University of Washington Seattle Campus Tax Accounting Questions

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

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