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Fundamentals of Taxation 2016 Edition
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Solutions Manual
CHAPTER 7 – SOLUTIONS
END OF CHAPTER MATERIAL
Discussion Questions
1. How are the terms basis, adjusted basis, and fair market value defined as they apply
to the calculation of gains and losses?
Answer:
a. Basis is defined as the cost of the property bought in cash, debt obligations, or
other property or services. Property can also be acquired other than through
purchase such as by gift, inheritance, divorce, or other exchange.
b. Adjusted basis is the cost, including any increases to the property such as
additions, or commission fees incurred on stock transactions, and decreases such as
depreciation on property and nontaxable stock dividends or splits.
c. Fair market value is the price at which the property would change hands between
a buyer and a seller, neither being forced to buy or sell and both having reasonable
knowledge of all the relevant facts. Sales of similar property, around the same date,
are typically used in figuring fair market value.
Learning Objective: 07-01

Topic: Terms
Difficulty: 1 Easy
EA: Yes
2. What is meant by the terms realized gain (loss) and recognized gain (loss) as they
apply to the sale of assets by a taxpayer?
Answer:
The term “realized” is everything the taxpayer receives in the transaction and is
sometimes called the proceeds from the sale. This includes cash received plus the
FMV of any property or services also received in the transaction plus any debt
obligations assumed by the purchaser. The term “recognized” is the amount that
will be recorded on the tax return as a gain or loss. Assets sold are considered
depending on the type of transaction.

Topic: Terms
Difficulty: 1 Easy
EA: Yes
Cruz et al. Fundamentals of Taxation 2016 7-1 ©2016 McGraw-Hill Education

Solutions Manual
3. How can the gain from the sale of property be characterized? Why is it important to
correctly characterize the gain on the sale of property?
Answer:
The type of gain is dependent on the character (use) of the asset. Assets are
classified as ordinary income property, §1221 capital property (capital assets), or
§1231 trade or business property. It is important to correctly characterize the gain
on the sale of property because different types of gains are reflected differently on
the tax return. Depending on the nature of the asset, the gains can be taxed at
different rates.

Topic: Classification of Assets
Difficulty: 1 Easy
EA: Yes
4. What is a capital asset? What factors affect the determination of whether an asset is
classified as a capital asset?
Answer:
A capital asset includes assets that are not classified as other types of property, and
usually includes assets used for personal or investment purposes. The most obvious
example of a capital asset is stocks or bonds. Examples of other capital assets
include the taxpayer’s primary residence, timber grown on home property,
household furnishings, personal automobile, coin and stamp collections, and
jewelry. Capital assets do not include stock in trade of the taxpayer (inventory),
copyrights, accounts or notes receivables, and property subject to depreciation.

Topic: Capital Assets
Difficulty: 2 Medium
EA: Yes
5. What determines whether land is a capital asset? How else can land be classified?
Answer:
Land held for investment is a capital asset. However, if the land is used in a trade or
business, it is not a capital asset but a §1231 asset. If the land is held for resale by a
real estate developer, it is treated as inventory (an ordinary asset).

EA: Yes

Solutions Manual
6. What is a §1231 asset? How are gains and losses from the sale of §1231 assets
treated? On what tax form are gains and losses from the sale of §1231 assets reported?
Answer:
IRC §1231 property is depreciable and nondepreciable property (including real
property) used in a trade or business and held for more than 1 year. Timber, coal,
domestic iron ore and certain livestock held for breeding, dairy, or sporting
purposes are also considered §1231 property. The most typical examples of §1231
assets are machinery and equipment, buildings, and land used in a business. When
a §1231 asset is sold, the gain may be either ordinary or capital. These gains (and/or
losses) on the sale are initially reported on Form 4797.

Topic: Trade or Business Property
EA: Yes
7. When we determine whether an asset is a §1231 asset, does the length of time the
asset is held affect the classification? Explain.
Answer:
By definition, IRC §1231 property is property, depreciable or nondepreciable, used
in a trade or business and held for more than 1 year.

Difficulty: 1 Easy
EA: Yes
8. What are the different classifications of capital assets? List each classification and the
rate at which the gains are taxed.
Answer:
Collectibles 28% rate
IRC §1202 Gain 28% rate
Unrecaptured §1250 Gain 25% rate
Other Capital Gains 0%, 15%, or 20% rate

Difficulty: 1 Easy
EA: Yes

Solutions Manual
9. Discuss the concept of ordinary income property and give some examples.
Answer:
Ordinary income property can be defined as any asset that is not a capital asset.
The two most common ordinary assets are inventory and accounts receivable.

Topic: Sales of Ordinary Assets
Difficulty: 1 Easy
EA: Yes
10. What factors affect the taxability of capital gains and losses?
Answer:
Capital gains are taxed at preferential rates and capital losses are limited as to their
deductibility. The tax treatment of a capital gain or loss varies depending on several
factors, including the holding period of the capital asset, whether the sale of the
asset produced a gain or loss, the combination of capital gains and losses (a net
capital gain or a net capital loss), the type of capital asset sold, and the taxpayer’s
tax bracket.

Topic: Sales of Capital Assets
EA: Yes
11. Does the length of time a capital asset is held affect the gain or loss on the sale of the
asset? Explain.
Answer:
The length of time held does not affect the amount of the gain or loss but it does
affect the tax rate on the gain. Only long-term capital gains receive preferential tax
treatment.

Topic: Holding Period of Capital Assets
Difficulty: 1 Easy
EA: Yes

Solutions Manual
12. How is a net capital loss treated? Include in your answer a discussion of how a net
capital loss is treated in relation to other income.
Answer:
Long-term capital losses must be netted with long-term capital gains. Short-term
capital losses must be netted with short-term capital gains. Then the two figures
must be netted together. Any remaining capital loss reduces ordinary income by a
maximum of $3,000 per year for individual taxpayers. Any excess may be carried
forward indefinitely to offset gains.

Topic: Netting Capital Gains and Capital Losses
Difficulty: 1 Easy
EA: Yes
13. In what ways can a capital asset be acquired, and how is the holding period
determined for each method of acquisition?
Answer:
Assets can be acquired by purchase, by gift, or through inheritance. For stocks,
bonds, other property, and other nontaxable exchanges, the holding period starts
the day after the taxpayer acquired the property. For a gift, if the taxpayer’s basis
is the donor’s basis, the holding period includes the donor’s period. If the
taxpayer’s basis is the FMV, the holding period starts the day after the date of the
gift. Property acquired through inheritance is always considered to have been held
longer than one year.

Difficulty: 3 Hard
EA: Yes
14. Capital gains can be taxed at several different rates. What determines the rate?
Answer:
Net long-term capital gains can be taxed at a 0%, 15%, 20%, 25%, or 28% rate.
Except for “unrecaptured” §1250 gains and “collectibles gains” (see below), long-
term capital gains are taxed at either 0% or 15%. The determination of the
percentage is based on the taxpayer’s taxable income and corresponding tax
bracket. The 25% rate relates to “unrecaptured” capital gains from depreciable
real property (buildings) used in a trade or business. The 28% capital gain rate
applies to “collectibles gains” and §1202 gains.

