Description
– A taxpayer exchanges an office building held as an investment asset for an office building to be used in her business. The exchange will qualify as like-kind as long as the exchange is direct and the properties are in the United States.
True or False
– Sam owns a ranch. On December 31, 2020, he sold a tract of land for $500,000. It was gifted to him by his dad in 2019 when the FMV was $525,000 and the adjusted basis was $421,000. Sam must recognize $79,000 of gain.
True or False
– Juman purchased 100 shares of Boeing stock in 2010 for $35 per share. In 2015, Juman gave the Boeing stock to Preet for his 40th birthday when the stock was worth $75 per share. Preet sold the stock in 2020 for $68 per share. Preets gain on the Boeing stock sale was $3,300.
True or False