Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps

تمرين 24

Using the following independent situations, answer the following questions:
Situation # 1
Clara received from her Aunt Sona, property with a FMV at the date of the gift of $40,000. Aunt Sona purchased the property five years ago for $35,000. Clara sold the property for $43,000.
a. What is the basis to Clara?________________________
b. What is Clara's gain on the sale?______________
c. If Clara is in the 33% tax bracket, what is the tax on the gain (assuming she has no other gains/losses to be netted)?_______________
d. If Clara is in the 15% tax bracket, what is the tax on the gain (assuming she has no other gains/losses to be netted)?_____________
Situation #2
Clara received from her Aunt Sona, property with a FMV at the date of the gift of $30,000. Aunt Sona purchased the property five years ago for $35,000.
a. If Clara sold the property for $43,000, what is her gain or loss on the sale?___________
b. If Clara sold the property for $33,000, what is her gain or loss on the sale?__________
c. If Clara sold the property for $28,000, what is her gain or loss on the sale?___________