Topic: Capital Gain Rates
EA: Yes

Solutions Manual
15. What is a §1202 gain, and how is it taxed?
Answer:
IRC §1202 provides a provision to limit the taxation on a gain from the sale of
“qualified small business stock.” In the case of a taxpayer other than a corporation,
gross income shall not include 75% of any gain from the sale or exchange of
qualified small business stock held for more than 5 years if the stock was purchased
after February 17, 2009 and before September 27, 2010 and 100% for stock
purchased after September 27, 2010 and before January 02, 2012. This 100%
exclusion has been extended to stock acquired before January 01, 2014 and held for
5 years.
For qualified small business stock that was purchased before February 17, 2009,
and held for longer than five years, 50% of any gain may be excluded from taxable
income. The remaining §1202 gain is taxed at the 28% capital gains rate.

Difficulty: 3 Hard
EA: Yes
16. Discuss the netting process of capital gains and losses. What are the possible
outcomes of the netting process, and how would each situation be taxed?
Answer:
In order to determine net capital gains and losses, the taxpayer must combine short-
term capital losses and short-term capital gains to obtain a net short-term capital
gain or loss. The long-term capital gains and losses must also be combined resulting
in a net long-term capital gain or loss. The net short-term gain or loss is then netted
with the long-term gain or loss unless the results of the initial netting created a net
short-term capital gain and a net long-term capital gain or a net short-term capital
loss and a net long-term capital loss.
The taxpayer must then separate the gains that are taxed at 28% (collectibles and
§1202 gains). If an overall net loss results, the individual taxpayer is allowed to
deduct up to a maximum of $3,000 against other income. Any net loss exceeding the
$3,000 is carried over indefinitely to offset other capital gains. The netting process
can result in several different outcomes.
 If the result is a net short-term gain and a net long-term gain, the tax is
paid at the regular tax rates for short-term gain and the net long-term
gain is taxed at the appropriate capital gains rate.
 If the result is a net short-term gain and a net long-term loss, the long-
term loss is offset against the short-term gain.
o If the short-term gain exceeds the long-term loss, the short-term gain
is taxed at the regular tax rates.

Solutions Manual
o If a long-term loss results, the loss is allowed up to $3,000 against

other income and any excess is carried forward indefinitely.
 If the result is a net short-term loss and a net long-term gain, the long-
term gains need to be separated into the 28%, 25%, and 15% groups.
The net short-term loss is first offset against the 28% group, then the
25% group and if any loss remains, the 15% group gains are reduced.
 If the result is a net short-term loss and a net long-term loss, only $3,000
of the losses can be deducted against other income. The short-term losses
are deducted first against other income and if any of the $3,000 limit
remains, the long-term loss is allowed (up to the $3,000 limit). Any excess
is carried forward indefinitely.

Topic: Netting of Capital Gains and Capital Losses
Difficulty: 3 Hard
EA: Yes
17. What is a §1245 asset? How is it related to a §1231 asset?
Answer:
A §1245 asset property is personal trade or business property subject to
depreciation. It does not include land, buildings, and building structural
components. A gain on the sale of a §1245 asset is ordinary to the extent of
depreciation taken. Any gain in excess of depreciation taken is considered to be a
§1231 gain and would potentially receive long-term capital gain treatment. This
type of gain is unusual because equipment rarely appreciates, and any gain is
usually caused by accelerated depreciation.

Topic: Sales of Business Property
EA: Yes
18. What is a §1250 asset? How is it related to a §1231 asset?
Answer:
A §1250 asset is depreciable real property used in a trade of business that has never
been considered §1245 asset property. It includes all buildings, residential and non-
residential, used in a business or for the production of income. Since an ordinary
expense deduction was allowed for depreciation on the asset, some or all of the gain
from the sale should be treated as ordinary. Any gain in excess of this gain is
considered a §1231 gain and may be taxed at the preferential rate. If there is a loss,
the loss is always treated as an ordinary loss.


Solutions Manual
EA: Yes
19. Explain the terms recapture and unrecaptured provisions as they apply to §1250
assets.
Answer:
There are not many situations in which a sale of §1250 property is subject to
recapture, mostly because any depreciable real property purchased after 1986 must
be depreciated using the straight-line method. If the required depreciation is
straight-line, there cannot be any depreciation in excess of straight-line. Most real
property placed in service between 1981 and 1986 used accelerated methods over
periods of 15, 18, or 19 years.
Although it is likely the same taxpayers still own many of these buildings, most of
these properties are considered §1245 property. Most other buildings placed in
service prior to 1981 are likely to be fully depreciated under either straight-line or
some other method. Therefore, there would be no difference between methods in
the depreciation taken.
However, the gain representing straight-line depreciation deductions claimed by the

taxpayer is unrecaptured §1250 gain and is taxed at a rate of 25% up to
depreciation taken. The remaining gain is §1231 gain.

Topic: Recapture Provisions
Difficulty: 3 Hard
EA: Yes
20. What is a capital gain distribution, and how is it taxed?
Answer:
A capital gain distribution is a distribution of gains and losses to individual
shareholders accumulated from mutual funds. The taxpayer reports the capital
gain distribution (considered long-term) on Schedule D (any 28% gain will be
shown on the mutual fund statement and is separately reported on Schedule D).

Topic: Mutual Fund Capital Gain Distributions
Difficulty: 1 Easy
EA: Yes

Solutions Manual
21. How can a taxpayer determine the basis of units from a mutual fund?
Answer:
The gain or loss from the sale of mutual fund stock is calculated by subtracting the
total cost basis from the sale proceeds. If the units were purchased at different
times for different prices, there are several rules that must be followed. The first-in
first-out method requires that the first shares purchased be deemed the first sold.
Using the specific identification method, the taxpayer specifies which units are to be
sold. Using the average basis method, the taxpayer takes the total cost basis and
divides by the total units to get an average cost per unit (single category method).
For sales after March 31, 2011, the “double-category method,” where an average is
calculated for the short-term basis and short-term units and an average is calculated
for the long-term basis and long-term units is not allowed.

Topic: Sales of Shares from a Mutual Fund
EA: Yes
22. How are gains (losses) from the sale of property acquired from a decedent taxed?
Answer:
The beneficiary can choose one of two valuation dates to determine FMV. They are
the date of death or six months after death (only if a federal estate return is filed),
which is termed the “alternate valuation” date. The holding period is always
considered long- term.

Topic: Sales of Inherited Property
Difficulty: 1 Easy
EA: Yes
23. Explain how gains (losses) from the sale of property acquired as a gift are taxed.
Answer:
If the FMV at the date of the gift is more than the basis, use the basis to the donor to
calculate the gain or loss on the sale.
If the FMV at the date of the gift is less than the basis, use the basis to the donor to
calculate the gain on the sale. Use the FMV to calculate the loss on the sale. If the
sales price is between the FMV and the basis to the donor, there is no gain or loss.

