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