[jeff]

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Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Future_FLCPA]

I'll say 200 gain as well. In a gifting transaction, his gain basis is the adjusted basis of the donor and the loss basis is the lesser of FMV of the gift at date of transaction or the donor's adjusted basis. In this case, both the loss and gain basis are the same. If he were to have sold the gift for 4000, he would have a 1000 loss. Correct?

B - 80 (Aug 2012)
A - 89 (Jan 2013)
F - 77 (May 2013)
R - 83 (Nov 2013)

[smsingla]

But I remember a rule that if Selling price is in b/w basis and FMV, then no gain or loss is recognized. So in this case s.p. is $5,200 which is higher than basis of $5,000 and lower than FMV of $6,100

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[smsingla]

But I remember a rule that if Selling price is in b/w basis and FMV, then no gain or loss is recognized. So in this case s.p. is $5,200 which is higher than basis of $5,000 and lower than FMV of $6,100

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[UCMCPA]

The property wasn't GIFTED with a lower FMV than basis, so I don't think that rule applies.

The IRS is not going to allow you to take no gain/loss on this situation when if the original owner sold it, a 200 gain would have resulted.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[UCMCPA]

The property wasn't GIFTED with a lower FMV than basis, so I don't think that rule applies.

The IRS is not going to allow you to take no gain/loss on this situation when if the original owner sold it, a 200 gain would have resulted.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[Future_FLCPA]

If she gave Bill the security with a 5,000 basis on the date that FMV was 4000, Bill's loss basis would be 4,000 and gain basis would be 5,000. He would have to sell the security for less than 4,000 for a loss or more than 5000 for a gain. Let's say he sold it for 4,500, there would be neither a loss nor a gain.

B - 80 (Aug 2012)
A - 89 (Jan 2013)
F - 77 (May 2013)
R - 83 (Nov 2013)

[Future_FLCPA]

If she gave Bill the security with a 5,000 basis on the date that FMV was 4000, Bill's loss basis would be 4,000 and gain basis would be 5,000. He would have to sell the security for less than 4,000 for a loss or more than 5000 for a gain. Let's say he sold it for 4,500, there would be neither a loss nor a gain.

B - 80 (Aug 2012)
A - 89 (Jan 2013)
F - 77 (May 2013)
R - 83 (Nov 2013)

[Anonymous]

The rule for no gain/loss if sold in between AB and FMV only applies to property that is DEPRECIATED when gifted. When it is depreciated property, you have a different basis for loss (FMV) and gain (transferred basis). It is when it is in between these numbers that it is not recognized. Hopefully that helps.

[Anonymous]

The rule for no gain/loss if sold in between AB and FMV only applies to property that is DEPRECIATED when gifted. When it is depreciated property, you have a different basis for loss (FMV) and gain (transferred basis). It is when it is in between these numbers that it is not recognized. Hopefully that helps.

[smsingla]

Thank u so much guys. I think I understand this now 🙂

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[smsingla]

Thank u so much guys. I think I understand this now 🙂

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[Kenada]

Hello – Can someone explain to me what a Post dated check would look like ?

Attached image link – why would this not be a post dated check ?

https://www.dropbox.com/s/m01m84a2fi96aab/Image%201.png

FAR 05/27/14; 786/110 - Done !

[Kenada]

Hello – Can someone explain to me what a Post dated check would look like ?

Attached image link – why would this not be a post dated check ?

https://www.dropbox.com/s/m01m84a2fi96aab/Image%201.png

FAR 05/27/14; 786/110 - Done !

[smsingla]

Ok, guys I have a stupid question. I am doing this WILEY TB and there are some questions in that I really want to post them here, either because they are good questions for everyone to see or because I need some clarification (mostly its later reason…lol) But Wiley wont let me copy paste the question. Any body knows how to do that or do I actually have to type in the whole question ( I really suck at typing)

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[smsingla]

Ok, guys I have a stupid question. I am doing this WILEY TB and there are some questions in that I really want to post them here, either because they are good questions for everyone to see or because I need some clarification (mostly its later reason…lol) But Wiley wont let me copy paste the question. Any body knows how to do that or do I actually have to type in the whole question ( I really suck at typing)

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[Author]

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