Introduction To Taxation

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

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

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

The second installment of the real estate tax is due:

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

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

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

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

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?

You may gain a federal tax advantage by:

Boot in an exchange would be:

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

The term tax shelter is associated with:

An advantage to a seller of an installment sale is:

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

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

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

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

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

The California sales tax is:

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:

By use of a tax shelter, a taxpayer may:

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

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?

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

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

A disadvantage of corporations in relation to taxes is:

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

Boot in an exchange would be:

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

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?

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

A prudent person would be interested in income taxes:

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

A veteran must apply for tax exemption by:

Boot refers to:

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

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

For tax purposes, Paul can depreciate:

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 adjusted basis of a taxpayer's residence would be:

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

The term "tax roll" refers to:

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

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

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

A purchaser at a tax foreclosure sale obtains a:

Street improvements are assessed based on:

Which of the following is an ad valorem tax?

The following are not exempt from real property taxation:

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

The period for redemption for unpaid taxes is: