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Property Exchange for Stock
The answer to this question is C. The $5,000 note is taxed as a capital gain. Why not as ordinary income? Page 51 describes ordinary, non-capital assets as: "Accounts or notes ...
Expert question      Asked by: Yosjaira      09/01/2014 10:40 PM      view the question Property Exchange for Stock
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voting
Please ask your question here: Original Fast Forward Academy test bank question:Allen contributes machinery and real property to Jack Corporation that has been i ...
Novice question      Asked by: James      09/01/2014 3:55 PM      view the question voting
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non taxable tranaction
Please ask your question here: can someone please explain where is th 3000 reconizable gain is coming from thanlks Original Fast Forward Academy test ban ...
Expert question      Asked by: USMAN      09/01/2014 11:29 AM      view the question non taxable tranaction
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wages
  what are supplemenal wagesOriginal Fast Forward Academy test bank question:Supplemental wages are compensation paid in addition to an emplo ...
Novice question      Asked by: James      08/31/2014 9:14 PM      view the question wages
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Gain on repossession
Please ask your question here:What would the new basis be on the repossessed lot? Original Fast Forward Academy test bank question:You sold a residential lot two ...
Expert question      Asked by: Valerie      08/31/2014 8:55 PM      view the question Gain on repossession
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charitable contribution
  Please explain the rules for charitable conributionOriginal Fast Forward Academy test bank question:During the tax year, Sweetheart Corporation had the fo ...
Novice question      Asked by: James      08/31/2014 8:36 PM      view the question charitable contribution
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Passive activities and Closely held corporations
 Question 1425 states:Passive activity rules apply to:A. Closely held corporations.B. Partnerships.C. S corporations.D. Grantor trusts.Explanation:There are two kinds of passi ...
Expert question      Asked by: Jedidiah      08/30/2014 6:57 PM      view the question Passive activities and Closely held corporations
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Installment Sale of Property to Related persons
On page 49 under "Installment Meathod"I am a bit confused on what happens when a Tax Payer (TP) sells thier property to a related person and the related person sells the ...
Expert question      Asked by: Matthew      08/28/2014 5:31 PM      view the question Installment Sale of Property to Related persons
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Reporting Different parts of Installment Income
On page 48 under "Installment Sale"The book states that there are 3 parts to an installment payment:Interest, return of adjusted basis, and gain on the sale:So if I have ...
Expert question      Asked by: Matthew      08/28/2014 5:24 PM      view the question Reporting Different parts of Installment Income
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Depreciation Recapture Question
On page 48 under "Installment Sale" The second bullet point mentions depreciation recapture and how to report it. But I'm a bit confused on how this is actually done ...
Expert question      Asked by: Matthew      08/28/2014 3:40 PM      view the question Depreciation Recapture Question
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