Solutions Manual
Topic: Sales of Property Received as a Gift

Difficulty: 3 Hard
EA: Yes
Multiple Choice
24. Jim sells a parcel of land for $70,000 cash and the buyer assumes Jim’s liability of
$10,000 on the land. Jim’s basis is $62,000. What is the gain or loss on the sale?
a. $2,000 loss.
b. $2,000 gain.
c. $8,000 gain.
d. $18,000 gain.
Answer: d
Feedback: If the buyer assumes a liability, this is added to the sell price of the asset.
In this case, the sell price of $70,000 and the assumed liability of $10,000 are added
together as the proceeds. The gain is calculated as $80,000 - $62,000.

Topic: Terms
Difficulty: 1 Easy
EA: Yes
25. All of the following statements regarding the definition of basis other than cost are
true except
a. The basis for assets received as a gift depends on whether the FMV is greater than,
equal to, or less than the donor’s basis at the time of the gift.
b. The basis of property transferred to a taxpayer from a former spouse pursuant to a
divorce decree is valued at the FMV at the date of the decree.
c. The basis of inherited property is the FMV at the date of death or alternate valuation
date that the personal representative is allowed by law to choose.
d. The basis for property received in exchange for services rendered is the FMV of the
property if the FMV of the services is not known beforehand.
Answer: b
Feedback: The basis of property transferred to a taxpayer from a former spouse

pursuant to a divorce decree is the same as the former spouse’s adjusted basis
before the transfer.

Topic: Terms
EA: Yes

Solutions Manual
26. All of the following expenses increase the basis of stock held for investment except
a. Commission fees on the purchase of the stock.
b. Stock splits.
c. Stock dividends from a dividend reinvestment plan.
d. All of the above increase the basis of stock held for investment.
Answer: b
Feedback: In a stock split, the basis is decreased by the number of additional shares
given. In a two-for-one split, there will be twice as many shares; however, the basis
is reduced by half.

Topic: Terms
Difficulty: 1 Easy
EA: Yes
27. In 2005, Matthew purchased land for $97,000 for use in his business. He sold it in
2015 for $103,000. What are the amount and type of gain on this sale, before netting of
any other gains and/or losses?
a. $6,000 short-term capital gain.
b. $6,000 long-term capital gain.
c. $6,000 ordinary income.
d. $6,000 §1231 gain.
Answer: d
Feedback: The land was used in his business and is considered a §1231 asset.

EA: Yes
28. On May 20, 2014, Jessica purchased land for $103,647 to use in her business. She
sold it on May 21, 2015 for $100,595. What are the amount and type of loss on this sale
if Jessica does not have any other sales from a trade or business?
a. $3,052 deferred loss.
b. $3,052 long-term capital loss.
c. $3,052 ordinary loss.
d. $3,052 § 1231 loss.
Answer: c

Solutions Manual
Feedback: $103,647 basis - $100,595 sell price = $3,052 loss. Since this was land
used in her business the loss is considered ordinary.

Topic: Recognized Gains (Losses) from Ordinary Assets
Difficulty: 1 Easy
EA: Yes
29. Medhat and Neveen, married filing jointly, have $375,000 in MAGI and $80,000 of
net investment income (NII). They will pay a surtax of:
a. $0.
b. $1,710.
c. $2,850.
d. $3,040.
Answer: d
Feedback: The taxpayers met the threshold of $250,000. The rule is the lesser of the
net investment income or the difference in MAGI and the threshold. In this case,
$375,000 - $250,000 = $125,000 and the net investment income is $80,000; therefore
the surtax is calculated on $80,000.

EA: Yes
30. In 2005, Duncan purchased 2,000 shares of stock for $50,000 in a midsize local
company with gross assets of $15,000,000. In 2015, Duncan sold the stock for $68,000.
How is the gain treated for tax purposes?
a. $18,000 capital gain and taxed at preferential rates.
b. $9,000 excluded from gross income under §1202 and $9,000 taxed at regular rates.
c. $9,000 excluded from gross income under §1202 and $9,000 taxed at 28%.
d. $13,500 excluded from gross income under §1202 and $4,500 taxed at preferential
rates.
Answer: c
Feedback: There are special rules that apply to Qualified Small Business Stock. In
this problem, all the requirements have been met to qualify for this special tax
treatment. The amount of exclusion is 50% because the stock was purchased in
2005. The 75% exclusion applies to stock purchased after February 17, 2009 and
before January 1, 2011 and held for more than five years.


Solutions Manual
EA: Yes
31. Blair sold the following stocks in 2015: 200 shares of Dearborn Investments
purchased May 15, 2014, for $3,050 and sold on January 9, 2015 for $4,135; and 40
shares of State Street Investments, purchased November 7, 2012, for $11,875 and sold on
March 29, 2015, for $8,675. What are the pre-net amount and nature of the gain (loss) on
the sale of these transactions on Blair’s 1040 return for 2015?
a. $1,085 short-term gain and $3,000 long-term loss.
b. $1,085 short-term gain and $3,200 long-term loss.
c. $1,915 net long-term loss.
d. $2,115 net long-term loss.
Answer: b
Feedback: Dearborn shares : $4,135 (sell price) - $3,050 (basis) = $1,085 short-term
gain. State Street Investments: $8,675 (sell price) - $11,875 (basis) = ($3,200) long-
term loss.

EA: Yes
32. Which statement is true regarding short-term capital gains?

a. If there are a net short-term gain and a net long-term gain, both gains are taxed at
regular rates.
b. A long-term loss offsets a short-term gain, and if a gain results, the gain is taxed at
regular rates.
c. A long-term loss offsets a short-term gain, and if a gain results, the gain is taxed at
preferential rates.
d. If there are a net short-term gain and a net long-term gain, both gains are taxed at
preferential rates.
Answer: b
Feedback: After netting capital gains and losses for long-term and short-term assets,
a resulting short-term gain is taxed at regular rates.

Difficulty: 1 Easy
EA: Yes

Solutions Manual
33. Which is true regarding long-term capital gains?

a. A net long-term gain can offset a short-term gain but not a short-term loss.
b. A net long-term gain can be taxed at 28%, 25%, 20%, 15% or 0%, depending on the
type of gain generated.
c. A net long-term loss can be offset against a long-term gain, and if there is a resulting
long-term gain, it is taxed at regular rates.
d. A long-term loss can offset a long-term gain only if the netting result produces a loss
of more than $3,000.
Answer: b
Feedback: Depending on the tax bracket of the taxpayer, long-term gains can be
taxed at a preferential rate of 0%, 15%, or 20%. The tax rate of 25% is for
unrecaptured §1250 assets and the 28% is for §1202 assets and collectibles.

Difficulty: 1 Easy
EA: Yes
34. When there are a net short-term loss and a net long-term loss, which of the following
is true?
a. The entire short-term loss is used to reduce other income before the long-term loss can
be used to offset other income.
b. A long-term loss is used to reduce other income before the short-term loss.
c. Regardless of the amount of a short-term or long-term loss, the maximum amount of
loss that can be taken in any one year is $3,000. Any remaining loss amounts can be
carried forward for three years for individual taxpayers.
d. Regardless of the amount of a short-term or long-term loss, the maximum amount of
loss that can be taken in any one year is $3,000. Any remaining loss amounts can be
carried forward indefinitely for individual taxpayers.
Answer: d
Feedback: The maximum amount of a loss that can be taken in any one year is
$3,000 regardless of holding period status. Any remaining loss amounts can be
carried forward indefinitely to offset future year gains.

