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ACCT 310-81 ACCT310-81 ACCT/310-81 Federal Taxation – Week 8 Homework.docx

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ACCT 310-81 ACCT310-81 ACCT/310-81 Federal Taxation – Week 8 Homework.docx

Diana Castillo
Federal Taxation
Week 8
I: 5-34: Basis of Property Received as a Gift – Doug receives a duplex as a gift from his uncle. The uncle’s basis for the duplex and land is $90,000. At the time of the gift, the land and building have FMVs of $40,000 and $80,000 respectively. No gift tax is paid by Doug’s uncle at the time of the gift.
a. To determine gain, what is Doug’s basis for the land?
b. To determine gain, what is Doug’s basis for the building?
c. Will the basis of the land and building be the same as in Parts a & b for purposes ofdetermining a loss?
I: 5-44:

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ACCT 310-81 ACCT310-81 ACCT/310-81 Federal Taxation – Week 8 Homework.docx

Diana Castillo
Federal Taxation
Week 8
I: 5-34: Basis of Property Received as a Gift – Doug receives a duplex as a gift from his uncle. The uncle’s basis for the duplex and land is $90,000. At the time of the gift, the land and building have FMVs of $40,000 and $80,000 respectively. No gift tax is paid by Doug’s uncle at the time of the gift.
a. To determine gain, what is Doug’s basis for the land?
b. To determine gain, what is Doug’s basis for the building?
c. Will the basis of the land and building be the same as in Parts a & b for purposes ofdetermining a loss?
I: 5-44: Netting Gains and Losses Trisha, whose tax rate is 35%, sells the following capital assets in 2016 with gains and losses as shown:
Assets
Gains or (Loss)
Holding Period
A 
$15,000 
15 months
B
7,000
20 months
C
(3,000)
14 months
a.Determine Trisha’s increase in tax liability as a result of the three sales. All assets are stock held for investment. Ignore the effect of increasing AGI on deductions

ACCT 310-81 ACCT310-81 ACCT/310-81 Federal Taxation – Week 8 Homework.docx

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ACCT 310-81 ACCT310-81 ACCT/310-81 Federal Taxation – Week 8 Homework.docx

For transfer taxes and the role that they play in wealth planning, the general rule is that individuals must pay taxes on "gifts" to others. However, 1 2 3 4 5 Paris participates in her employer’s nonqualified deferred compensation plan.

For 2020, she is deferring 10 percent of her $392,000 annual salary. Assuming 1 2 3 4 5 Please see attachments for details 1 2 3 4 5 The following ethics case from your text for consideration: "Carey and Pat were good friends and neighbors in an upscale neighborhood near several highly 1 2 3 4 5

Please see attachments for details 1 2 3 4 5 Please see attachments for details 1 2 3 4 5 Back to Department Related Courses ACCT 230 – Intermediate Accounting (108 Documents)ACCT 311 – (37 Documents)ACCT 350 – (31 Documents)ACCT 140-45 – FINANCIAL ACCOUNTING (25 Documents)

ACCT 231 – 231 (14 Documents)ACCT -231 – (7 Documents)ACCT 420 – Audting (5 Documents)ACCT 240 – mGMNT 240 (5 Documents)ACCT 310 – 310 (4 Documents)ACCT -280-45A – Forensic Accounting (3 Documents)

ACCT 310-81 ACCT310-81 ACCT/310-81 Federal Taxation – Week 8 Homework.docx

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ACCT 310-81 ACCT310-81 ACCT/310-81 Federal Taxation – Week 8 Homework.docx

For transfer taxes and the role that they play in wealth planning, the general rule is that individuals must pay taxes on "gifts" to others. However, 1 2 3 4 5 Paris participates in her employer’s nonqualified deferred compensation plan.

For 2020, she is deferring 10 percent of her $392,000 annual salary. Assuming 1 2 3 4 5 Please see attachments for details 1 2 3 4 5 The following ethics case from your text for consideration: "Carey and Pat were good friends and neighbors in an upscale neighborhood near several highly 1 2 3 4 5

Please see attachments for details 1 2 3 4 5 Please see attachments for details 1 2 3 4 5 Back to Department Related Courses ACCT 230 – Intermediate Accounting (108 Documents)ACCT 311 – (37 Documents)ACCT 350 – (31 Documents)ACCT 140-45 – FINANCIAL ACCOUNTING (25 Documents)

ACCT 231 – 231 (14 Documents)ACCT -231 – (7 Documents)ACCT 420 – Audting (5 Documents)ACCT 240 – mGMNT 240 (5 Documents)ACCT 310 – 310 (4 Documents)ACCT -280-45A – Forensic Accounting (3 Documents)