Samson and Delilah are married and file a joint income tax return for 2020. Form 6251 shows that their tentative minimum tax is $16,320 and their 1040 Form shows that their regular income tax computed using the normal rules and tables is $15,030. The following is true: Select one: a. The Alternative Minimum Tax is not applicable to Samson and Delilah b. Samson and Delilah have to pay a total tax of $1,290 c. Samson and Delilah have to pay a total tax of $15,030 d. Samson and Delilah have to pay a total tax of $16,320 e. Samson and Delilah have to pay a total tax of $31,350 María Teresa and Danilo are brother and sister. María Teresa sold stock to Danilo for $5,000, its fair market value. María Teresa had bought the stock 5 years ago for a cost of $7,000. What is María Teresa’s recognized loss before the $3,000 capital loss limitation? Select one: a. $0 b. $3,000 c. $7,000 d. $2,000 e. $5,000 For a transaction to qualify as a deferred gain recognition like-kind exchange: 

Select one: 

a. A new holding period for capital gains treatment starts on the day the exchange is completed 

b. The properties exchanged must be like-kind; for example, raw agriculture land cannot be exchanged for an apartment building 

c. The properties exchanged must not be personal use residences 

d. There must be no cash exchanged 

e. Exchanged property must be equipment subject to depreciation

Answer rating: 100% (QA)

b The properties exchanged must be likekind for example raw agriculture land cannot be exchanged for an apartment building Properties are of likekind ... View the full answer