Federal Income Tax

1 Upon a sale or other disposition of property, what are the main questions that should be considered for income tax purposes? Suggest 2-3 questions and in a sentence or two each, tell us why you would ask these questions of your client.

2 Mark owns a residential lot that has appreciated substantially in value. She holds the lot for investment. She is exchanging the lot with her father for a residential lot that she also will hold for investment. Identify the relevant tax issues for Mark.