Art, an Unmarried Individual, Transfers Property (Basis of $130,000 and Fair

question 36

Multiple Choice

Art, an unmarried individual, transfers property (basis of $130,000 and fair market value of $120,000) to Condor Corporation in exchange for §1244 stock. The transfer qualifies as a nontaxable exchange under § 351. Because the property is loss property, Condor takes a basis in the property of $120,000. Five years later, Art sells the Condor stock for $50,000. With respect to the sale, Art has:

• A) An ordinary loss of $80,000.
• B) An ordinary loss of $70,000 and a capital loss of $10,000.
• C) A capital loss of $80,000.
• D) A capital loss of $30,000 and an ordinary loss of $50,000.
• E) None of the above.

---

Definitions:

Suicide

Choosing to end one's own life intentionally.

Suicide Prevention Programs

Initiatives or strategies designed to reduce the incidence of suicide by providing support, raising awareness, and intervening in crisis situations.

Suicide Rates

The proportion of a population that dies by suicide, usually expressed per 100,000 individuals.

Prevention Centers

Facilities or organizations dedicated to preventing the onset of diseases or conditions, often through research, education, and health promotion activities.