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Test Bank For Principles of Taxation for Business and Investment Planning 2025 Edition By Sally Jones, Shelley Rhoades-Catanach, Sandra Callaghan, Thomas Kubick (All Chapters, 100% Original Verified, A+ Grade) $15.49
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Principles Of Taxation For Business And Investment
Principles of Taxation for Business and Investment
Exam (elaborations)
Test Bank For Principles of Taxation for Business and Investment Planning 2025 Edition By Sally Jones, Shelley Rhoades-Catanach, Sandra Callaghan, Thomas Kubick (All Chapters, 100% Original Verified, A+ Grade)
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Course
Principles of Taxation for Business and Investment
Institution
Principles Of Taxation For Business And Investment
This Is The Original 2025 Edition Of The Test Bank From The Original Author All Other Files In The Market Are Fake/Old Editions. Other Sellers Have Changed The Old Edition Number To The New But The Test Bank Is An Old Edition.
Test Bank For Principles of Taxation for Business and Investment Pla...
Test Bank for Principles of
Taxa�on for Business and
Investment Planning 2025
Edi�on By Sally Jones, Shelley
Rhoades-Catanach, Sandra
Callaghan, Thomas Kubick (All
Chapters
1-18, 100% Original Verified, A
+ Grade)
Answers At The End Of Each Chapter
Part 2: Ch 9-18: Page 2-283
Part 1: Ch 1-8: Page 284-496
, Part 2
Chapter 9
Student name:__________
1) Tax neutrality for asset exchanges is the exception rather than the rule.
⊚ true
⊚ false
2) When unrelated parties agree to an exchange of noncash properties, the economic
presumption is that the properties are of equal value.
⊚ true
⊚ false
3) When unrelated parties agree to an exchange of noncash properties, the economic
presumption is that the properties have the same adjusted book basis.
⊚ true
⊚ false
4) Gain realized on a property exchange that is not recognized is deferred.
⊚ true
⊚ false
5) Qualifying property received in a nontaxable exchange has a cost basis for tax purposes.
⊚ true
⊚ false
6) The substituted basis rule results in permanent nonrecognition of gains and losses realized in
a nontaxable exchange.
⊚ true
⊚ false
7) A taxpayer who receives or pays boot in a nontaxable exchange must recognize gain to the
extent of the FMV of the boot.
⊚ true
⊚ false
Version 1 1
,Chapter 9
8) A taxpayer who receives boot in a nontaxable exchange must recognize gain equal to the
lesser of the FMV of the boot or the gain realized.
⊚ true
⊚ false
9) A taxpayer who pays boot in a nontaxable exchange includes the value of the boot in the
basis of the qualifying property received.
⊚ true
⊚ false
10) Nontaxable exchanges typically cause a temporary difference between book income and
taxable income.
⊚ true
⊚ false
11) Signo Incorporated's current year income statement includes a $21,000 gain realized on the
exchange of an old business asset for a new business asset. If the exchange is nontaxable,
Signo has a $21,000 favorable permanent book/tax difference.
⊚ true
⊚ false
12) Tarletto Incorporated's current year income statement includes a $229,000 gain realized on
the exchange of an old business asset for a new business asset. If the exchange is nontaxable,
Tarletto's book basis in the new asset is $229,000 greater than its tax basis.
⊚ true
⊚ false
13) Mr. Lexon owns investment property with a $719,000 basis. If the property is worth only
$500,000, Mr. Lexon would prefer a taxable disposition of the property over a like-kind
exchange.
⊚ true
⊚ false
Version 1 2
, Chapter 9
14) Muro Incorporated exchanged an old inventory item for a new asset. If the new asset is also
an inventory item, the exchange is nontaxable.
⊚ true
⊚ false
15) Mrs. Cooley exchanged 400 shares of stock for corporate bonds. If the stock and bonds were
issued by the same corporation, they are like-kind properties, and the exchange is nontaxable.
⊚ true
⊚ false
16) Tibco Incorporated exchanged an equity interest in ABM Partnership for an equity interest in
Jolla Partnership. This exchange is taxable.
⊚ true
⊚ false
17) A taxpayer who realizes a loss on the exchange of like-kind property can elect to recognize
the loss.
⊚ true
⊚ false
18) Yelano Incorporated exchanged an old forklift used in its business for a new forklift. This
exchange qualifies as a nontaxable like-kind exchange.
⊚ true
⊚ false
19) Reiter Incorporated exchanged an old forklift for new office furniture. This exchange
qualifies as a nontaxable like-kind exchange.
⊚ true
⊚ false
20) All types of business and investment real properties are like-kind.
⊚ true
⊚ false
Version 1 3
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