Difficulty: 1 Easy
EA: Yes

Solutions Manual
35. Alton received a Form 1099-B that shows a net sales price of $2,500 on the sale of
600 shares of FNP Company. He bought the stock on October 21, 2014, and sold it on
October 22, 2015. His basis in the stock is $1,875, of which $25 is a commission fee.
What is the amount and nature of Alton’s gain?
a. $625 short-term gain.
b. $650 short-term gain.
c. $625 long-term gain.
d. $650 long-term gain.
Answer: c
Feedback: $2,500 (sale price) - $1,875 (basis) = $625 gain. The $25 commission fee
is included in the basis. The holding period is more than one year; therefore, it is a
long-term gain.

Difficulty: 1 Easy
EA: Yes
36. Amal received a Form 1099-DIV with a capital gain distribution of $210. She also
received a Form 1099-B from the sale of 240 shares of AMS stock she purchased for
$2,900 plus a $28 commission fee on February 22, 2014. The net proceeds of the stock
sale were $2,700 (the commission fee was $14) and the trade date was February 22, 2015.
What are the amount and nature of Amal’s gain (loss) on these transactions?
a. $214 short-term loss and $210 long-term gain.
b. $214 long-term loss and $210 short-term gain.
c. $228 long-term loss and $210 short-term gain.
d. $228 short-term loss and $210 long-term gain.
Answer: d
Feedback: Capital gain distributions are considered long-term.

EA: Yes

Solutions Manual
37. Shannon bought an apartment building in July 2009 for $360,000 and sold it for
$480,000 in 2015. There was $77,994 of accumulated depreciation allowed on the
apartment building. Assuming that Shannon is in the 33% tax bracket, how much of her
gain is taxed at 25%?
a. $0.
b. $42,006.
c. $77,994.
d. $120,000.
Answer: c
Feedback: The amount of gain up to the accumulated depreciation taken is subject

to a rate of 25%. Any gain over that amount is taxed at preferential rates. This
rarely occurs.

Difficulty: 1 Easy
EA: Yes
38. Francisco, a single taxpayer, has income from his W-2 of $93,250. He also has a
short-term capital loss of $7,311 a short-term capital gain of $2,100, and a long-term
capital gain of $4,680. What is Francisco’s AGI for 2015?
a. $92,719.
b. $93,250.
c. $95,350.
d. $100,030.
Answer: a
Feedback: The short-term capital loss of $7,311 and short-term capital gain of
$2,100 are netted together to result in a net short-term capital loss of $5,211. An
amount of $5,211 of the net short-term capital loss can be used to completely offset
the long-term capital gain of $4,680. This will leave a $531 short-term capital loss.
AGI for 2015 would be $93,250 wages and a $531 short-term capital loss that results
in $92,719.

Difficulty: 1 Easy
EA: Yes

Solutions Manual
39. In 2015 Ann received 1,000 shares of stock as a gift from her husband Tim, who
purchased them in 2006. At the time of the gift, the FMV of the stock was $29,300 and
Tim’s basis was $31,000. If Ann sells the stock for $32,834 in 2015, what are the nature
and amount of the gain from the sale?
a. $1,834 long-term gain.
b. $3,534 long-term gain.
c. $1,834 short-term gain and $1,700 long-term gain.
d. $1,834 term gain and $1,700 short-term gain.
Answer: a
Feedback: If the FMV at time of gift was less than basis, Ann would use Tim’s basis
for calculating a gain. The holding period (see Table 7-3) is the same as the donor’s.

EA: Yes
40. In 2015 Ann received 1,000 shares of stock as a gift from her husband Tim, who
purchased them in 2006. At the time of the gift, the FMV of the stock was $29,300 and
Tim’s basis was $31,000. If Ann sells the stock for $26,834 in 2015, what is the nature
and amount of the loss from the sale?
a. $2,466 short-term loss.
b. $1,700 long-term loss.
c. $4,166 long-term loss.
d. $2,466 short-term loss and $1,700 long-term loss.
Answer: a
Feedback: If the FMV at the time of the gift was less than basis and the stock was
sold for less than the FMV, Ann uses the FMV of the stock. The holding period (see
Table 7-3) when there is a loss starts the day after the date of the gift. In this case,
the loss is short-term.

EA: Yes

Solutions Manual
Problems
41. Umair sold some equipment he used in his business on August 29, 2015, that was
originally purchased for $70,000 on November 21, 2014. The equipment was
depreciated using the 7-year MACRS method for a total of $18,574. Assume there is no
additional netting of gains and losses for this taxpayer.
a. Assume Umair sold the equipment for $50,000:

(1) What is the amount of realized gain or loss on the sale of the equipment?
(2) Is the nature of the gain or loss considered ordinary or long-term?
Answer:
a (1) ($1,426) loss
a (2) Ordinary
Feedback:
a (1) $50,000- $51,426 = ($1,426) loss
a (2) This is an ordinary loss and initially is recorded on Form 4797; if there is no
other netting, this amount will go on the front of Form 1040 as a loss.
b. Assume Umair sold the equipment for $60,000:

(1) What is the amount of realized gain or loss on the sale of the equipment?
(2) Is the nature of the gain or loss considered ordinary or long-term?
Answer:
b. (1) $8,574 gain
b. (2) Ordinary
Feedback:
b. (1) $60,000 - $51,426 = $8,574 gain
b. (2) This is §1245 property, and will be initially recorded on Form 4797. The gain
of $8,574 is taxed at regular rates up to the amount of depreciation taken.

Topic: Recognized Gain or Loss from Ordinary Assets
EA: Yes

Solutions Manual
42. Alice owns undeveloped land with an adjusted basis of $140,000. She sells the
property to George for $185,000.
a. What is Alice’s realized and recognized gain?

b. To what IRC section does the gain on the property apply?
c. If the land is used in a trade or business, to what IRC section does the gain on the
property apply?
Answer:
a. $45,000
b. Section 1221
c. Section 1231
Feedback:
a. $185,000 - $140,000 = $45,000 realized and recognized gain.
b. This is a Capital Asset under Section 1221 Capital Property.
c. This is a Trade or Business Property Asset.

Difficulty: 1 Easy
EA: Yes
43. Haneen has taxable income of $115,000 without consideration of capital gain or loss
transactions. She has a short-term capital gain of $15,000, a long-term capital loss of
$7,000, and a short-term capital gain of $4,000. Assume none of the gains or losses are
from collectibles or unrecaptured §1250 property, and Haneen is in the 25% tax bracket.
a. What is the total short-term gain or loss?

b. What is the total long-term gain or loss?
c. What is the carryover amount?
d. Is the gain or loss after netting taxed at the ordinary or capital rate?
Answer:
a. $19,000 Gain
b. $7,000 Loss
c. $0
d. Ordinary

Solutions Manual
Feedback:
a. Short-term Capital Gains $15,000 + $4,000 = $19,000
b. Long-term Capital Loss of $7,000
c. The $19,000 short-term gain offsets the $7,000 long-term loss leaving a $12,000
short-term gain.
d. After netting the result is a short-term gain of $12,000 that is taxed at ordinary
rates with no preferential tax treatment.

