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NO.1 For a cash basis taxpayer, gain or loss on a year-end sale of listed stock arises on the:
A. Date of delivery of stock certificate.
B. Date of receipt of cash proceeds.
C. Settlement date.
D. Trade date.
Answer: D
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Explanation
Choice "a" is correct. Trade date.
Gain or loss on a year-end sale of listed stock arises on the trade date.
Rule: Whether on the cash or accrual method of accounting taxpayers who sell stock or securities on
an
established securities market must recognize gains and losses on the trade date, rather than on the
settlement date.
Choices "b", "c", and "d" are incorrect, per the above rule.
NO.2 Conner purchased 300 shares of Zinco stock for $30,000 in 1980. On May 23, 1994, Conner sold
all the
stock to his daughter Alice for $20,000, its then fair market value. Conner realized no other gain or
loss
during 1994. On July 26, 1994, Alice sold the 300 shares of Zinco for $25,000.
What amount of the loss from the sale of Zinco stock can Conner deduct in 1994?
A. $3,000
B. $10,000
C. $0
D. $5,000
Answer: C
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Explanation
Choice "a" is correct. Even though Conner has a realized loss of $10,000 on this transaction he cannot
deduct the loss since it was incurred in a transaction with his daughter, a related party.
Choice "b" is incorrect. $3,000 is the limit on deductible net capital losses. However, Conner cannot
deduct this loss, since it was incurred in a transaction with his daughter, a related party.
Choice "c" is incorrect. Conner's realized loss on the sale is $10,000 ( $20,000 proceeds less $30,000
basis). However, Conner cannot deduct this loss, since it was incurred in a transaction with his
daughter,
a related party.
Choice "d" is incorrect. $10,000 is Conner's realized loss on the sale. However, Conner cannot deduct
this loss, since it was incurred in a transaction with his daughter, a related party.
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