Q: Othello trades a concrete ready mix truck and a general purpose truck
Othello trades a concrete ready mix truck and a general purpose truck used in his landscape business to Sonja for an ore truck and a general purpose truck and $1,000 cash. The adjusted basis and fair...
See AnswerQ: The Internal Revenue Service provides information on a variety of tax issues
The Internal Revenue Service provides information on a variety of tax issues in its publication series. These publications can be found on the IRS world wide web site (http://www.irs.gov/). Go to th...
See AnswerQ: Taxpayers can structure transactions through third parties that qualify as like-
Taxpayers can structure transactions through third parties that qualify as like-kind exchanges if certain time requirements for identifying the properties and closing the transaction are met. This typ...
See AnswerQ: Will owns residential rental property that is destroyed by a tornado in
Will owns residential rental property that is destroyed by a tornado in March 2016. He files a claim with his insurance company and receives $90,000 for the property. The building is fully depreciat...
See AnswerQ: Orley, Goutam, and Serena each own undivided one-third
Orley, Goutam, and Serena each own undivided one-third interests as tenants in common in three parcels of land held as an investment. One of the parcels is mortgaged for $60,000, for which each is pe...
See AnswerQ: Bonnie wants to trade her Snow Bird, Utah, condominium,
Bonnie wants to trade her Snow Bird, Utah, condominium, which she has held for investment, for investment property in Steamboat Springs or Crested Butte, Colo. On April 20, 2017, she transfers title...
See AnswerQ: Erica owns A-1 Landscaping Services. She trades a lawn
Erica owns A-1 Landscaping Services. She trades a lawn tractor with a basis of $200 for a powered post hole digger worth $300. Identify the tax issue(s) posed by the facts presented. Determine the p...
See AnswerQ: Rollie exchanges a parking lot used in his business for a tract
Rollie exchanges a parking lot used in his business for a tract of land worth $20,000 and $4,000 in cash. He plans to subdivide and sell the land as residential lots. The adjusted basis of the parkin...
See AnswerQ: Johann exchanges an apartment building for an office building worth $100
Johann exchanges an apartment building for an office building worth $100,000. The apartment building has an adjusted basis of $80,000 and is encumbered by a $30,000 mortgage, which the owner of the o...
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