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Social Science
Law
Civil Law
Tax Accounting Ch. 11 Property Dispositions
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Property Disposition Procedure (formula)
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Amount realized from disposition
less: Adjusted basis of property
Realized gain (loss)
less: Amount deferred (disallowed)
Recognized gain (loss)
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Terms in this set (53)
Property Disposition Procedure (formula)
Amount realized from disposition
less: Adjusted basis of property
Realized gain (loss)
less: Amount deferred (disallowed)
Recognized gain (loss)
What are the 4 ways in which property disposition recognized gains and losses can be classified.
(what do the property transactions result in?)
Ordinary gains and losses
Capital gains and losses
Section 1231 gains and losses
Personal use gains and losses (YOU DON'T NET GAINS AND LOSSES OF PERSONAL USE ASSETS
Define Amount Realized
Gross sales less selling expenses
What all does gross sales price consist of?
Cash
FMV of goods or services provided to seller
Sellers debt paid or assumed by buyer
What is gross sales decreased by? (general)
its decreased by amounts given to the buyer BY THE SELLER. (buyer provides benefit to seller)
