Pop Quiz - Federal Tax Review 2

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What is true about the calculation of a real estate sale gain? Mark all that apply. *

1 point

Gain realized = amount realized

Gain realized = amount realized - adjusted basis

Gain recognized always = gain realized

For purposes of the Tax Court exam, gain realized = all cash received from buy plus mortgages assumed or debt taken subject to

Required

What is true about IRC 1031 exchanges? Mark all that apply. *

1 point

TCJA now allows tax deferred exchanges to only apply to real property

1031 exchanges just continue the investment until the exchanged property is sold

If the taxpayer receives boot, including mortgage relief, it is taxed to the extent of the boot

Suspended losses are released in a 1031 exchange

A 1031 exchange between related parties becomes taxable if either of them disposes of the property received within 12 months

Required

What is true about installment sales? Mark all that apply. *

1 point

Installment sales are a sale of property where the taxpayer receives at least one payment after the tax year of the sale

Taxpayers can elect into the installment sale method

Each year after the sale year a portion of the amount received is treated as interest income

The contract price includes all the principal payments to be made to the seller under terms of the installment sale

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