A-6 Self Study & National Exam

Which of the following is true regarding an S corporation?
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Terms in this set (26)
Which of the following is true regarding an S corporation?
Limited number of investors
To receive a tax free sale of your principal residence, the homeowner must live in the property as their principal residence for at least?
Two years
What is the advantage of a REIT?
Avoid corporate taxes, continuity of operation, diversification of investment
At least 100 people are required by law to participate in order to form a?
Real estate investment trust
How many times in 10 years could a single person sell their personal home and receive, tax-free, a gain of 250,000?
Five times
A man may take depreciation for income tax purposes on all of the following except?
Land held for future profit
If a partnership does not pay its debts, the creditors may collect from the personal asset of?
General partners
Short-term capital gains are taxed at?
Ordinary income tax rates
Which of the following relate to residential investment depreciation?
Economic life of 27.5 years
All of the following relate to limited liability companies except?
Articles of incorporation
What is not in advantage of a corporation?Double taxationIn a general partnership...Only the General partners are responsibleWhich of the following relate to joint and several liability?General partnershipAll of the following relate to commercial real estate depreciation except?Land valueThe maximum out of gain that would be tax-free to married couple who sell their personal residence would be?$500,000What type of business ownership could be faced with double taxation?C corporationWhich of the following could be true of a limited liability company?Taxed as a partnershipWhich of the following would be considered a security?Single-family homes in an investment poolTo negotiate a tax-deferred exchange without the payment of any tax at the time of the exchange, in apartment house owner could trade for?An apartment house, and assume a loan equal to or greater than the loan on his property, and no bootLong term capital gains are taxed at?Maximum of 20%Long term capital gains treatment applies if the property has been held more than?12 monthsTo qualify for installment gain reporting, the seller must...Carry some or all of the financingTo qualify for deferring gain on real property, property must be like kind. Which of the following trades could not qualify?Common stockIf an owner sells one rental property in the sale results in a loss, the maximum reportable short-term loss not upset by other games will be?$3000 per yearAll of the following statements are true regarding depreciation except?A building can only be depreciated onceEvans wanted to trade his hundred and $160,000 property for canes $155,000 property. In order to consummate the exchange. Came paid $5000 cash to cover the difference. Taxes would be assessed on?Evans would pay on the $5000 cash received