2.06.1 Depreciation Methods (1)

Question 問題、
In order to determine the MACRS deduction using the percentage tables, all of the following must be determined EXCEPT

A. The basis of the property.

B. The recovery period.

C. The declining balance rate.

D. The placed-in-service date.

The correct answer is 正解は、[C. The declining balance rate.]
実務的には、償却率表 (MACRS Percentage Table) を使用するため、償却率を計算する必要はありません。

2.05.5 Involuntary Conversions (1)

Question 問題、
A tornado destroyed Ian's forklift in 2018. Ian had purchased the forklift for $8,000 and had correctly deducted $6,000 of depreciation. Ian's adjusted basis in the forklift was $2,000. Ian's insurance company reimbursed him $9,000, and he spent $7,500 for a new forklift. How much ordinary income should Ian report on his 2018 income tax return?

A. $0

B. $1,500

C. $6,000

D. $7,000

The correct answer is 正解は、[B. $1,500]
= 保険金 $9,000 - 代替資産の取得価額 $7,500
収用や自然災害により強制的に資産を失い、保険金や補償金を受領した場合のGainは、代替資産の取得を条件に認識は繰り延べられる。ただし、受領した金額が代替資産の取得価額より大きい場合、その差額まではGainを認識しなければならない。

2.05.4 Like-Kind Exchange (6)

Question 問題、
Mike and Joe are equal partners in the Dandy Partnership. On January 1, 2018, the partnership, in a like-kind exchange, exchanged a building (adjusted basis $150,000) used for business for another building (adjusted basis $150,000) used for business. The new building had a mortgage of $25,000, which Dandy assumed, and unpaid real estate taxes of $2,600, which Dandy paid but was not reimbursed. What is the adjusted basis of the new building and what is the amount of depreciation assuming a 20-year life under the straight-line method?

A. Adjusted Basis $150,000; Depreciation $7,500

B. Adjusted Basis $152,600; Depreciation $7,630

C. Adjusted Basis $175,000; Depreciation $8,750

D. Adjusted Basis $177,600; Depreciation $8,880

The corrected answer is 正解は、[D. Adjusted Basis $177,600, Depreciation $8,880]
同種資産の交換において交換差金 (boot) を渡したケースに該当するので損益は認識しない。
新資産のbasis $177,600 = 旧資産 $150,000 + 引き受けた負債 $25,000 + 固定資産税 $2,600
減価償却費 $8,880 = Basis $177,600 / 20年定額法

2.05.4 Like-Kind Exchange (5)

Question 問題、
The Andee Partnership traded its farm land with an adjusted basis of $10,000 for barren land with a fair market value of $15,000. Andee also received $3,500 cash on the trade. What is the gain, if any, on this trade?

A. $0

B. $3,500

C. $5,000

D. $1,500

The correct answer is 正解は、[B. $3,500]
同種資産の交換において交換差金 (boot) を受領した場合、交換差金のFMVかrealized gainの小さい方まで収益を認識する。
新資産FMV $15,000 + boot $3,500 - 旧資産 $10,000 = realized gain $8,500 ＞ boot $3,500
（参考）新資産のbasisは$10,000（旧資産 $10,000 - boot $3,500 + 収益認識 $3,500）。

2.05.4 Like-Kind Exchange (4)

Question 問題、
Sylvester owns farm machinery that has a fair market value of $157,000 and an adjusted basis of $90,000. The farm machinery is subject to a liability of $47,000. Dorene would like to purchase Sylvester's farm machinery and makes the following offer:
- Cash -- $15,000
- Assumption of Sylvester's liability
- Farmland owned by Dorene having a fair market value of $95,000; the land is not encumbered by any liabilities
What is the amount of Sylvester's recognized gain if he accepts Dorene's offer?

