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NACVA Exam CVA Topic 4 Question 101 Discussion

Actual exam question for NACVA's CVA exam
Question #: 101
Topic #: 4
[All CVA Questions]

There are some allowable methods for determining the basis of property received in exchange for other property. Which of the following is/are out those methods?

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Suggested Answer: D

by Izetta at Oct 22, 2024, 09:37 AM

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Aracelis
1 months ago
This question is so confusing, I think I need to exchange my brain for a new one. Maybe that'll give me a better basis to work with.
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Rosita
7 days ago
B) If a taxpayer receives property for services, then the original basis of the property when it is received is its original price
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Becky
15 days ago
A) Income basis of tax on the property
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Zona
1 months ago
I heard the IRS is offering a new 'basis of property' standup comedy tour. Apparently, it's a real knee-slapper.
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Timothy
2 months ago
B is just weird. Why would the original price matter if you're receiving the property for services? That doesn't seem right at all.
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Dell
25 days ago
C) The basis is the fair market value of the property exchanged for it, increased by any payments made or decreased by any payments received, when the two properties are of unequal value
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Paris
1 months ago
A) Income basis of tax on the property
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Marvel
2 months ago
I'm not sure, but I think the answer might be B.
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Kimbery
2 months ago
Income basis? What is this, a trick question? I'm pretty sure that's not a real thing. A is definitely out.
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Magnolia
2 months ago
D seems to make the most sense to me. The basis should be the fair market value of the property when it's received. Why overcomplicate things?
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Omega
2 months ago
I disagree, I believe the answer is D.
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Makeda
2 months ago
I'm pretty sure the correct answer is C. The basis is the fair market value of the property exchanged for it, increased by any payments made or decreased by any payments received, when the two properties are of unequal value. That's the standard rule for like-kind exchanges, right?
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Theodora
26 days ago
Exactly, it's important to understand the different methods for determining basis when dealing with property exchanges.
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Felix
27 days ago
So, the basis is the fair market value of the property exchanged, adjusted for any payments made or received. That makes sense.
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Wilda
28 days ago
Yes, C is the correct method for determining the basis of property received in exchange when the two properties are of unequal value.
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Ilene
29 days ago
I think you're right, C sounds like the correct answer for determining the basis of property received in exchange.
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Olga
2 months ago
I think the answer is C.
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