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Author Question: An individual taxpayer who is not a dealer in real estate plans to subdivide a parcel of land into ... (Read 78 times)

bucstennis@aim.com

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on: Sep 13, 2020

Question 1

All of the following are capital assets with the exception of
◦ personal residence.
◦ corporate stock held for investment.
◦ equipment used in a trade or business.
◦ a Rembrandt painting held in a private collection.

Question 2

An individual taxpayer who is not a dealer in real estate plans to subdivide a parcel of land into four lots and sell them at a substantial gain. The parcel of land had been held six years. In order to qualfiy for capital gain treatment, the individual must satisfy all of the requirements except
◦ the individual must not hold any other real property primarily for sale in the ordinary course of business.
◦ no substantial improvements can be made while holding the lots if the improvements substantially increase the value of the lots.
◦ the parcel of land (or any part of it) cannot have been held primarily for sale to customers in the individual's business.
◦ All of these criteria must be satisfied to allow capital gain treatment.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by bucstennis@aim.com on Sep 13, 2020

bbburns21

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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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bucstennis@aim.com

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Reply 2 on: Sep 13, 2020
Excellent

robbielu01

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

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