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After a casualty gain is calculated on Form 4684




Question;After a casualty gain is calculated on Form 4684, page 2, for trade or business-use assets held more than one year, where is the gain carried?Schedule D, part 1Form 4797 part 1Directly to Form 1040, page 1Schedule D, Part IIGabe sold his business for $120,000 and transferred a building, FMV $80,000, land, FMV $10,000, and furniture and fixtures, FMV $30,000 and adjusted basis $22,500. What is the value of goodwill and ongoing concern?Which one of the following stat ements regarding tax deferral of a casualty gain is false?A taxpayer filesForm 1040X to report the taxable gain when gain had been deferred and no replacement property was acquired within the required replacement period.The replacement period begins on the date the property was damaged or destroyedIn order to postpose the entire gain, the cost of the replacement property must be at least as much as the reimbursement received.No additional action needs to be taken to postpone the gain from a casualty after completing Form 4684.partnership and S corporation returns:carry their NOLs back ten yearsdo not carry NOLs back or forwardhave a choice of carrying their NOLs back three, four or five years instead of the default two years.carry forward their NOLs 15 yearsWhich of the following items may not create an NOL?sole proprietorship lossemployee business expensecasualty lossmedical expenseWhich of the following items may create an NOL?schedule C lossMortgage interest on the taxpayer's main home that is not used for businesscharitable contributionmedical expense


Paper#51410 | Written in 18-Jul-2015

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