A. $15,000

B. $20,000

C. $62,000

D. $67,000

The correct answer is 正解は、[D. $67,000]
= 現金 $15,000 + 負債の引受け $47,000 + 農地のFMV $95,000 - 農機具のbasis $90,000
農機具（動産）と農地（不動産）の交換のため、同種資産の交換とはならない。
通常の交換取引で取得した新資産のbasisはその資産のFMV。

2.05.4 Like-Kind Exchange (3)

Question 問題、
Nelson, Inc., owned a manufacturing building with a fair market value of $95,000 and an adjusted basis of $75,000. Nelson, Inc., entered into an agreement to exchange the manufacturing building for a warehouse with an adjusted basis of $80,000 and a fair market value of $90,000 with Roberts Corporation. In addition, Nelson, Inc., would pay Roberts Corporation $5,000 in cash. Nelson, Inc., also incurred and paid attorney and deed preparation fees of $5,000 on this exchange. What is Nelson's basis in the warehouse it received in this like-kind exchange?

A. $85,000

B. $90,000

C. $95,000

D. $100,000

The correct answer is 正解は、[A. $85,000]
= 旧資産のbasis $75,000 + boot (Cash $5,000 + Expenses $5,000)
同種資産の交換において交換差金 (boot) を渡したケースに該当するので損益は繰越される。
交換において支払った付随費用（証書作成手数料）も加算する。

2.05.4 Like-Kind Exchange (2)

Question 問題、
David owned a warehouse, which he used in his business for the past 2 years. Its adjusted basis was $13,500. David sells his warehouse to a dealer for $14,500. He then buys a new warehouse for $20,500 from the same dealer. What is David's basis in the newly acquired warehouse?

A. $13,500

B. $14,500

C. $19,500

D. $20,500

The correct answer is 正解は、[C. $19,500]
= 旧資産のbasis $13,500 + boot ($20,500 - $14,500)
同種資産の交換において交換差金 (boot) を渡したケースに該当するので損益は認識しない。

2.05.4 Like-Kind Exchange (1)

Question 問題、
Which of the following transactions qualifies as a like-kind exchange?

A. The exchange of a copyright on a novel for a copyright on a song.

B. An exchange of the "goodwill or going concern value" of a business for the "goodwill or going concern value" of another business.

C. An exchange of land improved with an apartment house for land improved with a store building.

D. An exchange of personal property used predominantly in the United States for personal property used predominantly outside the United States.

The correct answer is 正解は、[C. An exchange of land improved with an apartment house for land improved with a store building.]
同種資産の交換として認められるのは、米国内の不動産同士の交換のみ。（2018年度申告より）
著作権 (copyright) 、営業権 (goodwill) 、継続企業価値 (going concern value) は無形資産。

2.05.3 Small Business Stock (1)

Question 問題、
Frank files a joint return with his wife, Rose. Frank incurred a loss of $125,000 on the sale of his qualifying small business stock (Sec. 1244) in 2018. How much of this loss is deductible on their joint return as an ordinary loss?

A. $125,000

B. $3,000

C. $100,000

D. $50,000

The correct answer is 正解は、[C. $100,000]
適格中小企業株式の売却等により生じた損失は$50,000 (MFJ $100,000) を限度に通常損失 (ordinary loss) として控除可能。
（特例）個人の納税者が5年超保有している中小企業株式による損失は100%をGIから控除可能。 (Sec.1202)

2.05.2 Adjustment to Basis (2)

Question 問題、
In Year 1, Mr. Mason contracted for the construction of a building for use in his business. The costs that he incurred were as follows:
- Land $30,000
- Labor and material for construction of building $80,000
- Architect's fees $12,000
- Building permit fees $4,000
In Year 2, Mr. Mason had a casualty loss of $5,000 on this building, which was not covered by insurance. He claimed the loss as a deduction. Total depreciation claimed on the building through the end of Year 3 was $3,500. What is Mr. Mason's basis in the building on December 31, Year 3?

A. $83,500

B. $87,500

C. $92,500

D. $96,000

The correct answer is 正解は、[B. $87,500]
= 建物の取得価額 ($80,000 + $12,000 + $4,000) - 災害損失控除 $5,000 - 減価償却累計額 $3,500
土地の取得価額 $30,000は含まない。
（事業用資産の災害損失控除は、個人用資産と違い大災害地域に限定されず控除制限もなし。）

2.05.2 Adjustment to Basis (1)

Question 問題、
All of the following items decrease the basis of property EXCEPT

A. Casualty or theft loss deductions and insurance reimbursements.

B. The cost of defending and perfecting a title.

C. Section 179 deduction.

D. The exclusion from income of subsidies for energy conservation measures.

The correct answer is 正解は、[B. The cost of defending and perfecting a title.]
所有権移転費用 (title cost) はbasisに加算。
省エネ対策補助金 (subsidies for energy conservation measures) は所得税が免税されるが免税分はbasisから減算。

