1. Please explain the distinction between a “realized” gain
and a “recognized” gain
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2. Are there any limits to the deductibility of
losses on sales and exchanges between related parties? What code section defines this limitation?
is the basis of property received (i.e. new property) in a like-kind exchange? What is the holding period for the new asset?
4. David purchased stock in Zoll Corporation in
1985 for $6,000. On April 16, 2013 he
gifted the stock to his daughter Susan; at the time of the gift, the Zoll stock
was valued at $250,000. Susan sold the
stock the next month for $ 252,000. What
is Susan’s gain or loss and what is the character of the gain or loss?