Homework Answers
Calculation of Taxable Income of Adam Armstrong:
a) If Shares are received as gift & Fair Market value exceeds Adjusted Basis then part of Gift tax paid by owner shall be added to the adjusted basis to get New basis
Here FMV = $50000 exceeds adjusted basis = $20000 then
Gift tax paid*(FMV-Adjusted Basis)/FMV = $14000*(50000-20000)/50000 = $8400
New Basis = $20000+8400 = $28400
Sale of Shares = $60000
Taxable value of Gift = 60000-28400 = $31600
b) Taxable value of Appartment on Exchange = Fair value of Appartment - Land Adjusted Basis
= $335000+25000-135000 = $225000
c) Not Taxable
d) Taxable value = sale value - selling expenses - adjusted basis = $145000-2500-56000 = $86500
Total Taxable Income = a+b+c+d+Earned Income- Contribution to Church -Mortgage Interest
= $31600+225000+86500+71000-9000-4600 = $400500
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