Homework Answers
A. IT IS A LONG TERM CAPITAL LOSS.ACCORDING TO SEC 1231, THE PROPERTY WAS HELD LONGER THAN ONE LONG TERM.
B. IT IS A SEC 1231 GAIN.
C. IT IS A LONG TERM CAPITAL GAIN.
D. THE GAIN FROM 80% OF HOME IS PERSONAL GAIN. THE GAIN FROM 20% OF HOME IS BUSINESS GAIN. IT IS A LONG TERM CAPITAL GAIN.
E. IT IS A SHORT TERM CAPITAL GAIN.
F. IT IS A LONG TERM CAPITAL LOSS.
G. PERSONAL LOSS.
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17-26 Characterizing Assets. Indicate whether the following gains and losses are $ 1231 gains or losses...
gains and losses are $1231 ke your determination prior PROBLEMS 17-26 Characterizing Assets. Indicate whether the...
gains and losses are $1231 ke your determination prior PROBLEMS 17-26 Characterizing Assets. Indicate whether the following gains and losse gains or losses or capital gains and losses or neither. Make your deter to the $ 1231 netting process. 2. Printing press used in A's business; held for three years and sold at a les b. Goodwill sold as part of the sale of B's business. c. Vacant lot used five years as a parking lot in C's business; sold...
17-31 Section 1231 Lookback. J has recognized the following 1231 gains and losses in the current...
17-31 Section 1231 Lookback. J has recognized the following 1231 gains and losses in the current year (2018) and since the inception of his business: Year Net $1231 Gain (Loss) 2018 2017 $50,000 12,000 (35,000) 2016 2015 2014 0 65,000 (13,000) 2013 How will J treat the $50,000 gain for the current year?
Indicate whether each of the following assets are capital assets, Sec. 1231 assets, or ordinary income...
Indicate whether each of the following assets are capital assets, Sec. 1231 assets, or ordinary income property (property which, if sold, results in ordinary income). Assume that all of the property is held for more than one year. a. XYZ Corporation owns land used as an employee parking lot. How is the parking lot classified for tax purposes? b. Montana Corporation owns land held as an investment. How is the land classified for tax purposes? c. John, a self-employed electrician,...
Since its formation, Roof Corporation has incurred the following net Section 1231 gains and losses. Year...
Since its formation, Roof Corporation has incurred the following net Section 1231 gains and losses. Year 1 Year 2 Year 3 $(12,000) 10,500 (14.600) Net Section 1231 loss Net Section 1231 gain Net Section 1231 loss a. In year 4, Roof sold only one asset and recognized a $7,500 net Section 1231 gain. How much of this gain is treated as capital gain, and how much is ordinary? b. In year 5, Roof sold one asset and recognized a $9,000...
5. Netting Capital Gains and Losses. (Obj. 3) In each of the following cases, use the...
5. Netting Capital Gains and Losses. (Obj. 3) In each of the following cases, use the netting! process between groups to determine the taxpayer's net capital gain and the tax rate paid on such gain. Assume the taxpayer files jointly and these are the only capital assets sold during the year. a. A $2,000 loss on the sale of a capital asset held six months; a $9,000 gain on the sale of a capital asset held for three years. Taxable...
2 POINTS (6) Indicate whether each of the following assets are capital assets, Sec. 1231 assets, or ordinary income...
2 POINTS (6) Indicate whether each of the following assets are capital assets, Sec. 1231 assets, or ordinary income property (property which, if sold, results in ordinary income). Assume that all of the property is held for more than one year. a. XYZ Corporation owns land used as an employee parking lot. How is the parking lot classified for tax purposes? b. Montana Corporation owns land held as an investment. How is the land classified for tax purposes? c. John,...
10) Brandon, an individual, began business 4 years ago and has sold 1231 assets with 5,450...
10) Brandon, an individual, began business 4 years ago and has sold 1231 assets with 5,450 of losses within the last five years. Brandon owned each of these assets for several years, in the current year, Brandon sold the following business assets: Asset Original Cost Accumulated Depreciation Gain/Loss Machinery 30,900 7,900 10,450 Land 49,000 0 24,500 Buiding 108,000 29,000 (14,000) Assuming Brandon's marginal ordinary income tax is 32% what effect do the gains and losses have on Brandon's tax liability?...
• Capital Gains and Losses. L, a single individual, earned salaries and wages of $64,000 and...
• Capital Gains and Losses. L, a single individual, earned salaries and wages of $64,000 and interest of $3,000 and dividends of $3,700 for the current year. In addi- tion, L sold the following capital assets: 10 shares LMN common stock, held ten months . 1990 Dodge sedan, used four years for personal purposes... 10 acres of land, held six years for investment. years for investment .............. $1,400 gain 2,600 loss 9,200 loss a. Compute L's overall capital gain or...
explain pls! _6. Gary sold business equipment in the current year for a $50,000 net gain...
explain pls!
