Questions from General Taxation

Q: Discuss the AMT formula and how it relates to the regular income

Discuss the AMT formula and how it relates to the regular income tax. Include in your discussion factors that cause AMT to be assessed.

Q: What happens in the following circumstances if a wife, prior to

What happens in the following circumstances if a wife, prior to marriage, uses the exclusion on the sale of a residence and subsequently (after marriage) sells a second residence within two years? a....

Q: Are the depreciation lives the same for AMT purposes as for regular

Are the depreciation lives the same for AMT purposes as for regular tax purposes? If not, how are the lives determined for AMT?

Q: Discuss the tax basis calculation adjustment. Why is the gain or

Discuss the tax basis calculation adjustment. Why is the gain or loss on the sale of depreciable assets different for AMT purposes than for regular tax purposes?

Q: Is the §179 expense deduction allowed for partnerships? If so

Is the §179 expense deduction allowed for partnerships? If so, is § 179 an ordinary income item or a separately stated item? Why?

Q: Carlton holds undeveloped land for investment. His adjusted basis in the

Carlton holds undeveloped land for investment. His adjusted basis in the land is $200,000, and the FMV is $325,000. On November 1, 2017, he exchanges this land for land owned by his son, who is 31 yea...

Q: On June 1 of the current year, Patti contributes equipment with

On June 1 of the current year, Patti contributes equipment with a $45,000 basis and a $35,000 FMV in exchange for a partnership interest. She purchased the equipment three years ago. a. What is Patti...

Q: What is the basis of the new property in each of the

What is the basis of the new property in each of the following situations? Is any gain recognized in the following transactions? a. Rental house with an adjusted basis of $100,000 exchanged for person...

Q: Viktor exchanges stock (adjusted basis $18,000, FMV

Viktor exchanges stock (adjusted basis $18,000, FMV $25,000) and real estate (adjusted basis $18,000, FMV $44,000) held for investment for other real estate to be held for investment. The real estate...

Q: LaRhonda owns an office building that has an adjusted basis of $

LaRhonda owns an office building that has an adjusted basis of $45,000. The building is subject to a mortgage of $20,000. She transfers the building to Miguel in exchange for $15,000 cash and a wareho...