ropertytransactions∶capitalgainsandlosses(编辑修改稿)

ropertytransactions∶capitalgainsandlosses(编辑修改稿)内容摘要：

12. As a general rule, the sale or exchange of an option to buy or sell property results in capital gain or loss if the property subject to the option is (or would be) a capital asset in the hands of the option holder. ANS: T PTS: 1 DIF: 1 REF: p. 1410 OBJ: 3 NAT: AICPA FNReporting | AACSB Analytic MSC: 2 min 13. The only things that the grantee of an option may do with the option are exercise it or let it expire. ANS: F A grantee may also sell or exchange the option rather than exercising it or letting it lapse. PTS: 1 DIF: 1 REF: p. 1410 | p. 1411 OBJ: 3 NAT: AICPA FNMeasurement | AACSB Analytic MSC: 2 min 14. When a patent is transferred, the most mon forms of payment received by the transferor are a lump sum or periodic payment. ANS: T PTS: 1 DIF: 1 REF: p. 1412 OBJ: 3 NAT: AICPA FNReporting | AACSB Analytic MSC: 2 min 15. Franchising may involve one business obtaining a license to use a mode of operation belonging to another business. ANS: T PTS: 1 DIF: 1 REF: p. 1413 OBJ: 3 NAT: AICPA FNMeasurement | AACSB Analytic MSC: 2 min 16. A franchise transfer is generally a sale or exchange of a capital asset. ANS: F Section 1253 provides that a transfer of a franchise, trademark, or trade name is not a transfer of a capital asset when the transferor retains any significant power, right, or continuing interest in the property transferred. PTS: 1 DIF: 1 REF: p. 1413 OBJ: 3 NAT: AICPA FNMeasurement | AACSB Analytic MSC: 2 min 17. Lease cancellation payments received by a lessee are treated as an exchange and can result in a capital gain. ANS: T A capital gain will result if the lease is a capital asset to the lessee (., personal use property). PTS: 1 DIF: 1 REF: p. 1415 OBJ: 3 NAT: AICPA FNMeasurement | AACSB Analytic MSC: 2 min 148 2020 Comprehensive Volume/Test Bank 18. To pute the holding period, start counting on the day the property was acquired and include the day of disposition. ANS: F Start counting on the day after the property was acquired. PTS: 1 DIF: 1 REF: p. 1416 OBJ: 4 NAT: AICPA FNMeasurement | AACSB Analytic MSC: 2 min 19. The holding period of property given up in a likekind exchange includes the holding period of the asset received if the property that has been exchanged is a capital asset. ANS: F The holding period of the property given up in the exchange is tacked on to the holding period of the property received in the exchange. PTS: 1 DIF: 1 REF: p. 1416 OBJ: 4 NAT: AICPA FNMeasurement | AACSB Analytic MSC: 2 min 20. Tom has owned 20 shares of Burgundy Corporation stock for four years. He sells the stock short for a total of $800. One month later, he closes the short sale by purchasing and delivering 20 shares of Burgundy Corporation stock for a total of $600. Tom has a $200 shortterm capital gain. ANS: T PTS: 1 DIF: 1 REF: p. 1417 | p. 1418 OBJ: 4 NAT: AICPA FNMeasurement | AACSB Analytic MSC: 5 min 21. Shortterm capital losses are ted against longterm capital gains and longterm capital losses are ted against shortterm capital gains. ANS: F Shortterm capital losses are ted against shortterm capital gains and longterm capital losses are ted against longterm capital gains first. If these two tings are of opposite sign (one is a gain and the other is a loss), they are ted against each other. PTS: 1 DIF: 1 REF: p. 1420 | p. 1421 OBJ: 5 NAT: AICPA FNReporting | AACSB Analytic MSC: 2 min 22. Shortterm capital gain is eligible for a special tax rate only when it exceeds longterm capital gain. ANS: F Shortterm capital gain may offset shortterm capital losses and any remaining shortterm capital gain may offset any longterm capital loss, but shortterm capital gain is treated as ordinary ine and is not eligible for any special tax rate. PTS: 1 DIF: 1 REF: p. 1421 OBJ: 5 NAT: AICPA FNReporting | AACSB Analytic MSC: 2 min Property Transactions: Capital Gains and Losses, 167。 1231, Recapture 149 23. A shortterm capital loss first offsets any 28% longterm capital gain before it offsets either 25% longterm capital gain or 0%/15% longterm capital gain. ANS: T PTS: 1 DIF: 1 REF: p. 1422 OBJ: 5 NAT: AICPA FNReporting | AACSB Analytic MSC: 2 min 24. All collectibles gain is subject to a potential alternative tax rate of 28%. ANS: F Collectibles that are capital assets may be held shortterm or longterm. Only longterm capital gains from collectibles are subject to a potential alternative tax rate of 28%. Net shortterm capital gain from collectibles is treated as ordinary ine. PTS: 1 DIF: 1 REF: p. 1424 OBJ: 5 NAT: AICPA FNReporting | AACSB Analytic MSC: 2 min 25. An individual taxpayer with 2020 shortterm capital loss of $5,000 generally can deduct up to $3,000 for AGI and carry the balance forward to 2020. ANS: T PTS: 1 DIF: 1 REF: p. 1427 OBJ: 5 NAT: AICPA FNReporting | AACSB Analytic MSC: 2 min 26. Section 1231 applies to the sale or exchange of business properties, but not to business casualties. ANS: F Section 1231 applies to the sale of business properties and to certain involuntary conversions such as casualties. PTS: 1 DIF: 1 REF: p. 1430 OBJ: 1 NAT: AICPA FNReporting | AACSB Analytic MSC: 2 min 27. Rental use depreciable machinery held more than 12 months is an example of a 167。 1231 asset. ANS: T PTS: 1 DIF: 1 REF: p. 1430 OBJ: 1 | 2 NAT: AICPA FNReporting | AACSB Analytic MSC: 2 min 28. If there is a 167。 1231 loss, it is treated as a shortterm capital loss. ANS: F A 167。 1231 loss is treated as an ordinary loss. PTS: 1 DIF: 1 REF: p. 1430 OBJ: 1 NAT: AICPA FNReporting | AACSB Analytic MSC: 2 min 1410 2020 Comprehensive Volume/Test Bank 29. Section 1231 property i。