HERE THE GAIN OF THE SALE IS
305000-225000-25300-12000 WHICH EQUALS 42700
SO HERE THE GAIN IS OF 42700
AS HIS INVESTMENT PRICES ARE 225000 AND THEN FOR A ROOM 25300 AND THEN FOR SALES COMMISION AS 12000.
Have Purchased a home for $225,000 he later added another room for $25,300 he sold the...
kong originally sold his home for $96,000. at that time, his adjusted kong originally sold his home for 96000. at that time his adjusted basis in the home was 99000. five years later, he repossessed the home when the balance of the note was 91000. he resold it within one year for 105000. original sale expenses were 1250, and resale expenses were 1550. repossession costs were 3200. he incurred 1000 for improvements prior to the resale. what is kongs recompiled...
Troy (single) purchased a home in Hopkinton, MA, on January 1, 2007, for $215,000. He sold the home on January 1, 2014, for $242,900. How much gain must Troy recognize on his home sale in each of the following alternative situations? a. Troy rented the home out from January 1, 2007, through November 30, 2008. He lived in the home as his principal residence from December 1, 2008, through the date of sale. Assume accumulated depreciation on the home at...
Telicia, a single taxpayer, purchased a famous painting for $69,000. Several years later, she sold it for $99,000. Telicia's marginal tax rate is 35%. Telicia's gain on the sale of the painting will be taxed at a rate of __________. 35% 28% 24% 12%
Strawberry Fields purchased a tractor at a cost of $38,000 and sold it two years later for $25,700. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $9,000 residual value. 1. What was the gain or loss on the sale? Gain on sale 25 points (8 058:24 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list View journal...
Strawberry Fields purchased a tractor at a cost of $37.000 and sold it two years later for $24.600. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $8,000 residual value. 1. What was the gain or loss on the sale? on sale 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale. Note:...
Strawberry Fields purchased a tractor at a cost of $36.000 and sold it two years later for $23.900. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $9.000 residual value. 1. What was the gain or loss on the sale? on sale 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction llat Journal entry worksheet Record the sale. Note:...
Strawberry Fields purchased a tractor at a cost of $40,000 and sold it two years later for $26,200. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $8,000 residual value. 1. What was the gain or loss on the sale? on sale ER22 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale...
Akira, a single taxpayer, purchased a famous painting for $96,000. several years later, she sold it for $126,000. Akira's marginal tax rate is 35%. akira's gain on the sale of the painting will be taxed at a rate of
Telicia is a single taxpayer purchased a famous painting for 69000. Several years later, she sold it for $99000. Telicia’s marginal tax rate is is 33%. Telicia’s gain on the sale of the painting will be taxed at what rate?
Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $315,000. He sold the home on January 1, 2019, for $340,700. How much gain must Troy recognize on his home sale in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.) a. Troy rented out the home from January 1, 2007, through November 30, 2008. He lived in the home as his principal residence from December 1, 2008, through the date of...