EA: Yes
44. Respond to the following independent situations:
a. Jacob is a single taxpayer who has net investment income consisting of $10,000
interest on a certificate of deposit, $5,000 from dividends from a mutual fund, $5,000
from capital gain distributions from mutual funds, and $40,000 in long-term capital gains
from selling some stocks, and his MAGI is $190,000.
(1). How much in surtax will Jacob be assessed on his Form 1040 for 2015?
b. Jacob is a single taxpayer who has net investment income consisting of $10,000
from selling stocks and his MAGI is $250,000.
c. Jacob is a single taxpayer who has net investment income consisting of $30,000 in
from selling some stocks and his MAGI is $300,000.
Answer:
a. (1) $0
b. (1) $1,900
c. (1) $3,800

Another random document with
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el engaño y la malicia hacen siervos de hombres libres. Otras veces,
emisarios infames de esa innoble industria que no sabe prosperar sin
esclavizar, han ido á la India y á la China, han hecho cómplices suyos
á Inglaterra, á la Unión Americana, á España, al Perú; han
convertido en encubridores de su inicua trata á los representantes
consulares de esas naciones en el Extremo Oriente, han engañado
con viles promesas á los pobres coolíes y á los labradores del Quan-
Tung, y esclavizándolos á dolorosos contratos, los han traído á mal
morir en las sentinas de los barcos en que los hacinaban ó en la
horrible existencia de las colonias inglesas, de Filipinas, de Cuba, del
Perú, de California, horrible existencia de parias, de verdaderos
parias, de hombres que dan asco, de sombras que horripilan, hasta
que un día, como en Jamaica, los fusilan en tropel por celebrar
ceremonias del culto budista, y otro día, como en California y en los
campos del Perú, los persiguen por competencias económicas.
Sin duda que en una industria así manchada con crímenes tan
oprobiosos no tiene ante la moral sencilla el esplendor con que se
presenta á los ojos deslumbrados del epicúreo; pero aún ha hecho
más para hacer más abominable el satánico jesuitismo con que
sacrifica los medios á los fines. Ha hecho más. Ha convertido
naciones ilustres en la historia de la civilización, como Inglaterra, en
impositora de un vicio horrendo á una sociedad de cuatrocientos
millones de seres humanos, ó como España, en impositora de un
privilegio enervante é incivilizador en favor de sus hijos territoriales
contra sus hijos coloniales.
La guerra del opio, una guerra mortífera, inicua y vergonzosa,
exclusivamente hecha por Inglaterra contra China para imponerle el
consumo del opio que un emperador digno de eterna loa quiso á toda
costa impedir que siguiera labrando la vida y la moral de sus
súbditos, es la tercera forma, no más aterradora que las otras, pero
tan inicua como las otras dos, que ha tomado en nuestros tiempos la
inmoralidad industrial.
Muchos errores y muchos delitos ha cometido Inglaterra por
favorecer su industria; pero tan horrendo como la guerra del opio,
tan infame como la mortal narcotización de todo un pueblo para
ganar así unos cuantos millones de libras esterlinas, ninguno. ¡Y
pensar que ese es el pueblo del siglo XVII!
La guerra sorda, continua, sin cuartel, que á principios del siglo
estalló en todo el Continente, desde Méjico hasta el virreinato de
Buenos Aires, dando al fin por bendecido fruto la abolición del
principio industrial obtenido por los españoles de territorio contra
los españoles de origen y derecho, ha continuado y continúa en Cuba,
en Puerto Rico, en Filipinas, sociedades cuya potente vitalidad, cuya
fuerza económica, cuyos beneficios industriales explotan á mansalva
los españoles que usufructúan su privilegio contra los insulares que
sienten ligados sus movimientos por ese privilegio.
En el fondo, no es la política, no es un plan político, es la industria,
es un plan industrial el que esclaviza á esas islas malogradas para la
libertad, para la civilización, para el mundo y para España misma.
El día en que estallen, la moral industrial habrá dado en ellas un
gran paso. Si España quiere que no estallen, haga á la Moral el bien
de no supeditar la libertad de tres sociedades al beneficio industrial
de pocos y no los mejores de sus hijos.
CAPÍTULO XXXVIII
LA MORAL Y EL TIEMPO
El tiempo, para el trabajo, es aire; para el ocio plomo.