2.05.1 Basis (6)

Question 問題、
In December of Year 1, Mr. Smith purchased a manufacturing plant for $92,600. The cost was allocated as follows:
- Land (20%) $18,520
- Building (80%) $74,080
The following items relating to the property occurred before the property was placed in service on January 1, Year 2:
- Building remodeling expenses $15,000
- Storm damage (casualty loss) to building $9,000
- Easement granted for right-of-way $2,500
- Legal fees for perfecting title paid $3,600
What is the adjusted basis of the building and land on January 1, Year 2?

A. Building $81,180; Land $18,520.

B. Building $82,960; Land $16,740.

C. Building $92,680; Land $16,020.

D. Building $80,080; Land $19,240.

The correct answer is 正解は、[B. Building $82,960, Land $16,740.]
建物 $82,960 = 取得価額 $74,080 + 改良工事 $15,000 - 災害損失控除 $9,000 + 法的費用 ($3,600 x 80%)
土地 $16,740 = 取得価額 $18,520 - 地益権 $2,500 + 法的費用 ($3,600 x 20%)
地益権 (easement) を付与した (granted) 場合はbasisから減算する。

2.05.1 Basis (5)

Question 問題、
John purchased a new gasoline-electric hybrid automobile on July 2, 2010, for $18,000. He also claimed a $2,000 clean-fuel vehicle deduction on his 2010 tax return for that vehicle. From 2010 through 2017, John used this automobile only for personal purposes.
On January 1, 2018, he began using the hybrid automobile exclusively for business purposes. The fiar market value of the automobile on that day was $17,000. What is the automobile's depreciable basis as of January 1, 2018?

A. $15,000

B. $16,000

C. $17,000

D. $18,000

The correct answer is 正解は、[B. $16,000]
個人用資産を事業用に用途変更した場合、変更後のbasisは変更日のadjusted basisとFMVのいずれか小さい方。
取得価額 $18k - エコカー控除 $2k = Adjusted basis $16k ＜ FMV $17k

2.05.1 Basis (4)

Question 問題、
George purchased a business on May 31 of the current year for a lump sum price of $1,400,000. The values of the assets on the seller's books were as follows:

		Book Value		Fair Market Value
Cash		$200,000		$200,000
Land		150,000		150,000
Building		300,000		450,000
Equipment		250,000		300,000
Covenant not to compete		0		100,000

George did not assume any loans,. What is his basis for goodwill and the equipment?

A. Goodwill $0; Equipment $300,000

B. Goodwill $200,000; Equipment $300,000

C. Goodwill $200,000; Equipment $350,000

D. Goodwill $0; Equipment $350,000

The correct answer is 正解は、[B. Goodwill $200,000, Equipment $300,000]
営業権 $200k = 取得価額 $1,400k - 現金 $200k - 土地 $150k - 建物 $450k - 設備 $300 - 競業避止契約 $100

2.05.1 Basis (3)

Question 問題、
Setting Sun Partnership purchased a business, Family Dry Cleaners, for $750,000. The acquired Family Dry Cleaners assets consisted of the following:
- $50,000 in cash.
- Equipment with a fair market value of $200,000, and
- Land and building with a fair market value of $450,000
For real estate tax purposes, the city assessed the value of the land at $100,000 and the building at $200,000. The buyer and seller did not enter into an allocation agreement for this transaction. What basis must Setting Sun Partnership use for the land, building, and intangible asset "goodwill"?

A. Land, $100,000; building, $200,000; and goodwill, $150,000.

B. Land, $150,000; building, $300,000; and goodwill, $0.

C. Land, $150,000; building, $300,000; and goodwill, $50,000.

D. Land, $100,000; building, $350,000; and goodwill, $50,000.

The correct answer is 正解は、[C. Land, $150,000; building, $300,000; and goodwill, $50,000.]
営業権 (goodwill) $50k = 取得価額 $750k - 現金 $50k - 設備 $200k - 土地建物 $450k
土地と建物は合計$450kを固定資産税の評価額（土地$100k、建物$200k）で按分。