1
Q
Stocks Sales
A
Gain = Excercise price + Ordinay income recognized a grant
2
Q
Character of Gain
A
If held more than one year after excercise, the gain is a Long-term capital gain.
3
Q
Employee stock purchase plans
A
Are a type of statutory stock option plan.
4
Q
Incentive stock options (ISOs)
A
Don’t report compensation income when you get the option. Instead, you might have tax consequences later when you exercise the option or sell the stock.
5
Q
Incentive stock options (ISOs)
A
ISOs must be exercised within 10 years of the grant date
6
Q
For which type of employee stock option plan does the employee recognize taxable income at the time the options are granted?
A
Nonstatutory stock options with readily determinable value.
Employee recognizes ordinary income on the grant date equal to the fair market value of the options.
Other types (nonstatutory without readily determinable value, employee stock purchase plans, incentive stock options) recognize income later, typically at exercise or sale.
7
Q
Restricted stock award
A
Employee recognizes ordinary compensation income for the fair market value (FMV) of the restricted stock on the date the stock vests and the restrictions lapse
8
Q
Restricted stock award
A
Employee receives actual shares of company stock.
9
Q
Interest on below-market loans
A
Imputed Interest Income=
(Loan Amount×AFR)−(Loan Amount×Stated Interest Rate)
10
Q
Gift or loan less than 10.000
A
The rule of imputed interest does not apply; ZERO interest.
11
Q
foreign income
A
330 days outside the USA exclusion up to $130.000
12
Q
back to regular taxable income to calculate alternative minimum taxable income (AMTI)
A
Taxes deducted as part of itemized deductions, including income, sales, real estate, and personal property taxes, are an adjustment that is added back to regular taxable income
13
Q
Alternative Minimum Taxable Income, Individual Taxpayer can take as a deduction:
A
- Casualty loss from a federally declared disaster
- Medical expenses (subject to AMTI rules)
- Home mortgage interest (limited)
- Certain business expenses
- Depreciation adjustments
14
Q
Alternative Minimum Taxable Income, Individual Taxpayer adjustments are always added to regular income to determine AMT income?
A
Interest income from certain private activity bonds
15
Q
standard deduction for a dependent
A
For dependents, the standard deduction is the greater of:
$1,350 (minimum standard deduction for dependents),
or
Earned income + $450, but it cannot exceed the regular standard deduction ($15,000).
16
Q
Estimated tax payments
A
If you owe less than $1,000 in tax after withholding and credits, you are not required to make estimated tax payments and won’t face penalties for underpayment.
If you owe more than $1,000, you must make estimated tax payments to avoid penalties, unless you meet safe harbor rules (like paying 90% of the current year’s tax or 100% of the prior year’s tax, whichever is “the lesser”).
11% if AGI is more than 150K
17
Q
QTP Section 529
A
Qualified Tuition Programs
18
Q
Sole proprietor with no employees, self-employment earnings reduced by
A
One-Half of the self-employment tax
19
Q
Employeer Sponsored defined contributons (DC)
A
Employees bear the entire financial risk of the plan’s performance.
20
Q
Capital Losses Corporation C
A
Capital losses and only be offset against capital gains
Capital Loss is carried back three years and forward five years
NOTE: The Net Capital Loss Carryback cannot be carried back if it creates or increases Operating Losses for that year. The amount to be offset must not exceed the taxable income to prevent operating losses.
21
Q
Capital Losses corporation C
A
Can offset 80% of the taxable income for 2021 and future years after deducting Pre-2018 NOL carryforwards.
22
Q
For NOLs arising in tax years ending after December 31, 2017,
A
For NOLs arising in tax years ending after December 31, 2017, and deducted in tax years ending after December 31, 2020, the NOL deduction in any year is limited to 80% of that year’s taxable income.
23
Q
NOL beginning after 12-31-2020
A
NOL deductions can only reduce taxable income by up to 80% of that year’s taxable income.
This ensures you never reduce taxable income below 20% of its amount in any year after 2020, regardless of how large your NOL is.
YEAR 2020 APPLY 100% After that 80%
24
Q
Testing Period for Section 382 restricts how much of the old losses can be used after a big ownership shift to protect the tax base
A
The testing period for determining whether a Section 382 corporate stock ownership change has occurred is the three-year period ending on, but including, the date of the change in ownership (the testing date).
