‘The Repter’ Quiz

YOUR FREE GIFT IS ONLY A FEW CLICKS AWAY!

1.  If a taxpayer refinances before or after exchanging property, what must he establish so that refinance proceeds are not considered taxable?
A shelter for troubled youth.
The refinance had an economic significance independent of the exchange.
Arizona residency.
2.  In Garcia v. Commissioner, the taxpayers required the sellers of the replacement property to obtain a higher mortgage for the purpose of:
Settling gambling debts.
Buying a ski lodge in Aspen.
Evening up the liabilities on both sides of the exchange.
3.  Which of the following criteria should not be followed for refinancing close in time to an exchange to be considered permissible?
Never reallocate existing liabilities for the sole purpose of tax avoidance.
Avoid integrating the refinance transaction with the exchange transaction.
Do not wear white shoes after Labor Day.
4.  ORT extends best wishes for what?
Absolutely nothing;
A cavity-free dental visit;
A Happy, Healthy and Prosperous 2003!
5.  What is Travis’ main responsibility at ORT?
Serving cocktails at 4pm.
Processing Income.
Selecting the afternoon movies.
6.  In addition to the names Travis is sometimes called, which other name do you think suits him?
“Grizzly Adams”.
“Casey Fossum”.
I’d stick with “Travis”.
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