Como plomo, pesa en pequeñas cantidades lo que en grandes
cantidades el trabajo, y es natural que de continuo busquemos el
modo de descargarnos de la carga fatigosa.
En el modo de descargarse está gran parte del arte de la vida, y en
combinar el pasatiempo con el tiempo empleado en el trabajo está la
superioridad ó la inferioridad de una civilización. En la civilización
más adelantada, que ha de ser la más moral, está ingeniado el
pasatiempo con propósito de bien, para evitar el mal de que la
ociosidad es consejera. En la civilización menos desarrollada, que es,
por menos racional, menos moral, el pasatiempo es violenta
supresión de tiempo. La civilización moral ha de llevar el orden al
descanso del trabajo. La civilización inmoral altera el orden ó
continúa el desorden en las horas del reposo y del solaz. La una sabe
distraerse, traer su atención de una ocupación de tiempo que la
absorbe á otra ocupación de tiempo que la encanta. La civilización
inferior no sabe más que divertirse; verter á raudales en nonadas
peligrosas el tiempo que pesa sobre individuos, grupos y sociedad
entera. La vitalidad de todas las formas religiosas está íntimamente
relacionada con este serio problema sociológico del empleo del
tiempo sobrante. La enérgica resistencia de las diversiones más
inmorales á argumentos de razón y de experiencia se explica por la
necesidad en que pueblos é individuos están de deshacerse de la
carga del tiempo sobrante.
Los vicios más rebeldes, que son los de sensualidad, contra todo
remedio se rebelan y resisten, por el vergonzoso poder que tienen de
absorber fuera del tiempo los sentidos.
Los vicios más cobardes, la difamación, la maledicencia, la
calumnia, porque matan el tiempo, sobreviven.
El culto, en las religiones positivas, es la raíz más profunda de la fe.
Cuanto ésta es más irracional, tanto el culto es más teatral. Lo que no
se puede obtener por devoción se obtiene por diversión. De ahí, en el
fondo histórico de todas las religiones monoteístas, el germen de
politeísmo que se ven forzadas á cultivar con esmero para
entretenimiento de las multitudes. Cuanto mayor el número de
atributos de la divinidad, y más numerosas sus manifestaciones y
personalizaciones, tanto más frecuente el culto, tanto más fecundo
en pasatiempo. Las innumerables legiones del brahmanismo y del
budismo, el arte de brahmines y bonzos en divertirlas con sus cultos
respectivos deben la disminución de carga, que es para ellas el
tiempo y la flemática fidelidad con que resisten, á la propaganda y al
espectáculo del protestantismo en la India. Son, entre indus,
tibetianos y chinos, deduciendo confucianos, mahometanos, parsis,
nanakianos, panteístas, indiferentes y librepensadores, unos
seiscientos millones de seres humanos, sobre los cuales pesa el
tiempo con la abrumadora pesadumbre con que pesa en aquellos
campos de batalla del trabajo en que la competencia biológica no ha
podido moderarse ni por la ejemplar sobriedad del combatiente, ni
por la fecundidad de recursos naturales en el suelo del combate, ni
por la portentosa laboriosidad y la industria secular del mejor
mantenedor de ese combate, el chino.
¿Qué sería de ese hormiguero de racionales si sus religiones no le
hicieran soportable el tiempo? ¿Qué de los doscientos cincuenta
millones de católicos que generalmente pululan en las sociedades
menos industriosas de Europa y América, si el culto de su Iglesia no
los divirtiera casi todos los días del tiempo que casi continuamente
les sobra?
Cierto que el tiempo empleado en el culto es una resta formidable
y está lejos de ser un empleo útil; pero, al menos, en esa disipación
entra de algún modo la idea del deber en cuanto el religionario está
obligado por su religión al culto.
Infinitamente, de todos modos, menos inmoral es ese abuso del
tiempo que el favorecido por las cien instituciones del vicio que se
levantan en el seno de la civilización á acusarla de su incapacidad
para aprovechar en distracciones civilizadoras y moralizadoras el
tiempo social que sobra cada día después de las faenas de las
industrias mecánicas y racionales.
El teatro, que es una institución de esa buena especie, pasatiempo
educador como ninguno por ser más accesible que otro alguno á la
receptividad mental y sensitiva del pueblo, en ninguna parte es una
institución popular ni nacional; no popular, porque no alcanza
sistemáticamente al pueblo; no nacional, porque reduce su acción á
las grandes capitales, y pocas veces llega á las pequeñas, y nunca á la
población rural. La escuela nocturna, que debiera ser en todas partes
un atractivo irresistible para la falange industrial que conduce á las
naciones, no se ha extendido bastante á villas, burgos, villorrios y
aldeas, y en parte alguna tiene fuerza de atracción bastante para
disputar su presa á los centros de depravación.
Las conferencias literarias, científicas, religiosas, políticas,
económicas, son privilegio de los grandes centros.
De ellos también, como si sólo en ellos indujera la sobra de tiempo
á excesos criminales, es privilegio exclusivo la benéfica propaganda
de las asociaciones establecidas contra la intemperancia.
La patinación artificial, los gimnasios, las salas de armas, las de
tiro, los ejercicios de bomberos, las sociedades de tiro al blanco, las
excursiones fluviales y marítimas con propósito de educación
placentera, son instituciones privativas de un cortísimo número de
individuos en el cortísimo número de ciudades norte-americanas,
suizas, inglesas y alemanas en que existen.
Los ateneos, liceos, academias, casinos, instituciones dos veces
preciosas porque convierten el estudio en placer, y porque al placer
del estudio facilitado por la palabra viviente del propagandista
agregan los amables solaces de la sociabilidad, son mucho menos
generales de lo que debieran, y en parte alguna alcanzan con su
fructífero pasatiempo al fondo de la masa social.
Los conciertos populares, que usurpan su apellido, porque casi
nunca se ponen al alcance del mínimo ahorro que puede hacer el
llamado hombre del pueblo, debieran ser una verdadera institución
nacional en todos los países, y alcanzar con su benéfica acción á la
población aldeana y rural. Los orfeones, las sociedades corales, las
asociaciones filarmónicas, debieran dondequiera corresponder al
hondo intento de educación popular y nacional que tienen en
Alemania, y sorprender, como allí, al trabajador en su taller y al
labrador en su labranza.
El estúpido militarismo que hace omnipotentes en Europa á los
inmorales que explotan la necedad y la ignorancia de la turba, podría
convertirse en un semillero de instituciones culturales y de útil,
honesto y fecundo pasatiempo, si se convirtiera la atención popular
hacia los ejercicios gimnásticos, militares y estratégicos en que es
educada toda la porción de europeos que el ejército permanente roba
á la Industria, al Arte y á la Ciencia.
Los paseos públicos, que en vez de exhibiciones del lujo insolente y
de la vanidad triunfante debieran ser, en lo posible, remedos
placenteros é instructivos de la Naturaleza; los jardines botánicos;
los museos zoológicos, pictóricos y antropológicos, que debieran,
como las bibliotecas, hacerse instituciones campestres como
urbanas, para empeñar á la muchedumbre en la dulce tarea de ver
cada vez mejor el mundo que nos rodea, la cadena biológica de que
somos eslabón, el movimiento del Arte en tiempo y países diferentes,
el proceso de la vida humana desde la edad remota de la tierra, al
través de todas las edades de la civilización, son hoy instituciones
exclusivas de las que se llaman aristocracias del privilegio, de la
fortuna ó del saber, en sólo las grandes capitales de naciones ya
robustas.
Mientras la civilización no sepa emplear el tiempo que le sobra
después del trabajo de cada día, no será una verdadera civilización,
porque no sabrá emplear la primera riqueza y la más transcendental.
Esto es interés de todo el mundo. Á nadie, por laboriosa que su
vida se deslice, le falta un momento de ocio en que sentirse
abrumado de fastidio, porque necesita un solaz social y no lo
encuentra, ó tiene que aceptar como tal, en la mayor parte de las
residencias de este mundo, alguno de los pasatiempos que repugna la
razón.
Á la mayor parte de los hombres sobra tiempo, aunque sólo sea el
cada día deducido del trabajo cotidiano, para aburrirse de sí mismo y
de los otros y para verse expuesto á optar entre fastidiarse á solas ó
corromperse acompañado. Tanto ha conocido la lírica del día esa
doble faz del problema del tiempo, que, cantando el tedio, ha
divinizado crímenes, vicios y monstruosidades hijos del fastidio de sí
mismo, y que el fastidio de sí mismo ha acogido como inmortales
protestas de la justicia y del dolor contra el infame orden del mundo
en que el tiempo es plomo que pesa sobre todo el que no tiene
dignidad bastante para emplearlo en el trabajo. Las noches de las
grandes ciudades son probablemente superiores, en los pueblos más
prósperos de la civilización actual, á la vida nocturna de Atenas; pero
las instituciones atenienses, ó, más históricamente, las costumbres
de los atenienses, que tenían por objeto el empleo popular del tiempo
que sobraba cada día, serán perpetuo motivo de generosa envidia
para todos los que puedan seguir con los ojos de la mente el
movimiento de la ciudad por excelencia, en las palestras, en las
plazas públicas, en el Pórtico, en la Academia, en los alrededores,
ejercitándose en ejercicios del cuerpo, de la mente y del ánimo, y
siguiendo material y mentalmente las huellas de Sócrates, de Zenón,
de Platón, de Aristóteles y de los cien sofistas que enseñaban á mal
razonar, pero que enseñaban también á emplear el tiempo sobrante
en hacer menos mal del que es capaz de hacer un ocioso que tiene
hambre de placer ó que está agobiado por el peso de las horas.
FIN
ÍNDICE
Páginas.
EUGENIO MARÍA DE HOSTOS
(1839–1903)
I.— Hostos, figura representativa VII

