{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T06:58:55-04:00", "answer_date": "2024-06-28 06:58:55", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4259171", "url": "\/study-help\/questions\/1-michael-received-land-as-a-gift-from-his-father-4259171", "question_creation_date_js": "2024-06-28T06:58:55-04:00", "question_creation_date": "Jun 28, 2024 06:58 AM", "meta_title": "[Solved] 1) Michael received land as a gift from h | SolutionInn", "meta_description": "Answer of - 1) Michael received land as a gift from his father in 2008. At the time of the gift, the land had a FMV of $185,000 an | SolutionInn", "meta_keywords": "1,michael,received,land,gift,father,2008,time,fmv,$185,000,adjusted,basis", "question_title_h1": "1) Michael received land as a gift from his father in 2008. At the time of the gift, the land had a FMV of $185,000", "question_title": "1) Michael received land as a gift from his father in 2008.", "question_title_for_js_snippet": "1) Michael received land as a gift from his father in 2008 At the time of the gift, the land had a FMV of $185,000 and an adjusted basis of $210,000 to Michaels father There was no gift tax due with respect to this transfer A year and a day later, Michael sold the land for $180,000 What was his realized gain or loss on this transaction Q2 Maria and Tia form a corporation in a transaction governed by Code Section 351 Tia transfers real estate to the corporation The real estate has an adjusted basis to Tia of $150,000 and a FMV of $200,000 on the date of the transfer Tia also transfers cash of $40,000 In exchange for the transfer of the real estate and cash, Tia receives one half of the stock of the corporation The property is subject to an $180,000 mortgage, which the corporation assumes The corporations adjusted basis in the real estate immediately after the contribution is a $200,000 b $180,000 c $150,000 d $130,000 e $190,000 Q3 During 2009, Henry reported the following income and loss Activity X $50,000 loss Activity Y $20,000 income Both Activity X and Activity Y are passive activities as to Henry Henry purchased Activity X in 1988 and Activity Y in 1994 How much, if any, passive activity loss will be carried over to 2010 a $50,000 b $30,000 c $20,000 d 0 e none of the above", "question_description": "1) Michael received land as a gift from his father in 2008. At the time of the gift, the land had a FMV of $185,000 and an adjusted basis of $210,000 to Michaels father. There was no gift tax due with respect to this transfer. A year and a day later, Michael sold the land for $180,000. What was his realized gain or loss on this transaction? Q2 Maria and Tia form a corporation in a transaction governed by Code Section 351. Tia transfers real estate to the corporation. The real estate has an adjusted basis to Tia of $150,000 and a FMV of $200,000 on the date of the transfer. Tia also transfers cash of $40,000. In exchange for the transfer of the real estate and cash, Tia receives one-half of the stock of the corporation. The property is subject to an $180,000 mortgage, which the corporation assumes. The corporations adjusted basis in the real estate immediately after the contribution is a. $200,000. b. $180,000. c. $150,000. d. $130,000. e. $190,000. Q3 During 2009, Henry reported the following income and loss: Activity X..$50,000 loss Activity Y..$20,000 income Both Activity X and Activity Y are passive activities as to Henry. Henry purchased Activity X in 1988 and Activity Y in 1994. How much, if any, passive activity loss will be carried over to 2010? a. $50,000. b. $30,000. c. $20,000. d. 0. e. none of the above", "transcribed_text": "", "related_book": { "title": "Auditing Cases An Active Learning Approach", "isbn": "0130674842, 978-0130674845", "edition": "2nd Edition", "authors": "Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/64ed8a8041add_6938.jpg", "uri": "\/textbooks\/abnormal-psychology-clinical-perspectives-on-psychological-disorders-1st-edition-9781266566899", "see_more_uri": "" }, "free_related_book": { "isbn": "0367194449", "uri": "\/textbooks\/a-history-of-economic-thought-in-france-1st-edition-978-0367194444-282784", "name": "A History Of Economic Thought In France", "edition": "1st Edition" }, "question_posted": "2024-06-28 06:58:55", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/what-are-some-audit-procedures-that-can-be-performed-using", "description": "What are some audit procedures that can be performed using CAATs?", "stars": 3 }, { "url": "\/study-help\/theory-of-probability\/prove-that-for-any-structure-function-x-xi1i-1982994", "description": "Prove that, for any structure function , (x) = xi(1i, x) + (1 xi)(0i, x) where (1i, x) = (x1,..., xi1, 1, xi+1,..., xn), (0i, x) = (x1,..., xi1, 0, xi+1,..., xn)", "stars": 3 }, { "url": "\/a-national-park-service-survey-of-visitors-to-the-rocky", "description": "A National Park Service survey of visitors to the Rocky Mountain region revealed that 50% visit Yellowstone Park, 40% visit the Tetons, and 35% visit both. a. 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