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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)

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Principles of Taxation for Business and Investment

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Principles Of Taxation For Business And Investment

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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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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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