Questions from General Taxation

Q: What amounts are considered at-risk when making the determination of

What amounts are considered at-risk when making the determination of a deductible loss?

Q: Discuss the formation of a partnership. Is any gain or loss

Discuss the formation of a partnership. Is any gain or loss recognized? Explain.

Q: What is the difference between a deferred gain and an excluded gain

What is the difference between a deferred gain and an excluded gain?

Q: How is the basis calculated in a like-kind exchange?

How is the basis calculated in a like-kind exchange? How does the receipt of boot affect the basis of the asset received? How does the giving of boot affect the basis of the asset received?

Q: Often, when assets are exchanged, liabilities are assumed in the

Often, when assets are exchanged, liabilities are assumed in the exchange. How does the assumption of liabilities in a like-kind exchange affect the gain or loss recognized? How does it affect the bas...

Q: What are the differences between material participation, active participation, and

What are the differences between material participation, active participation, and significant participation?

Q: Discuss the rules concerning the $25,000 loss offset for

Discuss the rules concerning the $25,000 loss offset for rental activities. Why are losses of $25,000 allowed for some taxpayers?

Q: How do the passive loss rules and the at-risk rules

How do the passive loss rules and the at-risk rules work in conjunction to limit losses?

Q: What information must be reported to the IRS concerning an involuntary conversion

What information must be reported to the IRS concerning an involuntary conversion?

Q: Explain the 80% rule as it pertains to the formation of

Explain the 80% rule as it pertains to the formation of a corporation.