II.— Hostos rompe con España IX
III.— Hostos comienza su odisea benefactora XI
IV.— Hostos, maestro XIII
V.— Hostos, literato XVII
VI.— Á propósito de Hostos, literato, el tupé de los europeos XXX
VII.— Hostos, filósofo moralista XXXV
VIII.— Hostos, sociólogo XL
IX.— Hostos, tratadista de Derecho constitucional L
X.— Hostos, hombre de ideales y hombre de hogar LIII
Prólogo de la primera edición 1

Introducción 5
PRIMERA PARTE
RELACIONES Y DEBERES
Capítulo I.—La Sociedad y sus órganos.—Definición de Sociedad.—

Órganos del organismo social.—Descripción de los órganos sociales: El
individuo. La familia. El municipio. La región. La nación. La familia de
naciones 25
Capítulo II.—Objeto de la moral social.—En qué se funda 30
Capítulo III.—Exposición de las relaciones 34
Capítulo IV.—Clasificación de relaciones 37
Capítulo V.—Análisis de las relaciones del hombre con la sociedad.—
Relación de necesidad 41
Capítulo VI.—Segunda relación.—Relación de gratitud 44
Capítulo VII.—Tercera relación.—Relación de utilidad 46
Capítulo VIII.—Cuarta relación.—Relación de derecho 48
Capítulo IX.—Quinta relación.—Relación de deber 51
Capítulo X.—Del deber y su función en la economía moral del mundo 54
Capítulo XI.—En qué se fundan los deberes sociales 58
Capítulo XII.—Deberes derivados de nuestras relaciones con la Sociedad 63
Capítulo XIII.—El deber del trabajo.—Sus modificaciones en los diversos
grupos sociales 72
Capítulo XIV.—Deber de obediencia y sus modificaciones 78
Capítulo XV.—Por qué no se da su nombre á los deberes derivados de la
relación de utilidad 80
Capítulo XVI.—Continuación del anterior.—Cooperación.—Unión.—
Abnegación.—Conciliación 88
Capítulo XVII.—Deberes deducidos de la relación de derecho 92
Capítulo XVIII.—El derecho armado.—Deberes que impone 97
Capítulo XIX.—El deber de los deberes 103
Capítulo XX.—Los conflictos del deber.—La regla de los conflictos 107
Capítulo XXI.—Deberes del hombre para con la Humanidad.—
Confraternidad.—Filantropía.—Cosmopolitismo.—Civilización 114
Capítulo XXII.—Deberes complementarios.—Sinopsis de los deberes
sociales primarios y secundarios.—Sinopsis de las virtudes sociales,
políticas y económicas 123
Capítulo XXIII.—Deberes complementarios.—Continuación 132
SEGUNDA PARTE
LA MORAL Y LAS ACTIVIDADES DE LA VIDA
Capítulo XXIV.—Enlace de la Moral con el Derecho positivo 145

Capítulo XXV.—Enlace de la Moral con la Política 150
Capítulo XXVI.—La moral social y las profesiones 155
Capítulo XXVII.—La Moral y la Escuela 163
Capítulo XXVIII.—La Moral y la Iglesia católica 168
Capítulo XXIX.—La Moral y el protestantismo 176
Capítulo XXX.—La Moral y las religiones filosóficas 183
Capítulo XXXI.—La Moral y la Ciencia 189
Capítulo XXXII.—La Moral y el Arte 197
Capítulo XXXIII.—La Moral y la Literatura.—La novela 204
Capítulo XXXIV.—La Moral y la Literatura.—La dramática 213
Capítulo XXXV.—La Moral y la Historia 223
Capítulo XXXVI.—La Moral y el periodismo 229
Capítulo XXXVII.—La Moral y la Industria 240
Capítulo XXXVIII.—La Moral y el tiempo 250
BIBLIOTECA AYACUCHO
BAJO LA DIRECCIÓN DE DON RUFINO BLANCO-FOMBONA
OBRAS PUBLICADAS.
I–II.—Memorias del general O’Leary:

Bolívar y la emancipación de Sur-América.
Dos lujosos volúmenes de 700 á 800 páginas en 4.º
Se venden separadamente al precio de 7,50 pesetas
cada uno.
III.—Memorias de O’Connor.
sobre la Independencia Americana.
La obra en 4.º, en papel pluma. Precio: 5 pesetas.
IV.—Memorias del general José Antonio Páez.
Un volumen muy bien impreso, en 4.º Precio: 7,50
pesetas.
V.—Memorias de un oficial del ejército español.
Por el Capitán Rafael Sevilla.
Un volumen en 4.º, 5 pesetas.
VI–VII.—Memorias del general García Camba.
Para la historia de las armas españolas en el Perú.
Dos magníficos y gruesos volúmenes en 4.º, á todo
lujo. Precio: 7,50 pesetas cada uno.
VIII.—Memorias de un oficial de la legión británica.
Campañas y Cruceros durante la guerra de
emancipación hispano-americana.
Un volumen en 4.º, 4 pesetas.
IX.—Memorias del general O’leary:
Ultimos años de la vida pública de Bolívar.
Este libro, desconocido hasta ahora, complementa
los dos volúmenes sobre Bolívar y la emancipación;
es una joya de historia americana por sus
revelaciones, á las cuales debió el que se le hubiera
ocultado por tantos años.
En 4.º á todo lujo. Precio: 7,50 pesetas.
X.—Diario de María Graham.
San Martín.—Cochrane.—O’Higgins.
En 4.º á todo lujo. Precio: 7,50 pesetas.
XI.—Memorias del Regente Heredia.
Monteverde.—Bolívar.—Boves.—Morillo.
Precio: 4,50 pesetas.
XII.—Memorias del general Rafael Urdaneta.
General en jefe y Encargado del gobierno de la
Gran Colombia, 7,50.
XIII.—Memorias de Lord Cochrane.
Precio: 6 pesetas.
XIV.—Memorias de Urquinaona.
Comisionado de la Regencia española al Nuevo
reino de Granada.
Precio: 7 pesetas.
XV.—Memorias de William Bennet Stevenson.
Sobre las campañas de San Martín y Cochrane en
el Perú.
Precio: 5,50 pesetas.
XVI.—Memorias póstumas del general José María Paz.
Precio: 8 pesetas.
NOTAS DEL TRANSCRIPTOR
Página Cambiado de Cambiaron a
BIBLIOTECA DE BIBLIOTECA DE
CIENCIAS CIENCIAS
POLITICAS Y POLÍTICAS Y
Título SOCIALES SOCIALES
EUGENIO MARIA EUGENIO MARÍA DE
DE HOSTOS HOSTOS
Alejandro Alvarez Alejandro Álvarez

