Question

-Krishna owns a parcel of land she acquired on June 1, 2012, as an investment. She exchanges the land on July 5, 2018, for a storage building to be used in her business and marketable securities to be held as an investment. On what date does the storage building's holding period begin?

A) June 1, 2012

B) June 2, 2012

C) July 5, 2018

D) July 6, 2018

-Bojing owns a parcel of land she acquired on June 1, 2012, as an investment. He exchanges the land on July 5, 2018, for a storage building to be used in his business and marketable securities to be held as an investment. The marketable securities' holding period begins on

A) June 1, 2012

B) June 2, 2012

C) July 5, 2018

D) July 6, 2018

-Jake and Christina are married and file a joint return for 2018 with taxable income of $100,000 and tax preferences and adjustments of $20,000 for AMT purposes. Their regular tax liability is $13,879. What is the amount of their total tax liability?

A) $7,248

B) $9,230

C) $13,879

D) $25,708

Answer 1

a)

Holding period begins for storage building is June 1, 2012 because, property is holds for more than one year. Hence, it is qualified for long-term capital gain or loss. The holding period of the property is determined from the day after the acquiring the property and till the day of disposition. So, Krishna acquired a Land on June 1, 2012. Therefore, the painting’s holding period begins on June 1, 2012.

Hence, Option-A is correct answer.

As per my knowledge i answered above questions if you want remaining bit please post it separetly,Thank you.