Question: Please help me with number 11 What difference does it make for income tax purposes whether an intangible asset is: a. Acquired in connection with

 Please help me with number 11 What difference does it makePlease help me with number 11

What difference does it make for income tax purposes whether an intangible asset is: a. Acquired in connection with a business acquired business b. Acquired by the purchase of individual assets eg patent c. Created internally A newly married person may change tax years to conform to that of his or her spouse so that a joint be filed. a. True b. False The exchange of partnership interest for an interest in another partnership qualifies as a like-kind exchange a. True False If a corporation receives dividends from an 80% or more owned affiliated corporation, the dividends deduction is 100% a. True b. False Laura exchanges office equipment with an adjusted basis of $20,000 for $5,000 cash and office equipment a fair market value of $12,000. a. What is the gain or loss realized? b. What is the gain or loss recognized? c. What is the adjusted basis of the new office equipment? The $250,000/$500,000 exclusion for gain on the sale of a personal residence is available to taxpayer

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