Discuss the Criteria Used to Determine Whether a Building Is

question 58

Essay

Discuss the criteria used to determine whether a building is residential or nonresidential realty.Also explain the tax consequences resulting from this determination if the property is placed in service in 2011.

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Definitions:

Alimony Obligations

Financial support that one spouse is legally obligated to provide to the other during or after divorce proceedings.

Check Kiting

A fraudulent banking practice involving the use of non-existent funds or delays in the banking system to artificially inflate the balance of a bank account.

Check Defalcation

The misappropriation or embezzlement of funds involving a check, either by altering the check or by unauthorized issuance.

Insider-Trading Scheming

Insider-trading scheming involves the illegal practice of trading a public company's stock or other securities based on material, non-public information about the company.