Author Question: Billy and Sue are married and live in Texas, a community property state. They jointly own real ... (Read 103 times)

corkyiscool3328 · **on:** Sep 13, 2020

Question 1

Allison buys equipment and pays cash of $50,000, signs a note of $10,000 and assumes a liability on the property for $3,000. In addition, Allison pays an installation cost of $500 and a delivery cost of $800. Allison's basis in the asset is
◦ $60,000.
◦ $63,000.
◦ $63,500.
◦ $64,300.

Question 2

Billy and Sue are married and live in Texas, a community property state. They jointly own real property with an adjusted basis of $200,000. When the property has a FMV of $450,000, Billy dies leaving all of the property to Sue. If she later sells the property for $650,000, what is Sue's gain on the sale?
◦ $200,000
◦ $225,000
◦ $325,000
◦ $450,000

234sdffa · **Reply #1 on:** Sep 13, 2020

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