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landlord is willing to pay Sergio $2,000 to vacate the apartment
immediately. The landlord wants to sell the building to a buyer who
will convert the building into condominiums. Sergio's lease on the
apartment is a capital asset, but has no tax basis. The $2,000 Sergio
will receive if he accepts the landlord's offer will be
Question 4.4. (TCOs 2, 3, 6, 8, 9, & 10) Rockwell purchased a tract of
land for $125,000 in 2004 when he heard that a new highway was
going to be constructed through the property and that the land would
soon be worth $300,000. Highway engineers surveyed the property
and indicated that he would probably get $200,000. The highway
project was abandoned in 2012, and the value of the land fell to
$80,000. What is the amount of loss Rockwell can claim in 2012
Question 5.5. (TCOs 2, 3, 6, 8, 9, & 10) Donald has a $20,000
disallowed loss from a sale of property to a related taxpayer. The
property was sold for $70,000. Donald uses the $70,000 to purchase
different property than the property that was sold. Which of the
statements below is correct concerning the property Donald purchased
Question 6.6. (TCOs 2, 3, 6, 8, 9, & 10) A taxpayer who loses in the
U.S. Court of Federal Claims may appeal directly to the
Question 7.7. (TCO 6) Eighteen-year residential real property owned
by an individual has accumulated accelerated depreciation of
$275,000 at January 1, 2012. If depreciation had been computed
under the straight-line method, accumulated depreciation would be
$200,000. The property is sold on January 1, 2012 with a recognized
gain of $300,000. What is the amount of depreciation recapture
Question 8.8. (TCO 6) Opal, Inc. owns a delivery truck that initially
cost $40,000. After a depreciation of $15,000 had been deducted, the
truck was traded-in on a new truck that cost $50,000. Opal was
required to pay the car dealer $10,000 in cash. What is Opal's basis
for the new truck
Question 9.9. (TCO 6) Judy exchanges a rental house at the beach
with an adjusted basis of $165,000 and a fair market value of
$150,000 for a rental house at the mountains with a fair market value
of $100,000 and cash of $50,000. What is the recognized gain or loss
Question 10.10. (TCO 6) Terron gives her son stock with a basis in
her hands of $225,000 and a fair market value of $180,000. No gift