_6. Gary sold business equipment in the current year for a $50,000 net gain (after taking into account any depreciation recapture). The equipment was originally purchased two years ago and was classified as a Section 1231 asset. This was the only asset sale for the year. Five years ago, Gary had a $60,000 net Section 1231 loss but he has not had any Section 1231 transactions since then. For the current year, Gary's net Section 1231 gain is...
16-29 Capital Gains and Losses. L, a single individual, earned salaries and wages of $64,000 and interest of $3,000...
16-29 Capital Gains and Losses. L, a single individual, earned salaries and wages of $64,000 and interest of $3,000 and dividends of $3,700 for the current year. In addition, L sold the following capital assets: 10 shares LMN common stock, held ten months..... $1,400 gain 1990 Dodge sedan, used four years for personal purposes... 2,600 loss 10 acres of land, held six years for investment.......... 9,200 loss a. Compute L's overall capital gain or loss. b. Compute L's adjusted gross...
gains and losses are $1231 ke your determination prior PROBLEMS 17-26 Characterizing Assets. Indicate whether the following gains and losse gains or losses or capital gains and losses or neither. Make your deter to the $ 1231 netting process. 2. Printing press used in A's business; held for three years and sold at a les b. Goodwill sold as part of the sale of B's business. c. Vacant lot used five years as a parking lot in C's business; sold...
17-31 Section 1231 Lookback. J has recognized the following 1231 gains and losses in the current year (2018) and since the inception of his business: Year Net $1231 Gain (Loss) 2018 2017 $50,000 12,000 (35,000) 2016 2015 2014 0 65,000 (13,000) 2013 How will J treat the $50,000 gain for the current year?
Indicate whether each of the following assets are capital assets, Sec. 1231 assets, or ordinary income property (property which, if sold, results in ordinary income). Assume that all of the property is held for more than one year. a. XYZ Corporation owns land used as an employee parking lot. How is the parking lot classified for tax purposes? b. Montana Corporation owns land held as an investment. How is the land classified for tax purposes? c. John, a self-employed electrician,...
Since its formation, Roof Corporation has incurred the following net Section 1231 gains and losses. Year 1 Year 2 Year 3 $(12,000) 10,500 (14.600) Net Section 1231 loss Net Section 1231 gain Net Section 1231 loss a. In year 4, Roof sold only one asset and recognized a $7,500 net Section 1231 gain. How much of this gain is treated as capital gain, and how much is ordinary? b. In year 5, Roof sold one asset and recognized a $9,000...
5. Netting Capital Gains and Losses. (Obj. 3) In each of the following cases, use the netting! process between groups to determine the taxpayer's net capital gain and the tax rate paid on such gain. Assume the taxpayer files jointly and these are the only capital assets sold during the year. a. A $2,000 loss on the sale of a capital asset held six months; a $9,000 gain on the sale of a capital asset held for three years. Taxable...
2 POINTS (6) Indicate whether each of the following assets are capital assets, Sec. 1231 assets, or ordinary income property (property which, if sold, results in ordinary income). Assume that all of the property is held for more than one year. a. XYZ Corporation owns land used as an employee parking lot. How is the parking lot classified for tax purposes? b. Montana Corporation owns land held as an investment. How is the land classified for tax purposes? c. John,...
• Capital Gains and Losses. L, a single individual, earned salaries and wages of $64,000 and interest of $3,000 and dividends of $3,700 for the current year. In addi- tion, L sold the following capital assets: 10 shares LMN common stock, held ten months . 1990 Dodge sedan, used four years for personal purposes... 10 acres of land, held six years for investment. years for investment .............. $1,400 gain 2,600 loss 9,200 loss a. Compute L's overall capital gain or...
explain pls!
_6. Gary sold business equipment in the current year for a $50,000 net gain (after taking into account any depreciation recapture). The equipment was originally purchased two years ago and was classified as a Section 1231 asset. This was the only asset sale for the year. Five years ago, Gary had a $60,000 net Section 1231 loss but he has not had any Section 1231 transactions since then. For the current year, Gary's net Section 1231 gain is...
16-29 Capital Gains and Losses. L, a single individual, earned salaries and wages of $64,000 and interest of $3,000 and dividends of $3,700 for the current year. In addition, L sold the following capital assets: 10 shares LMN common stock, held ten months..... $1,400 gain 1990 Dodge sedan, used four years for personal purposes... 2,600 loss 10 acres of land, held six years for investment.......... 9,200 loss a. Compute L's overall capital gain or loss. b. Compute L's adjusted gross...
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