Exam (elaborations)
TAXX 301 PRACTICE TEST
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TAXX 301 PRACTICE TEST...
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Capital Gain Reserves - ANSWER lesser of1.(Total Gain)(Proceeds not collect by end of year/ Total Proceed of
disposition)
2.(20% of total gain)(4-number of years left)
Notes: Reserve must be added back onto income and used to deduct
the gain of next year.
Non-arm length transfer: - ANSWER Fair Market Fair Market Fair
Market
Gift Fair Market Fair Market
Above FMV Actual Proceed FMV
BELOW FMV FMV Actual Proceed
Sale of Real Property(Proceed deem) - ANSWER Lesser of
-FMV of Land and Building
Reduce by
lesser
-ACB of Land
-FMV of Land
Greater of:
FMV of Building
and
Lesser of :
Cost of Building
UCC of Building
Inter vivo transfer to spouse - ANSWER Non-depreciable :Proceed will
be deems the adjusted cost base of property transferred:
Cost to transferee is the deemed ACB
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