Question 1
Upon the sale of property, a portion of the selling price equal to the basis in the property is considered a return of capital to the seller and is, therefore, not taxable.
◦ true
◦ false
Question 2
Adam purchased stock in 2006 for $100,000. He is considering selling it in 2016. It is currently worth $2,100,000 so he would realize a $2,000,000 gain. Adam is in the top tax bracket. Determine the taxes due under the following independent situations (ignore any additional Medicare taxes on investment income):
(a) Adam sells the stock, and no special circumstances apply.
(b) The stock is qualified small business corporation stock.
(c) The stock is qualified small business corporation stock. Within 60 days Adam invests $2,500,000 in new qualifying small business corporation stock.
(d) The stock is qualified small business corporation stock. Within 60 days Adam invests $2,000,000 in new qualifying small business corporation stock.
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