Homework Answers
Danilo's recognized gain in the sale to Perico
Selling value $10000 - Buying value $5000 = $5000
Answer would be .B) $5000
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6. Assume María Teresa had a disallowed related party loss of $4,000. Two years after buying...
Include procedure 1. Brenda is a cash basis taxpayer with the following trans actions during her...
Include procedure
1. Brenda is a cash basis taxpayer with the following trans actions during her calendar tax year Cash basis revenue Cash basis expenses, except rent Rent expense (paid on December 1) for use of a building for 6 months $54,000 25,000 12.000 What is the amount of Brenda's taxable income from her business for this tax year? $17,000 $23,000 $25,000 $27,000 None of the above. The answer is, A. В. C. D. E. 2. Ana is acalendaryear taxpayer...
Ralph gives his daughter, Angela, stock (basis of $8,000; fair market value of $6,000). No gift...
Ralph gives his daughter, Angela, stock (basis of $8,000; fair market value of $6,000). No gift tax results. If Angela subsequently sells the stock for $10,000, what is her recognized gain or loss? Group of answer choices None of the above $0 $4,000 $10,000 $2,000
During the tax year 2013, Chris had the following capital gains and losses. $5,000 loss from...
During the tax year 2013, Chris had the following capital gains and losses. $5,000 loss from the sale of shares of Big Box, Inc. that he bought in February 2013 and sold on the last day of the year $6,000 loss from the sale of Microstrategy stock that he purchased in December 2008 a $10,000 unrecaptured Section 1250 gain from the sale of real estate a gain of $4,000 from the sale of collectibles that he had owned since 1994...
Question 5 3.03 points Save Answ Brad forms Vott Corporation by contributing equipment, which has a...
Question 5 3.03 points Save Answ Brad forms Vott Corporation by contributing equipment, which has a basis of $50,000 and an FMV of $40,000 in exchange for Vott stock. Brad also contributes $5,000 in cash. If the transaction meets the Sec. 351 control and ownership tests, what are the tax consequences to Brad? He recognizes a $10,000 loss. He recognizes a $5,000 loss, He recognizes neither again nor a los He recognizes a $5,000 gain and a $10,000 loss. Webster,...
Sarah sold the below property during 2019. None of the property was sold to a related...
Sarah sold the below property during 2019. None of the property was sold to a related party or in a wash sale. Apart from any capital gains or losses, Sarah's only other taxable income in 2019 is $10,000, all of which is from wages (ordinary income). Property Adjusted Basis Amount Realized Sale of personal-use car held 2 years $18,000 $12,000 Stock F held for 6 months $5,000 $3,000 Stock G held for 3 months $6,000 $3,000 Stock H held for...
A and B are equal partners in a personal services partnership. Each partner acquired her partners...
A and B are equal partners in a personal services partnership. Each partner acquired her partnership interest for cash several years ago. None of the partnership’s assets is Section 704(c) property. The partnership has the following balance sheet: Assets Liabilities and Partners’ Capital A.B. F.M.V. A.B.* F.M.V. Cash $13,000 $12,000 Liabilities: $2,000 Capital Assets: Capital: Collectibles 1,000 3,000 A $10,000 15,000 Other 6,000 2,000 B 10,000 15,000 Subtotal 7,000 5,000 Receivables 0 14,000 Total $20,000 $32,000 $20,000 $32,000 Consider the...
Q1-6: Michelle has asked for your help in preparing her statement of cash flows for 2016...
Q1-6: Michelle has asked for your help in preparing her statement of cash flows for 2016 (Only operating activities). She is able to present you with condensed balance sheets and some additional information as below: The Caesars Inn Condensed Balance Sheets December 31, 2015 and 2016 2015 $9.000 25,000 11,000 170,000 (40.000) $175,000 2016 8,000 24.000 15,000 220,000 (50.000) $217,000 Description Cash Accounts Receivable Investments Equipment Accumulated Depreciation Total Assets Current Liabilities: Accounts Payable Mortgage Payable (current) Dividend Payable Noncurrent...
22. Under a plan of complete liquidation, Cain Corporation distributes land (not a property) with an...
22. Under a plan of complete liquidation, Cain Corporation distributes land (not a property) with an adjusted basis of $410,000 and an FMV of $300,000 for all Gary's stock. Gary's basis in his 10% interest in the Cain stock is $250.000. Find Gary's basis in the land and Cain Corporation's recognized gain or loss. A) Recognized Gain/Loss $110,000 loss Recognized Gain/Loss $110,000 loss Basis $300,000 B) Basis $250,000 C) Basis $300,000 D) Basis $250,000 Recognized Gain/Loss SO Recognized Gain/Loss SO...
Shaun Murphy sells the following capital assets in the 2019: A truck for $10,000 on June...
Shaun Murphy sells the following capital assets in the 2019: A truck for $10,000 on June 1, 2019. He originally purchased it in 2016 for $12,000 and used it for personal purposes. LT Shopkins collectables (held for investment) that his daughter told him were rare on September 15, 2019 for $1,000 (he has to pay $100 shipping costs to send the collectables to the buyer). Shaun originally purchased the collectables for $5,000 on March 16, 2013.LT A rental property for...
Include procedure
1. Brenda is a cash basis taxpayer with the following trans actions during her calendar tax year Cash basis revenue Cash basis expenses, except rent Rent expense (paid on December 1) for use of a building for 6 months $54,000 25,000 12.000 What is the amount of Brenda's taxable income from her business for this tax year? $17,000 $23,000 $25,000 $27,000 None of the above. The answer is, A. В. C. D. E. 2. Ana is acalendaryear taxpayer...
Question 5 3.03 points Save Answ Brad forms Vott Corporation by contributing equipment, which has a basis of $50,000 and an FMV of $40,000 in exchange for Vott stock. Brad also contributes $5,000 in cash. If the transaction meets the Sec. 351 control and ownership tests, what are the tax consequences to Brad? He recognizes a $10,000 loss. He recognizes a $5,000 loss, He recognizes neither again nor a los He recognizes a $5,000 gain and a $10,000 loss. Webster,...
Q1-6: Michelle has asked for your help in preparing her statement of cash flows for 2016 (Only operating activities). She is able to present you with condensed balance sheets and some additional information as below: The Caesars Inn Condensed Balance Sheets December 31, 2015 and 2016 2015 $9.000 25,000 11,000 170,000 (40.000) $175,000 2016 8,000 24.000 15,000 220,000 (50.000) $217,000 Description Cash Accounts Receivable Investments Equipment Accumulated Depreciation Total Assets Current Liabilities: Accounts Payable Mortgage Payable (current) Dividend Payable Noncurrent...
22. Under a plan of complete liquidation, Cain Corporation distributes land (not a property) with an adjusted basis of $410,000 and an FMV of $300,000 for all Gary's stock. Gary's basis in his 10% interest in the Cain stock is $250.000. Find Gary's basis in the land and Cain Corporation's recognized gain or loss. A) Recognized Gain/Loss $110,000 loss Recognized Gain/Loss $110,000 loss Basis $300,000 B) Basis $250,000 C) Basis $300,000 D) Basis $250,000 Recognized Gain/Loss SO Recognized Gain/Loss SO...
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