Fed Tax - Capital Gain/ Loss

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acg
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Joined: Tue Jan 17, 2012 4:44 pm

Fed Tax - Capital Gain/ Loss

Postby acg » Wed May 08, 2013 4:33 pm

Exam tomorrow and I cannot seem to grasp this concept. Can anyone explain how to approach a capital gain/ loss question on an exam?

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3|ink
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Joined: Wed Dec 16, 2009 5:23 pm

Re: Fed Tax - Capital Gain/ Loss

Postby 3|ink » Wed May 08, 2013 6:57 pm

What about it don't you understand? When is gain capital instead of ordinary?

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alicrimson
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Re: Fed Tax - Capital Gain/ Loss

Postby alicrimson » Fri May 10, 2013 9:30 pm

Or the whole netting, 1250, collectible garbage? If it's the netting and pulling apart of things, what specifically is your issue?

If it's whether or not it's capital or not, ask yourself if it's property. Then, ask yourself if it is not on the 1221 list? If your answer is yes to both, you potentially have capital asset. If there's a loss, think about whether or not there is a code provision that allows it to be one.

acg
Posts: 11
Joined: Tue Jan 17, 2012 4:44 pm

Re: Fed Tax - Capital Gain/ Loss

Postby acg » Sat May 11, 2013 12:49 pm

thanks! luckily, it was barely covered on my final (i think). . .

lawyerdown27
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Joined: Tue Apr 24, 2012 1:21 pm

Re: Fed Tax - Capital Gain/ Loss

Postby lawyerdown27 » Sat May 11, 2013 6:26 pm

acg wrote:thanks! luckily, it was barely covered on my final (i think). . .


Tell me about it. After I turned mine in, I realized I didn't have a 1231 hotchpot anywhere and freaked because my prof covered it religiously. Thank god I was right.




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