Taxation
2. LO.2 An individual taxpayer sells some used assets at a garage sale. Why are none of the proceeds taxable in most situations?
3. LO.2, 4 Alison owns a painting that she received as a gift from her aunt 10 years ago. The aunt created the painting. Alison has displayed the painting in her home and has never attempted to sell it. Recently, a visitor noticed the painting and offered Alison $5,000 for it. If Alison decides to sell the painting, what tax issues does she face?
12. LO.3 Hubert purchases all of the rights in a patent from the inventor who developed the patent product. After holding the patent for two years, Hubert sells all of the rights in the patent for a substantial gain. What issues does Hubert face if he wants to treat the gain as a long-term capital gain?
14. LO.4 Siva purchased corporate stock for $20,000 on April 10, 2010. On July 14, 2012, when the stock was worth $12,000, he gave it to his son, Mithra. What has to happen to the value of the property while Mithra holds it if Mithra is to tack Siva’s holding period on to his own holding period?
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