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Summary ACC610 WK1 Assignment ACC 610 ACC 610 Advanced Federal Taxation Week 1 Assignment Chapter 1 €“ Problem 40 Bart exchanges some real estate (basis of $800,000 and fair market value of $1 million) for other real estate owned by Roland (basis of $1.2 mil€7,15
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Summary ACC610 WK1 Assignment ACC 610 ACC 610 Advanced Federal Taxation Week 1 Assignment Chapter 1 €“ Problem 40 Bart exchanges some real estate (basis of $800,000 and fair market value of $1 million) for other real estate owned by Roland (basis of $1.2 mil
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ACC610 WK1 Assignment ACC 610 ACC 610 Advanced Federal Taxation Week 1 Assignment Chapter 1 €“ Problem 40 Bart exchanges some real estate (basis of $800,000 and fair market value of $1 million) for other real estate owned by Roland (basis of $1.2 million and fair market value of $900,000) ...
acc610 wk1 assignment acc 610 acc 610 advanced federal taxation week 1 assignment chapter 1 €“ problem 40 bart exchanges some real estate basis of 800
000 and fair market value of 1 million f
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ACC 610
ACC 610 Advanced Federal
Taxation Week 1 Assignment
Chapter 1 – Problem 40
Bart exchanges some real estate (basis of $800,000 and fair market value of $1 million) for other
real estate owned by Roland (basis of $1.2 million and fair market value of $900,000) and
$100,000 in cash. The real estate involved is unimproved and is held by Bart and Roland, before
and after the exchange, as investment property.
• a. What is Bart’s realized gain on the exchange? Recognized gain?
Bart has a realized gain of $200,000. His recognized gains are $100,000
• b. What is Roland’s realized loss? Recognized loss?
Roland has a realized loss of $300,000 and there isn’t any recognized loss
• c. Support your results in (a) and (b) under the wherewithal to pay concept as applied to
like-kind exchanges (§ 1031).
The wherewithal to pay concept is a taxation principle that suggests people shouldn’t be
subjected to taxes that they aren’t able to pay based on their income. Based on this concept, Bart
now could pay taxes on the realized gains that is being recognized.
Chapter 1 – Research Problem 1
Locate the following cited items and give a brief description of the topic or opinion in the item:
• a. § 6694(a).
, 6694(a) list the Return Preparer Penalties. According to this section of the IRC, penalties that are
greater than $1,000 or 50% of the income derived (or to be derived) by the tax return preparer
with respect to each return, amended return or claim for refund if there is an understatement on
the return or claim due to an unreasonable position taken on the return or claim that the preparer
knew or reasonably should have known about.
• b. § 1.6694-1(b).
6694-1(b) : Provides a “one preparer per firm” rule. Specifically, if a signing tax return preparer
is associated with a firm, that individual, and no other individual in the firm, is treated as a tax
return preparer with respect to the return or claim for purposes of section 6694.
• c. Rev. Rul. 86-55, 1986-1 C.B. 373.
Return preparers: Penalties: Assignment of refund checks. A person in a business other than tax
return preparation who fills out or reviews income tax returns for its customers may be an
income tax return preparer under section 7701(a)(36) of the Code and subject to potential
penalties. The assignment of the customers' refund checks before the returns are processed by the
Service is not a valid assignment and the Service may mail the checks directly to the taxpayers.
• d. PLR 8022027.
A private letter ruling, or PLR, is a written statement issued to a taxpayer that interprets and
applies tax laws to the taxpayer’s represented set of facts. A PLR is issued in response to a
written request submitted by a taxpayer. A PLR may not be relied on as precedent by other
taxpayers or by IRS personnel.
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