25
Section 382 Ownership change
Happens when the combined ownership of all major shareholders (those owning 5% or more) increases by more than 50% from their lowest level over the last 3 years.
You look at each big shareholder’s ownership now, subtract their lowest ownership in the past 3 years, then add those increases together.
If the total increase is over 50%, it triggers the Section 382 loss limitation rules.
26
Capital loss
Net capital losses are carried:
Back 3 years
Forward 5 Years
27
Capital loss Limitation
The amount of capital loss carried back to previous years cannot create a net operating loss for the year.
28
Dividend Received Deduction
Ownership < 20% → 50% DRD
Ownership ≥ 20% and < 80% → 65% DRD
Ownership ≥ 80% → 100% DRD
29
To determine the annual section 382 Limitation
FMV of the corporation's stock immediately before the section 382 ownership change.
30
when forming a corporation a gain will be recognized if
The assumed debt exceeds the assets' basis.
31
IRS Section 351 NO TAXABLE IF
80% of control right after the transaction
NO receipt of boot, transfer property must be solely in the stock exchange.
32
Basis of a property given in exchange for stock, (entity effect)
The entity's basis will be the greater of the NBV prior to the contribution or the debt assumed.
* If the deb is greater, it will be the basis
* If the NBV is greater, it will be the basis
33
Taxable Dividend
Lesser of distribution or current year E&P (if positive), otherwise accumulated E&P if current year E&P is negative.
34
Non-liquidating distributions in Corporations
corporation just recognizes gains as if the property is sold, (does not recognize losses)
35
Recognizing gain when a corporation distributes property subject to a liability
If liability > FMV, use the liability amount as FMV for gain calculation.
Recognized gain = liability (or FMV if higher) - basis.
36
Taxable dividend income on a property distribution by a C corporation
Corporation recognizes gain on distribution as if it sold the property at FMV:
Gain = FMV−Adjusted basis
Gain increases current earnings and profits (E&P).
Total E&P = Accumulated E&P + Current E&P (including gain).
Shareholder’s taxable dividend income = Fair Market Value (FMV) of property distributed, limited to total E&P.
If FMV > total E&P, excess reduces shareholders’ stock basis (return of capital), then capital gain if basis is zero.
Shareholder’s basis in property received = FMV.
Key Point: Dividend income = lesser of FMV of property or total E&P (including gain recognized by corporation).
37
Stock Redemption
A stock redemption that is proportionate with respect to the shareholders is treated as a dividend to the redeeming shareholders.
Proportionate redemptions don’t reduce the shareholder’s ownership stake, so the IRS treats the money as a dividend.
Redemptions that reduce or end ownership are treated like selling stock, which can have different tax consequences
38
liquidating distributions between a parent corporation and its 100%-owned subsidiary:
No gain or loss recognized on liquidating distributions from an 80 to 100% owned subsidiary to the parent. The parent assumes the subsidiary’s basis in the property received.
39
Corporate reorganization
No gain or loss is recognized if the stock or securities in a corporation which is a party to a reorganization are exchanged solely for stock in that corporation which is a party to a reorganization.
The exchange must be made pursuant to a plan of reorganization.
40
What is the maximum ordinary loss deduction allowed for Section 1244 stock for a married couple filing jointly, and how is the excess loss treated?
Up to $100,000 of loss on Section 1244 stock can be deducted as an ordinary loss against ordinary income. 50K if single.
Any loss beyond $100,000 is treated as a capital loss.
Capital losses can offset capital gains, and if none are available, up to $3,000 of capital losses can be deducted against ordinary income annually.
Excess capital loss beyond $3,000 is carried forward to future years.
Total deductible loss against ordinary income in the year of sale = $100,000 (ordinary) + $3,000 (capital loss limit) = $103,000.
41
In consolidating tax returns, the loss..
Operating losses of one company in the group may be used to offset the operating profits of another.
42
Who can choose to file consolidated corporate returns
the members of an affiliated group
43
Dividends-Received Deduction (DRD)
If ownership is less than 20%, the DRD is 50% of the dividend received.
If ownership is 20% or more but less than 80%, a higher DRD (usually 65%) applies.
If ownership is 80% or more, the intercompany dividends are eliminated 100% in consolidated returns.