(Venezuela y (Venezuela y
IV Colombia.)—4 Colombia.)—Precio:
pesetas 4 pesetas
Angel César Rivas Ángel César Rivas
BIBLIOTECA DE BIBLIOTECA DE
CIENCIAS CIENCIAS
POLITICAS Y POLÍTICAS Y
V SOCIALES SOCIALES
EUGENIO MARIA EUGENIO MARÍA DE
DE HOSTOS HOSTOS
Partiendo del Partiendo del

principio principio boliviano
XI
boliviano de que de que América
America
más perdurable, que más perdurable, que
XVI
la del ríoplatense la del rioplatense
esta cinica herejía no esta cínica herejía no
XXV
piensa piensa
Haber visto lo que Haber visto lo que he
XXVI he visto para ver visto para ver lo que
lo que ves veo
Sir Herbert reconoce Sir Herbert reconoce
XXVIII también que rasgo también qué rasgo
principal principal
sino que puede sino que puede
decirse sin decirse sin
XXXII
temeridad que fue temeridad que fué
de los primeros de los primeros
XXXIII Lo encontró después Lo encontró después
un series en series
monorrimas monorrimas
mas general é más general é
importante: la de importante: la de la
XXXIII la manifiesta manifiesta
influencia de la influencia de la
epopeya epopeya
apostóles apóstoles
contemporáneos contemporáneos de
XXXV de moral social y moral social y de
de moral moral individual
ndividual
en que se presente á en que se presente á
activar nuestros activar nuestros
XXXVIII
impulsos ó a impulsos ó á
despertar despertar
este número son Die este número son Die
Vorgesehichte der Vorgeschichte der
XLIII Ethnologie Ethnologie (1880),
(1880), Grundzüge
Grundzüge
por que entre tantas porque entre tantas
sociedades sociedades
XLVII infantiles ni una infantiles ni una
sola nació con sola nació con salud
salud
jurídicas que pueden jurídicas que pueden
sufrir las sufrir las sociedades
XLVIII
sociedadas humanas
humanas
una harmonía una armonía
preexistente entre preexistente entre
XLIX los fenómenos los fenómenos
cósmicos y los cósmicos y los
fenómenos fenómenos
en Africa, en en África, en América
11 América y en y en Oceanía
Oceanía
11 Gama declara Gama declara
portuguesa una portuguesa una
población de más población de más
de doscientos de doscientos
millones de hindús
millones de
hindus
Organos del Órganos del
27
organismo social organismo social
como individuo en la como individuo en la
34
familía familia
por ella tenemos la por ella tenemos la
muerte; muerte;
44
muribundos, á ella moribundos, á ella
volvemos volvemos
á la cual debe á la cual debe siempre
45 siempre beneficios beneficios que
que agradece agradecer
La influencia que La influencia que
47 tiene el instinto y tienen el instinto y
el sentimiento el sentimiento
sociales, haciendo sociales, haciendo
57 cada vez más uno cada vez más uno al
al ser social sér social
conocimiento íntimo conocimiento íntimo
59 del ser por el ser del sér por el sér
mismo. Nada mismo. Nada
podrá jamás podrá jamás justificar
justificar á á Pisístrato, á
60
Pisistrato, á Pericles
Pericles
segundo relación es segunda relación es
66 tan natural como tan natural como el
el primero primero
providencial, pues es provincial, pues es
75 claro que si el claro que si el
trabajo individual trabajo individua
esta relación esta relación compele
compela al al individuo en el
80
individuo en el grupo de la
grupo de la
Util, para el vulgo, es Útil, para el vulgo, es
81 todo aquello de todo aquello de que
que el el
de relaciones que de relaciones que
92 ligan á cada ser ligan á cada sér con
con la sociedad la sociedad
96 Así es como, cuanto Así es como, cuanta
más fuerza tenga más fuerza tenga en
en nosotros nosotros
concreto de deber concreto de deber
agotaría nuestra agotaría nuestra
103
actividad conscia actividad de
conciencia
su objetivo la Moral, su objetivo la Moral,
105 es el á que se es el al que se
llegará llegará
Su ejemplo es por sí Su ejemplo es por sí
109 sólo una solo una influencia
influencia social social
resulta de la fuerza resulta de la fuerza
113 conscia que conscia que
desplega en despliega en
Veámos ahora qué Veamos ahora qué
115 nombres toma nombres toma cada
cada uno de uno de
para cuanto dice para cuanto hace
referencia á las referencia á las
127
necesidades necesidades
materiales materiales
y sus familias, á y sus familias, á
130 quienes reunen, quienes reúnen,
exhortan, distraen exhortan, distraen
consejos, estímulos, consejos, estímulos,
131 ejemplos, cuna, ejemplos, cuna,
tálamo, ataud tálamo, ataúd
que tiene la que tiene la
tolerancia, tolerancia,
136
impuesta y impuesta y
cumplida com cumplida como
del vivir social, del del vivir social, del
151 continuo ludir de continuo lidiar de
poderes con poderes con
más poderoso la más poderoso la
160 desplegan: la despliegan: la
pasión del dinero pasión del dinero
160 de principios de principios
religiosos; en religiosos; en dónde
ociosidad más
donde ociosidad
más
deductivamente al deductivamente la
invariabilidad del invariabilidad del
174 procedimiento procedimiento
seguido por la seguido por la
Humanidad Humanidad
en que se desplega en que se despliega
189 mayor fuerza mayor fuerza
conscia y en conscia y en
caracteriza por un caracteriza por un
apetito apetito
205
desarreglado de desarreglado de
sensaciodes sensaciones
uso de ella dos uso de ella dos
disipaciones, disipaciones,
209
perniciosímas las perniciosísimas las
dos dos
lo contrarío de lo lo contrario de lo que
214 que conoce que es conoce que es su
su deber deber
deux ex machina de deus ex machina de
215 todos sus efectos, todos sus efectos,
de toda su de toda su
ciudades ciudades
necesarimente necesariamente
217
crapulosas, en crapulosas, en
donde la donde la
centros populosos y centros populosos y
217 caprulosos expone crapulosos expone á
á la familia la familia
y de interés social y de interés social que
que privativamente
235
privativamente despliega
desplega
Estados cierran sus Estados cierran sus
242 puertos, ni puertos, ni cohíben
cohiben con leyes con leyes
y continúa en Cuba, y continúa en Cuba,
249 en Puerto Rico, en en Puerto Rico, en
Filipina Filipinas
1. Se corrigieron silenciosamente errores tipográficos
obvios y variaciones ortográficas.
2. Se mantuvo la ortografía arcaica, no estándar e incierta
tal como se imprimió.
3. Notas al pie reindexadas usando números.
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Cruz et al. Fundamentals of Taxation 2016 7-5 ©2016 McGraw-Hill Education

15. What is a §1202 gain, and how is it taxed?

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o If a long-term loss results, the loss is allowed up to $3,000 against

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17. What is a §1245 asset? How is it related to a §1231 asset?

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18. What is a §1250 asset? How is it related to a §1231 asset?

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Cruz et al. Fundamentals of Taxation 2016 7-7 ©2016 McGraw-Hill Education

However, the gain representing straight-line depreciation deductions claimed by the

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20. What is a capital gain distribution, and how is it taxed?

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Topic: Sales of Property Received as a Gift

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Feedback: The basis of property transferred to a taxpayer from a former spouse

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32. Which statement is true regarding short-term capital gains?

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