CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN: 9780357110362
Author: Murphy
Publisher: CENGAGE L
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Question
Chapter 12, Problem 19P
To determine
Which of the following property transfers is a like-kind exchange?
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Which of the following are not exchanges of like-kind property?
Group of answer choices
a. Warehouse in Los Angeles for an office building in San Diego.
b. Computer used in a business for a delivery truck to be used in a business.
c. Stock in IBM for stock in Exxon Mobil.
d. Only b. and c. are not.
Which of the following transactions qualify as like-kind exchanges? You must support your answer for each item below.
a) Bonds exchanged for an office building
b) A factory for an office building
c) Undeveloped land for an office building
Which of the following income is subject to capital gains taxation? *
a. Income from sale of personal jewelry
b. Income from sale of domestic stocks by a dealer
c. Income from sale of domestic stocks sold directly to buyer by a non-dealer
d. Income from sale of land located in the Philippines and considered as inventory
Chapter 12 Solutions
CONCEPTS IN FED.TAX.,2020-W/ACCESS
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