Homework Answers
Calculation from profit on sale of Building
Cost of Building - $691000
Accumulated Depreciation- $42000
WDV of the Building = $691000- $42000= $649000
Profit = Sale Price of Building - WDV of Building
=$747000 - $ 649000
= $ 98000
Calculation of Profit/Loss on Sale of Stock
Cost Price of Sparkle corporation Stock = $248000
Sell Price of Sparkle corporation Stock = $139000
Loss on sale of stock = $248000- $ 139000
= $(109000)
Taxable Income before these Transactions =$897000
Add Profit on sale of Building = $98000
Less Loss on sale of Stock = $ 109000
Total Taxable income After all Adjustments = $ 886000
Tax Liability = $ 886000*21/100
= 186060
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