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ACC 343, Chapter 15

Across
Like-kind exchanges now apply only to _____ _____ used in a business or held for investment.
A loss realized on the sale of a principal residence is _____ _____.
On a like-kind exchange in which a loss was realized, the adjusted basis of the like-kind property received is equal to its fair market value ____ the loss realized.
Section 1031 discusses the treatment of _____ _____ _____.
On a deferred like-kind exchange, a taxpayer has _____ days from the date the taxpayer transferred property to identify new property to be received.
Nonrecognition of gain is mandatory on a _____ involuntary conversion.
Down
Unlike property such as cash received is called _____ by tax professionals.
A taxpayer must recognize any gain realized on an involuntary conversion equal to the lesser of the gain realized or the excess of the _____ _____ over the cost of qualified property purchased withing the allowed time.
On a like-kind exchange in which boot was received and a gain was realized, the adjusted basis of the like-kind property received is equal to its fair market value minus the _____ _____.
Losses are _____ recognized on a like-kind exchange.
A taxpayer sells a home and excludes the gain under Section 121. The taxpayer buys a new home. The basis of the new home is its _____.
To qualify for the exclusion on the sale of a principal residence, a taxpayer must have owned and used the home as a principal residence for at least ____ ____ out of the five years before its sale.
On a like kind exchange that involves the receipt of boot, gain is recognized to the ____ of the boot received or the gain realized.
A loss realized on an involuntary conversion of business property is _____.
Other than condemned real estate, a taxpayer has _____ _____ from the end of the tax year in which the gain was realized to obtain qualified replacement property