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Wiley CPAexcel Exam Review 2014 Study Guide, Regulation by O. Ray Whittington

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Module 36: Transactions in Property

Overview

This module presents the income tax consequences of property transactions including the sale, exchange, or other disposition of property. Basis is covered first with a review of the basis of property acquired by purchase, gift, and from a decedent. Tax-deferred transactions are covered next with a review of like-kind exchanges, involuntary conversions, and the sale of a principal residence. Next, sales and exchanges of securities are reviewed as well as the treatment of losses and expenses incurred in transactions with related taxpayers. Finally, capital gains and losses, as well as gains and losses from business property including Sec. 1231 and depreciation recapture are reviewed. Not only is it important to determine the extent of gain or loss recognition, but it is also important to be able to determine whether the character of the recognized gain or loss is capital, Sec. 1231, or ordinary.

A. Sales and Other Dispositions

B. Capital Gains and Losses

C. Personal Casualty and Theft Gains and Losses

D. Gains and Losses on Business Property

Key Terms

Multiple-Choice Questions

Multiple-Choice Answers and Explanations

Simulations

Simulation Solutions

A. Sales and Other Dispositions

A sale or other disposition is a transaction that generally gives rise to the recognition of gain or loss. Gains or losses may be categorized as ordinary or capital. If an exchange is nontaxable, the recognition of gain or loss is generally deferred until a ...

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