DABN ¼ Decreases adjusted basis to Norm
IABN ¼ Increases adjusted basis to Norm
DABP ¼ Decreases adjusted basis to Pat
IABP ¼ Increases adjusted basis to Pat
Chapter 15
3 . LO . 2 What are the three requirements that must be satisfied for a transaction to qualify for nontaxable exchange treatment under § 1031 ?
22 . LO . 4 What requirements must be satisfied to qualify for the § 121 exclusion on the sale of a principal residence ?
39 . LO . 2 Determine the realized , recognized , and postponed gain or loss and the new basis for each of the following like-kind exchanges :
Chapter 16
16 . LO . 5 After netting all of her short-term and long-term capital gains and losses , Misty has a net short-term capital loss and a net long-term capital loss . Can she net these against each other ? Why or why not ?
18 . LO . 2 , 5 , 7 Near the end of 2014 , Byron realizes that he has a net short-term capital loss of $ 13,000 for the year . Byron has taxable income ( not including the loss ) of $ 123,000 and is single . He owns numerous stocks that could be sold for a long-term capital gain . What should he do before the end of 2014 ?
22 . LO . 2 , 4 Barbella purchased a wedding ring for $ 15 at a yard sale in May . She thought the ring was costume jewelry , but it turned out to be a real diamond ring . She is not in the