rental of the property will be disallowed
Treatment of expenses in rental/personal (utilities, insurance and depreciation)
prorate rental period/total annual USAGE

limited to the extent of income .
Depreciation may be carried over to next year
Treatment of expenses in rental/personal ( taxes and mortgage interest)
prorate rental period/total annual PERIOD