The related-party loss limitation applies to distributions to related parties and either the distribution is pro rata or the property distributed is disqualified property. True False
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- A taxpayer who acquired property in a related party transaction where a loss is realized cannot use the disallowed loss to later create a loss on the sale of that property. True or falseIf a loss from sale or exchange of property between related parties is disallowed and the property is subsequently sold to an unrelated party, a.The disallowed loss is lost forever. b.The disallowed loss may be used if there is a further loss on the subsequent sale. c.The unrelated party may claim the loss previously disallowed. d.An amended return may be filed to claim the loss previously disallowed. e.The disallowed loss may be used to offset gain on the subsequent sale.Sale of real estate is subject to VAT. True, if not made in the regular course of trade or business False, it is exempt if the real estate is classified as capital asset False, it is exempt if what is sold is a resi¬dential unit True, if the real estate is classified as capital asset
- In order to say that the buyer is insolvent in order for the seller to exercise his right to stoppage in transitu, such insolvency should be judicially declared. True or FalseIn practice, why does the accrual of a loss from pending or ongoing litigation is rare? Explain.Exclusion from gross income refers to income received or earned but is nottaxable as income because it is exempted by law or by treaty a.true b.false
- Which of the following is the proper tax treatment of a loss that is realized on an involuntary conversion business property? The loss is never recognized, the loss is categorized as a short-term capital loss, the loss is recognized or the loss is recognized on the involuntary conversion of real estate, but not on the involuntary conversion of personal propertyOne of the following is not a prerequisite in order that claim against the estate maybe deductible They must be existing against the estate They must be reasonably certain as to amounts They must have been prescribed They must be enforced by the claimantsTemporary differences result in future taxable or deductible amounts when the related asset or liability is recovered or settled. Some differences, though, are not temporary. What events create temporary differences? What events create permanent differences? Please provide examples.
- Why does the exclusion of the preemptive right ordinarily inconsequential?If an entity has elected to use the fair value option for a financial liability; a. It is measured at fair value through other comprehensive income. b. It is measured at fair value through profit or loss. c. It is measured at amortized cost. d. Fair value op don is prohibited for financial liabilities.If what is promised is only the use of a specific thing which does not include its ownership, the contributing partner does not need to warrant the thing against eviction.