美国注册会计师taxes Transactions in Property.pdf

MODULE 34 TAXES: Module 34 Transactions in Property TRANSACTIONS IN PROPERTY Regulation 主讲老师:Helen M34 Transactions in Property Copyright 高才国际教育集团 Copyright 高才国际教育集团 1 M34 Transaction in Property A. Sales and Other Dispositions B. Capital Gains and Losses C. Personal Casualty and Theft Gains and Losses D. Gains and Losses on Business Property M34 Transactions in Property 2 Copyright 高才国际教育集团 A. Sales and Other Disposition M34 Transactions in Property 3 Copyright 高才国际教育集团 A Sales and Other Dispositions 1. Basis of Property a) Acquired by purchase Cash or FMV Expenses connected to the purchase Seller owes and the buyer agrees to pay The debt assumed by the purchaser Cost of property Example: Susan purchased a parcel of land by paying cash of $30,000 and assuming a mortgage of $60,000. She also paid $400 for a title insurance policy on the land. Answer: Cash $30,000 Mortgage assumed by Susan 60,000 Title insurance 400 Cost of land $94,000 M34 Transactions in Property 4 Copyright 高才国际教育集团 A Sales and Other Dispositions 1. Basis of Property b) Acquired by gift Basis for gain Basis of the donor Add: Gift tax