1. Please explain the distinction between a “realized” gain and a “recognized” gain
2. Are there any limits to the deductibility of losses on sales and exchanges between related parties? What code section defines this limitation?
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3. What is the basis of property received (i.e. new property) in a like-kind exchange? What is the holding period for the new asset?
4. David purchased stock in Zoll Corporation in 1985 for $6,000. On April 16, 2013 he gifted the stock to his daughter Susan; at the time of the gift, the Zoll stock was valued at $250,000. Susan sold the stock the next month for $ 252,000. What is Susan’s gain or loss and what is the character of the gain or loss?