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Question 4
Incorrect
In which of the following instances is the adjusted basis used to determine the realized gain or loss on a casualty event?
(You Answered) Type of property: personal use; extent of damage: total; decline in FMV: $30,000; adjusted basis: $36,000
Type of property: business; extent of damage: partial; decline in FMV: $50,000; adjusted basis: $55,000
Type of property: business; extent of damage: total; decline in FMV: $75,000; adjusted basis: $90,000
Type of property: investment; extent of damage: partial; decline in FMV: $15,000; adjusted basis: $17,000
Question 9
Incorrect
When property used for business purposes is involuntarily converted, “qualified replacement property":
Generally must be similar in use to the converted property
(You Answered) Has the same definition as for business property replaced because of federally declared disasters
Is defined less strictly than for owner-investors
None of the above
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