If a distribution occurs within ________ years of the contribution date, in a nonliquidating distribution that does not qualify for Sec. 751 treatment, the distribution event may trigger a precontribution gain or loss.
A. unlimited
B. three
C. five
D. seven
Answer: D
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A(n) __________ is a resource to which access is controlled
A. object B. owner C. world D. subject
A _______________ key is a field that uniquely identifies a given entity in a table.
Fill in the blank(s) with the appropriate word(s).
Which of the following liabilities would be considered nonrecourse?
a. A bank loan for which the taxpayer is personally liable. b. Credit card debt. c. A $20,000 real estate loan which allows the bank to take the real estate if the taxpayer stops making payments on the loan. d. All of the above are nonrecourse liabilities.
During 2017, Myca sells her car for $5,000 . She acquired the car in 2013 for $11,000 and has used it 60% for business and 40% for personal use. She deducted $5,280 in depreciation. What is the taxable gain or loss from the sale of the car attributable to her business use?
a. $3,680 gain b. $432 gain c. $720 loss d. $2,280 loss e. $1,680 gain