Chapter 9 Tax

Question	Answer
boot	cash or other non-qualifying property included as part of a nontaxable exchange
carryover basis	the basis of transferred property in the hands of a the recipient equal to the basis of the property in the hands of the transferor
involuntary conversion	the receipt of insurance or condemnation proceeds with respect to property destroyed by theft or casualty or taken by eminent domain
like-kind property	qualifying business or investment property that can be exchanged on a nontaxable basis
nontaxable exchange	a transaction resulting in realized gain or loss that is not recognized (in whole or in part) in the current year
qualifying property	the specific property eligible for a particular nontaxable exchange
substituted basis	the basis of qualifying property received in a nontaxable exchange determined by reference to the basis of the property surrendered in the exchange
wash sale	a sale of marketable securities is the seller reacquires substantially the same securities within 30 days before or after the sale

Resource summary

	Created by Stephany Fox over 8 years ago