Homework Answers
Answer:
Explanation:
Scooter was for personal use. The loss on sale of scooter neither can be offset nor deductible.
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Editor Exercise 3-25 (LO. 8) Rebecca sells her personal scooter for $550. She purchased the scooter...
Exercise 13-42 (Algorithmic) (LO. 8) Constanza, who is single, sells her current personal residence (adjusted basis...
Exercise 13-42 (Algorithmic) (LO. 8) Constanza, who is single, sells her current personal residence (adjusted basis of $271,500) for $760,200. She has owned and lived in the house for 30 years. Her selling expenses are $38,010. What is Constanza's realized and recognized gain? Constanza's realized gain is $ and her recognized gain would be $
Rebecca holds 100 shares of Gotchas stock that she purchased for $1,500 several years ago. In...
Rebecca holds 100 shares of Gotchas stock that she purchased for $1,500 several years ago. In a merger of Gotchas into Solis, Inc., Rebecca exchanges her 100 Gotchas shares for 1,000 Solis shares and $300. Gotchas is valued at $33.00 per share and Solis at $3.00 per share. What is Rebecca’s realized and recognized gain/loss from the reorganization? Assuming that this exchange qualifies for tax-free treatment under § 368, Rebecca’s realized gain is $________
1. Norma drives a Toyota Camry as her personal car. She bought the car for $10,000...
1. Norma drives a Toyota Camry as her personal car. She bought the car for $10,000 ten years ago and the current fair market value is $7,000. Calculate the realized and recognized gain or loss if Norma sells the car this year to Miriam for $11,000.
Barbara converts her personal use computer to her cleaning business. she purchased the computer two years...
Barbara converts her personal use computer to her cleaning business. she purchased the computer two years ago for $1,200. When she converts the property to business use, the fair market value is $1,000. while using the computer in her business for 18 months, she properly desucted depreciation (cost recovery) expense of $360, and she sells the computer for $600. what is her recognized gain or loss? And what is Barbara's depreciable basis in the computer when she converts the property...
Exercise 11-28 (Algorithmic) (LO. 3) Lucy sells her partnership interest, a passive activity, with an adjusted...
Exercise 11-28 (Algorithmic) (LO. 3) Lucy sells her partnership interest, a passive activity, with an adjusted basis of $341,500 for $375,650. In addition, she has current and suspended losses of $51,225 associated with the partnership and has no other passive activities. a. Calculate Lucy's total gain and her current deductible loss. Her total gain is $ 25,000 X and her deductible loss is $ -3,000 X. b. What type of income can the deductible loss offset? Lucy's deductible loss is...
eBook CSGESIO Exercise 3-23 (Algorithmic) (LO. 8) Determine the net effect on Tamara's adjusted gross income...
eBook CSGESIO Exercise 3-23 (Algorithmic) (LO. 8) Determine the net effect on Tamara's adjusted gross income with regard to these capital asset transactions that occurred this year. Sold ABCCo stock, acquired 2 years ago, for a (51,850) Toss. Sold collectible coins, held for 17 months, for a $2,590 gain. Sold XYZCo shares, acquired 6 months ago, for a (55,180) loss. Sold LMNC stock, acquired 3 years ago, for a $618 gain As a result of these transactions, Tamara has a...
Exercise 18-25 (Algorithmic) (LO. 6) Several years ago, Minjun, who is single, acquired § 1244 stock...
Exercise 18-25 (Algorithmic) (LO. 6) Several years ago, Minjun, who is single, acquired § 1244 stock in Blue Corporation at a cost of $160,400. He sells the Blue stock for $16,040 in the current year. Determine the amount and nature of Minjun's gain or loss recognized this year. Minjun's sale of Blue Corporation stock produces a total loss of $ of which $ is treated as a capital loss.
Exercise 3-23 (Algorithmic) (LO. 8) During the year, Tamara had capital transactions resulting in gains (losses)...
Exercise 3-23 (Algorithmic) (LO. 8) During the year, Tamara had capital transactions resulting in gains (losses) as follows: Sold stock in ABC Company (acquired two years ago) ($5,600) Sold collectible coins (held for more than one year) 7,840 Sold stock in XYZ Company (acquired six months ago) (15,680) Sold stock in LMN Company (acquired three years ago) 1,960 Determine Tamara's net capital gain or loss as a result of these transactions. As a result of these transactions, Tamara has a...
Question 8 (1 point) Sadie is a full time nurse and a part time painter. Her...
Question 8 (1 point) Sadie is a full time nurse and a part time painter. Her painting qualifies as a hobby. Her gross income from painting is $7,000. Her expenses include $800 of interest on inventory loans, $5,200 of expenses in conducting business activities, and $2,000 of depreciation of equipment. Which of the following statements about Sadie's hobby activity is/are correct? Sadie will not recognize any taxable income as a result of her hobby. Sadie can deduct the interest of...
Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) [The following information applies to the questions displayed below.] Reba Dixon is a fifth-grade school teacher who earned a salar...
Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO
8-5)
[The following information applies to the questions
displayed below.]
Reba Dixon is a fifth-grade school teacher who earned a salary of
$38,000 in 2018. She is 45 years old and has been divorced for four
years. She receives $1,200 of alimony payments each month from her
former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments...
Exercise 13-42 (Algorithmic) (LO. 8) Constanza, who is single, sells her current personal residence (adjusted basis of $271,500) for $760,200. She has owned and lived in the house for 30 years. Her selling expenses are $38,010. What is Constanza's realized and recognized gain? Constanza's realized gain is $ and her recognized gain would be $
Exercise 11-28 (Algorithmic) (LO. 3) Lucy sells her partnership interest, a passive activity, with an adjusted basis of $341,500 for $375,650. In addition, she has current and suspended losses of $51,225 associated with the partnership and has no other passive activities. a. Calculate Lucy's total gain and her current deductible loss. Her total gain is $ 25,000 X and her deductible loss is $ -3,000 X. b. What type of income can the deductible loss offset? Lucy's deductible loss is...
eBook CSGESIO Exercise 3-23 (Algorithmic) (LO. 8) Determine the net effect on Tamara's adjusted gross income with regard to these capital asset transactions that occurred this year. Sold ABCCo stock, acquired 2 years ago, for a (51,850) Toss. Sold collectible coins, held for 17 months, for a $2,590 gain. Sold XYZCo shares, acquired 6 months ago, for a (55,180) loss. Sold LMNC stock, acquired 3 years ago, for a $618 gain As a result of these transactions, Tamara has a...
Exercise 18-25 (Algorithmic) (LO. 6) Several years ago, Minjun, who is single, acquired § 1244 stock in Blue Corporation at a cost of $160,400. He sells the Blue stock for $16,040 in the current year. Determine the amount and nature of Minjun's gain or loss recognized this year. Minjun's sale of Blue Corporation stock produces a total loss of $ of which $ is treated as a capital loss.
Exercise 3-23 (Algorithmic) (LO. 8) During the year, Tamara had capital transactions resulting in gains (losses) as follows: Sold stock in ABC Company (acquired two years ago) ($5,600) Sold collectible coins (held for more than one year) 7,840 Sold stock in XYZ Company (acquired six months ago) (15,680) Sold stock in LMN Company (acquired three years ago) 1,960 Determine Tamara's net capital gain or loss as a result of these transactions. As a result of these transactions, Tamara has a...
Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO
8-5)
[The following information applies to the questions
displayed below.]
Reba Dixon is a fifth-grade school teacher who earned a salary of
$38,000 in 2018. She is 45 years old and has been divorced for four
years. She receives $1,200 of alimony payments each month from her
former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments...
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