224.What is the easiest way for a taxpayer who is going to sell property that has declined in value

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224.What is the easiest
way for a taxpayer who is going to sell property that has declined in value to
avoid the § 267 loss disallowance provision?

Tariq sold certain U.S. Government bonds and State of Oregon
bonds at a loss to offset short-term capital gain from a previous transaction.
He felt that the U.S. Government and State of Oregon bonds were “goodâ€
investments, so he repurchased identical securities within one week. Do these
transactions constitute wash sales?

If the bond sales resulted in
the recognition of gain (rather than loss), would the wash sale provisions
prevent the gains from being recognized?

Morgan owned a convertible that he had purchased two years
ago for $46,000 and which he transfers to his sole proprietorship. How is the
sole proprietorship’s basis for the car calculated? What additional information
does Morgan need?


Jamie is terminally ill and does not expect to live much
longer. Pondering the consequences of her estate, she decides how to allocate
her property to her nephews. She makes a gift of depreciated property (i.e.,
adjusted basis exceeds fair market value) to Will, a gift of appreciated
property (i.e., fair market value exceeds adjusted basis) to Jim, and leaves
appreciated property to Sam in her will. Each of the properties has the same
fair market value. From an income tax perspective, which nephew is her

228.Why is it generally
undesirable to pass property by death when its fair market value is less than

229.Identify two tax
planning techniques that can be used to avoid the wash sale disallowance of

230.Discuss the logic for
mandatory deferral of realized gain or loss for a § 1031 like­kind exchange.

231.What requirements
must be satisfied to receive nontaxable exchange treatment under § 1031?

232.What kinds of
property do notqualify under the
like-kind provisions?

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