13. Income Taxation and Real Estate
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Questions and Answers

What is the term for an amount of money that can be offset against a tax liability?

  • Tax refund
  • Tax break
  • Tax credit
  • Tax deduction (correct)

In real estate, what is property held primarily for sale to customers called?

  • Commercial property
  • Investment property
  • Rental property
  • Inventory property (correct)

What term is used for a tax-free exchange of like-kind property, often referred to as a Section 1031 exchange?

  • Taxable exchange
  • Deferred exchange (correct)
  • Capital gains exchange
  • Rollover exchange

What does 'Initial Basis' in real estate refer to?

<p>Acquisition cost (A)</p> Signup and view all the answers

'Ordinary expenditures' in real estate are mainly related to what?

<p>Maintenance costs (A)</p> Signup and view all the answers

What is a tax deduction in the context of real estate?

<p>Amount of money that can be offset against a tax liability (D)</p> Signup and view all the answers

In real estate, what does 'inventory property' refer to?

<p>Property held primarily for sale to customers (B)</p> Signup and view all the answers

What is the Initial Basis in real estate?

<p>Acquisition cost of a property (B)</p> Signup and view all the answers

What is included in a tax return?

<p>Federal government document detailing tax rules (D)</p> Signup and view all the answers

What does the term 'marginal tax rate' refer to?

<p>Last dollar earned by a taxpayer (A)</p> Signup and view all the answers

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