44
It is not subject to withholding
a cuztomer payment fo the sale of inventory within the US
45
Advanced Pricing Agreement Program APA
Is a binding contract between the IRS and the taxpayer by which the IRS agrees not to seek a transfer pricing adjustment for a covered transaction if the taxpayer files its return for a covered year consistent with the agreed transfer pricing method.
46
Foreign branch and a foreign subsidiary
Income from
A foreign branch is treated as being earned directly by the domestic corporation
A foreign subsidiary is not taxed until the income is repatriated to the U.S.
47
Foreing Branch
A foreign branch is an unincorporated foreign entity treated as an extension of a domestic corporation.
It is not a separate legal entity.
48
Foreing Subsidiary
A foreign subsidiary is a separate legal entity, incorporated under the laws of a foreign host country.
49
Domestic Subsidiary
A domestic subsidiary is a separate legal entity from its parent company, even if it is wholly owned.
50
Controlled foreign corporation
A CFC is a separate legal entity, as it is a corporation.
51
How much of a foreign corporation's stock must a U.S. person own to be considered a U.S. shareholder under the CFC rules?
A U.S. person must own at least 10% of the foreign corporation’s stock (by vote or value) to be deemed a U.S. shareholder.
Ownership of less than 10% does not qualify.
A foreign corporation is a CFC if more than 50% of its stock is owned by U.S. shareholders.
52
State apportionment Factor
Is the average percentage of the total payroll paid to employees, the percentage of sales, and the percentage of property and rent expenses located within the state.
53
At risk rule
At-risk rules limit the amount of loss a taxpayer can deduct to the amount they actually have "at risk" in the activity. This means you can only deduct losses up to the amount of money and property you have personally invested and are at risk of losing.
1. Tax Basis
2. At-Risk Basis
3. Passive Activity Limitations
Deductible loss=min(Tax basis,At-risk basis,Loss)
54
Taxpayer actively participates in the rental activity
If the taxpayer actively participates in the rental activity, they can deduct up to $25,000 of rental real estate losses against nonpassive income.
This $25,000 allowance phases out when the taxpayer’s AGI is between $100,000 and $150,000.
The phaseout reduces the $25,000 allowance by 50 cents for every dollar over $100,000 AGI.
Allowed loss=25,000−0.5×(AGI−100,000)
55
Risk Retention
You accept the risk and handle any losses yourself.
Best for risks that happen rarely and cause small losses (low frequency, low severity).
Example: Minor office supply theft or small equipment repairs.
56
Risk Reduction
You take steps to lessen the chance or impact of a risk.
Best for risks that happen often but cause small losses (high frequency, low severity).
Example: Installing security cameras to reduce theft or fire sprinklers to reduce fire damage.
57
Risk Transfer
You shift the financial burden of the risk to another party, usually through insurance.
Best for risks that happen rarely but cause big losses (low frequency, high severity).
Example: Buying homeowners or auto insurance.
58
Risk Avoidance
You completely eliminate the risk by not engaging in the risky activity.
Best for risks that happen often and cause big losses (high frequency, high severity).
Example: Renting a beach house instead of owning one in a flood-prone area.
59
If an employee contributes the maximum to a 401K plan
Can not contribute in addition since the maximum is up to 23.500
60
Property transferred at Dead or alive
At death, FMV = X Estate transfer TAX.
While Alive = FMV- Gift Tax Exclusion X Gift Transfer TAX.
61
If a loan between two friends is less than 10.000
It is considered a Gift and not taxable.
62
Alternative minimum tax (AMT) adjustments are always added back
Interest income from private activity bonds is tax-exempt for regular income tax purposes.
63
U.S. tax on foreign subsidiary profits:
Normally, the U.S. doesn’t tax the profits a foreign subsidiary makes until those profits are sent back to the U.S. parent company as dividends. This is called deferral.
64
Subpart F rules:
These rules apply only if the foreign company is a Controlled Foreign Corporation (CFC), meaning U.S. shareholders own more than 50% of it. Subpart F forces some types of income to be taxed immediately, even if not repatriated.
65
PFIC vs. Subpart F:
If both Passive Foreign Investment Company (PFIC) rules and Subpart F rules apply, the Subpart F rules take priority and override PFIC rules.
66
Purpose of Subpart F:
It’s designed to stop companies from shifting income to low-tax countries and deferring U.S. tax by forcing immediate recognition of certain income types.
67
Form 1120-F U.S. Income Tax Return of a Foreign Corporation to report:
Income earned by a U.S. branch is reported on Form 1120-F U.S. Income Tax Return of a Foreign Corporation.
68
Forming a corporation by transferring property: Formation of a corporation in exchange for stock
is generally a nontaxable event under IRC Section 351, meaning no gain or loss is recognized if the transferors control (at least 80%) the corporation immediately after the exchange
69
Forming a corporation by transferring property:
If the debt assumed by the corporation is less than or equal to the adjusted basis of the property transferred, no gain is recognized.
70
Forming a corporation by transferring property:
If the debt assumed exceeds the transferor’s basis, the excess amount is treated as boot received and gain is recognized to that extent.
71
Section 382 ownership change
A change occurs when one or more 5-percent shareholders increase their aggregate ownership of a loss corporation’s stock by more than 50% over the lowest percentage they owned during the testing period.
72
Ownership interest
Is the percentage of the company’s stock or partnership interest a person owns (e.g., 50%). It determines voting rights, profit sharing, and distributions.
Ownership % = control and profit share;
73
Basis in a partnership
Is the tax value of that ownership interest, reflecting the amount invested or adjusted over time by contributions, income, losses, and distributions.
Basis = tax investment value, which can differ even with equal ownership.
74
What is used to determine the amount of a corporation's annual Section 382 limitation on the deduction of pre-change NOLs?
The fair market value of the corporation's stock immediately before the Section 382 ownership change, multiplied by the federal long-term tax-exempt rate.
75
When is a C corporation that elects S status not subject to built-in gains tax on the sale of assets?
If the corporation sells the assets more than 5 years after the S election effective date, it is not subject to built-in gains tax on those assets.
76
Gain Recognized
The recognized gain is the gain that is reported (recognized) on the tax return of the taxpayer. If there is realized gain and boot (e.g., cash) received, gain may be recognized, but only to the extent of the boot.
If there is no boot received, no gain is recognized for tax purposes
77
Tax Basis in Shares
The shareholder's tax basis in the shares is generally equal to the shareholder's net book value of the property immediately before the contribution, plus any cash contributed.
Remember, the transfer of property is generally is a non-taxable event, which means that the basis is the net book value to the shareholder
78
Rule for Gain Recognition on Property Contribution to a Corporation (S or C):
When a shareholder contributes property to a corporation in exchange for stock, the transaction is generally nontaxable under Section 351 if the shareholder(s) control at least 80% of the corporation immediately after the transfer.
If the corporation assumes liabilities that exceed the shareholder’s adjusted basis in the contributed property, the excess liability is treated as boot received by the shareholder.
The shareholder must recognize a gain equal to the excess of liabilities over the adjusted basis of the property contributed.
The fair market value (FMV) of the property is not used to calculate the recognized gain in this context.
The corporation does not recognize gain on the contribution, but its basis in the property is the shareholder’s adjusted basis plus any gain recognized by the shareholder.
This rule applies equally to S corporations and C corporations.
If the shareholder contributes additional property or cash that increases the total basis above the liabilities assumed, no gain is recognized.
The recognized gain increases the corporation’s basis in the contributed property.
79
Shareholder’s stock basis after contributing property to a corporation is
Adjusted basis of the property contributed
minus the debt assumed by the corporation
(because the shareholder is relieved of that liability).
80
Built-in Gains (BIG) Tax Rule for an S corporation that was formerly a C corporation is:
Taxable built-in gain =
Lesser of
(net unrealized built-in gain at S election,
built-in gain on asset sold,
taxable income as C corp).
81
What increases the accumulated adjustments account (AAA)?
The accumulated adjustments account (AAA) is the accumulated earnings and profits of the S corporation.
AAA is increased by ordinary business income, separately stated income, and gains.
82
What decreases the accumulated adjustments account (AAA)?
AA is decreased by ordinary business losses, separately stated losses and deductions, nondeductible expenses (other than those related to tax-exempt income), and distributions.
83
Basis in the S corporation immediately after the no liquidating distribution
You increase your basis by your share of any gain recognized, then reduce your basis by the FMV of the property you received. You do not just subtract the adjusted basis or the FMV without accounting for gain.
84
shareholder’s basis in noncash property received
The shareholder’s basis in the distributed property equals the property’s fair market value (FMV) at the time of distribution.
Key points:
This basis is not the property's adjusted basis inside the corporation.
It is also not the shareholder’s stock basis.
The FMV sets the new basis for the property received.
This rule ensures the shareholder recognizes the property at its current value for future gain or loss calculations.
85
Debt assumed by the partnership
Debt is shared proportionally by partners (based on percentage ownership).
86
Debt assumed by one partner on distribution of property
That partner assumes 100% of the debt; other partners’ shares are relieved.
87
The partner’s basis increases by their share of recourse liabilities
In essence, your basis includes your share of any debt you might have to pay personally (recourse liabilities), thereby increasing your investment amount for tax purposes.
This is why your basis grows with recourse debt but not necessarily with nonrecourse debt, for which you aren't personally liable.
88
The holding period of a partnership interest acquired in exchange for a contributed capital asset begins on the date:
if you owned the capital asset for 3 years before giving it to the partnership, your partnership interest holding period also counts as if it started 3 years ago, the same time as your original asset holding period.
89
In the absence of an election to adopt an annual accounting period, the required tax year for a partnership is:
Use the tax year of partners owning over 50% → if none, use tax year of all major partners (5% or more) → if still unclear, pick the year minimizing income deferral.
90
A non-liquidating distribution to a partner is taxable only if
The cash distributed exceeds the partner’s basis in the partnership interest. Here's the key:
Cash distributions are taxable only if the partner receives more cash than their basis in the partnership interest.
Property distributions (non-liquidating) are generally never taxable to the partner, regardless of their fair market value. The partner’s basis in the partnership interest is simply reduced by the property's adjusted basis.
So, a taxable event in a non-liquidating distribution happens only when cash > partner’s basis.
91
Buit In Gain
Built-in gain = Fair Market Value (FMV) at contribution > partner's adjusted basis in the property contributed.
92
Built In Loss
Built-in loss = FMV at contribution < partner's adjusted basis in the property contributed
93
Limited Partnership and Corporation can:
1 . Can oly be created by statute and
2 . Each must file a copy of its certificate with the proper state agency
94
What right do both a stockholder in a publicly held corporation and the owner of a limited partnership interest share, unless prohibited by organizational documents
They both have the right to assign (sell) their interest in the business.
Stockholders can freely assign their entire ownership interest.
Limited partners can assign their interest in profits and losses, but not management control.
95
Accounting period fexibility
A C corporation has more flexibility in choosing the accounting period.
Corporations generally have the same accounting period as do individual taxpayers.
96
NON US. Citizen or Resident
can organize a business as a C Corporation.
This does not have a legal requirement to be a US citizen.
97
S Corporations Ownerships
Must be ALL US Citizens or Residents.
98
Limited Liability Company
None of the owners (members) of a limited liability company (LLC) has personal liability for the obligations of the business beyond their investment.
99
C Corporations
It is managed by a board of directors, which appoints officers to run day-to-day operations.
shareholders are free to transfer their ownership interests without the consent of the other shareholders unless the shareholders agree otherwise.
100
General Partnership
A general partnership can be formed by verbal or written agreement or by conduct. The business is not required to file anything with the state.
101
Limited Liabilty Company (LLC)
Filing limited liability company (LLC) articles of organization provides liability protection to the business owners.
An LLC is a hybrid entity that combines the limited liability protection of a corporation with the tax treatment of a partnership.
102
Partnership disposes of property
When a partnership disposes of property contributed by the partner, any pre-contribution, or built-in, gain or loss is allocated to the contributing partner.
Post-contribution gains or losses are allocated among all the partners based on relative ownership.
103
Business type where getting an ownership interest for your labor is Not Taxable
Sole proprietorship.
“If you trade work for ownership, you pay income tax on it — except if it’s a sole proprietorship.”
104
S Corporations
It is a Corporation that elects to be taxed on a pass-through basis.
It is a legal corporation but taxed like a partnership.
Can not be formed by non-resident aliens.
105
Gain on distribution of appreciated property
An S corporation (and a C corporation) recognizes a gain on any distribution of appreciated property (a property dividend) in the same manner as if the asset had been sold to the shareholder at its fair market value.
106
Owners' tax liability on distributions of appreciated property
C corporation results in the highest owners' tax liability due to the double layer of tax and dividend taxation at owner level.
107
losses on operating ( nonliquidating) Distributions
Are not recognized by either C or S corps, but losses on liquidating distributions are recognized by both.
108
Taxable Event
C corporation converts into an LLC taxed as a partnership.
This is taxable. Why? Because the C corporation distributes its assets to shareholders when it liquidates, which triggers gain or loss recognition for both the corporation and shareholders, before the new LLC is formed.
When a C corporation is liquidated and assets are distributed do you have a taxable event
109
Complex Trust
1. Distributes Corpus.
2. Complex trusts may accumulate current income, distribute principal, and
3. Provide for charitable contributions.
Simple trusts may only make distributions from current income (not corpus, or principal), must distribute all income currently, and may not make charitable contributions.
Either trust may have more than one beneficiary, have a grantor that is not an individual, or have beneficiaries that are not individuals.
110
Simple trust
is required to distribute its income currently.
111
Trust
Are separate taxpaying entities.
Distributions made by the trust are deductible by the trust and taxable to the recipient.
All trust receipts and disbursements are classified as either principal (corpus) or income.
112
Simple trust one year and a complex trust another year.
It is required to distribute all of its income to beneficiaries annually.
it cannot make distributions from the trust principal (corpus); and
It cannot make distributions (contributions) to charitable organizations.
113
Trustee
The trustee manages the trust property for the benefit of the beneficiaries and administers the trust according to the terms of the trust agreement.
114
Grantor Trust
It is a Revocable Living Trust.
115
Distributable net income for the year.
+Taxable income
+Tax-exempt income
−All trustee/admin fees
(excluding capital gains/losses)
116
a Section 501 (c) (3)
Must be organized as a:
Corporation
Limited Liability company LLC
Unincorporated association
Trust.
117
Unincorporated Associations
is a group of two or more people who come together by mutual consent to pursue a common lawful purpose without formally incorporating as a legal entity like a corporation.
118
Activities under Section 501(c)(3) organization
Charitable, religious, scientific, testing for public safety, literary, educational, fostering national or international amateur sports competition, and prevention of cruelty to children or animals. Literary, educational, and scientific.
119
Excluded Activities under Section 501(c)(3) organization
Bingo games (if legal and limited to not-for-profit organizations in that jurisdiction)
Activities conducted primarily for the convenience of the organization's members, students, patients, or employees (e.g., hospital or school cafeterias)
Convention or trade show activities
Exchange or rental of membership lists
Sale of merchandise received as gifts or contributions (such as thrift shop sales)
The sale of articles made by disabled persons as part of their rehabilitation
Activities where substantially all the work is performed by unpaid volunteer workers
120
A married couple has a gain in real estate, but is less than 500.000
They can have a profit of up to 500.000 and it is not to be declared on their tax return.
121
Prinicipal residence loss
It is not deductible because it is a personal loss, not an investment or business.
122
Municipal Bond Sale
Losses or gains are treated as capital tax transactions; losses are deductible.
(Municipal bond interest is tax-exempt, but gain/loss on sale is capital gain/loss)
123
Painting or Art works Held for investment
They are Capital transactions.
Losses or gains are treated as capital tax transactions; losses are deductible.
124
Loss Deduction Limits
Deduction limits per year are up to $ 3,000; the remaining balance will be carried forward.
125
Involuntary conversion
+ Insurance proceeds
- Adjusted the basis of the old property
= Realized Gain
+ Gain recognized (excess of insurance proceeds over amount reinvested)
= Gain not recognized
+ Cost of new property
- Gain not recognized
= Basis of new Property.
126
No gain is recognized if
No gain is recognized on condemnation proceeds if the taxpayer reinvests those proceeds in similar or related property within 3 years after the end of the tax year in which the gain was realized.
127
Deferral Gains
When property is involuntarily converted (like casualty, theft), if the taxpayer reinvests the proceeds in qualified replacement property, the gain realized on the old property can be deferred.
The basis in the replacement property is calculated by taking the cost of the replacement property minus the deferred gain.
Deferred Gain:
+ Amount realized ( Proceed)
- Adjusted basis of property
= Gain Realized
- Gain Recognized ( UN-REINVESTED proceeds)
= Gain Deferred
128
Gain or loss recognized
The lesser of gain realized or boot received.
CPA-TEST
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