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Author Question: Josh purchases a personal residence for $278,000 but subsequently converts the property to rental ... (Read 17 times)

Coya19@aol.com

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on: Sep 13, 2020

Question 1

Jessica owned 200 shares of OK Corporation with a basis of $12,000 and a FMV of $24,000. Jessica received 20 stock rights as a nontaxable distribution with a total FMV of $8,000. Jessica sold the stock rights for $4,000. Jessica's gain or loss on the sale was
◦ $1,000.
◦ $3,000.
◦ $4,000.
◦ ($4,000).

Question 2

Josh purchases a personal residence for $278,000 but subsequently converts the property to rental property when its FMV is $275,000. Assume depreciation of $65,000 has been deducted after conversion to rental use. If Josh sells the property for $280,000, his gain or loss will be
◦ $2,000 gain.
◦ $5,000 gain.
◦ $67,000 gain.
◦ $70,000 gain.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by Coya19@aol.com on Sep 13, 2020

katheyjon

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Coya19@aol.com

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

xiaomengxian

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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