Introduction To Taxation

Three years ago a taxpayer had a large capital loss but no gain to offset it. How much of the gain is she allowed to use each year to shelter other income?

Which proposition allows a property to retain its tax base when it is transferred from parent to child?

An advantage to a seller of an installment sale is:

A married couple sold the home they had lived in for three years and realized a $600,000 profit. What would they pay in taxes?

A tax collector is selling a tax-defaulted property at public auction; the sale:

A prudent person would be interested in income taxes:

A man traded his commercial property for vacant land. As to this trade, which is a true statement?

For income tax purposes, an income property owner cannot deduct:

A buyer purchased a home on April 15. The taxes for the tax year had been paid, but the buyer received a tax bill anyway. This bill is known as a:

The following are not exempt from real property taxation:

For tax purposes, Paul can depreciate:

Clyde, age 53, sells his residence for $160,000. He purchased it for $40,000 18 years earlier. Clyde does not intend to buy another house. What portion of the sale price is taxable?

Which of the following transfer of a principal residence would result in the reassessment of a property?

The maximum gift a donor can give to each donee and be exempt from the federal gift tax is:

To be eligible for the universal exclusion, a couple must have:

The term tax shelter is associated with:

The second installment of the real estate tax is due:

The unadjusted basis of a taxpayer's residence would be:

The proposition that allows an elderly homeowner to transfer his or her cost baisis to another home in the same county is:

The long term capital gains rate on the gain by a person in a 28 percent tax bracket is:

A veteran who is disabled due to military service and whose only income is his or her $18,000 pension has a property tax exemption of:

The term "tax roll" refers to:

Under FIRPTA, how much must the buyer withhold from the sales price when the seller is a U.S. citizen?

For a tax-free exchange on Sharon's rental units, she should exchange for:

A foreign seller sold his residence in California for $300,000. How much must the buyer withhold for California tax purposes?

Boot refers to:

Harold sells a lot to Dick for $29,420. Dick assumes a first trust deed of $17,933. He gives Harold $1,000 cash and a second trust deed for the balance. The revenue stamps required are:

Boot in an exchange would be:

Josie takes a $30,000 loss on operations of her apartment building. In the same year, her total adjusted gross income is $152,000. How much of her other active income can be sheltered from taxes?

The federal income tax would be best described as a(n).

A seller had owned income property for 19 months. The tax on the capital gains upon sale would be:

A tax on the gross receipts of a broker would be a:

Gerald sells his residence for $200,000. He purchased it 12 months ago for $220,000. For tax purposes he has:

Street improvements are assessed based on:

Boot in an exchange would be:

A property owner's tax rate would be set by the:

By use of a tax shelter, a taxpayer may:

A purchaser at a tax foreclosure sale obtains a:

The California sales tax is:

The adjusted basis of a taxpayer's residence would be:

Which of the following is an ad valorem tax?

Ralph builds a swimming pool at his apartment building in order to reduce his vacancy factor. For tax purposes, he may:

The capital gains rate for a person in the 10 percent tax bracket for a gain in 2012 would be:

A veteran must apply for tax exemption by:

Which of the following should have the least impact on property tax rates?

A buyer does not have to withhold part of the purchase price from a foreign national seller when:

A taxpayer, who has an adjusted gross income of $125,000, suffered a passive loss of $100,000. How much of his loss can be used to shelter active income?

The owner of an apartment building would have a number of tax deductions. Which of the following is not a deduction?

Regina's city puts in a sewer line in front of her lot. She can expect a:

The period for redemption for unpaid taxes is:

You may gain a federal tax advantage by:

When a seller pays points, for tax purposes this would:

Under the Street Improvement Act of 1911, how long does an owner have to pay the bill after receipt?

The party responsible for reporting a sale to the IRS is the:

A disadvantage of corporations in relation to taxes is: