Questions from General Taxation

Q: For rental expenses to be deductible, what criteria must be met

For rental expenses to be deductible, what criteria must be met? For this question, assume no personal use of the rental property.

Q: How is a net capital loss treated? Include in your answer

How is a net capital loss treated? Include in your answer a discussion of how a net capital loss is treated in relation to other income.

Q: In what ways can a capital asset be acquired, and how

In what ways can a capital asset be acquired, and how is the holding period determined for each method of acquisition?

Q: Capital gains can be taxed at several different rates. What determines

Capital gains can be taxed at several different rates. What determines the rate?

Q: What is a §1202 gain, and how is it taxed

What is a §1202 gain, and how is it taxed?

Q: Discuss the netting process of capital gains and losses. What are

Discuss the netting process of capital gains and losses. What are the possible outcomes of the netting process, and how would each situation be taxed?

Q: What is a §1245 asset? How is it related to

What is a §1245 asset? How is it related to a §1231 asset?

Q: What is a §1250 asset? How is it related to

What is a §1250 asset? How is it related to a §1231 asset?

Q: Explain the terms recapture and unrecaptured provisions as they apply to §

Explain the terms recapture and unrecaptured provisions as they apply to §1250 assets.

Q: What is royalty income, and which forms are used to report

What is royalty income, and which forms are used to report it? What factors determine which forms should be used?