Homework Answers
Cost of Building = $240300
Depreciation Charged in 2016 = $5250
Depreciation. Charged in 2017 = $6000
Depreciation Charged in 2018 = $6000
Depreciation Charged in 2019 = $3000
Total Depreciation. Charged = 5250 + 6000 + 6000 + 3000 = $20250
Book Value in 2019 = Cost - Depreciation = 240300 - 20250 = $220050
Selling Price of Building = $250700
Partnership's Gain = Selling Price - Book Value = 250700 - 220050 = $30650
Hence, The Partnership's GAIN on the sale of the Building is $ 30650
Add Answer to:
Income Concepts (LO. 4) Postum Partnership purchases a building in 2016 for $240,300. It deducts $5,250...
1. PR.02-18 Income Concepts (LO. 4) 2. PR.02-23 Chelsea, who is single, purchases land for investment...
1. PR.02-18 Income Concepts (LO. 4) 2. PR.02-23 Chelsea, who is single, purchases land for investment purposes in 2014 at a cost of $22,000. In 2019, she sells the land for $38,000. Chelsea's taxable income without considering the land sale is $100,000. What is the effect of the sale of the land on her taxable income, and what is her tax liability? 3. PR.02-26 Refer to the tax rate schedule for calculations. 4. PR.02-28 Round all calculations to two decimal...
Income Concepts (LO. 4) Chelsea, who is single, purchases land for investment purposes in 2014 at...
Income Concepts (LO. 4) Chelsea, who is single, purchases land for investment purposes in 2014 at a cost of $22,300. In 2019, she sells the land for $35,200. Chelsea's taxable income without considering the land sale is $99,700. What is the effect of the sale of the land on her taxable income, and what is her tax liability Refer to the tax rate schedule for calculations. Round all calculations to two decimal places. Assume a long-term capital gains tax rate...
Ability-to-Pay Concept (LO. 2) Sheila, a single taxpayer, is a retired computer executive with a taxable...
Ability-to-Pay Concept (LO. 2) Sheila, a single taxpayer, is a retired computer executive with a taxable income of $121,000 in the current year. She receives $29,400 per year in tax-exempt municipal bond interest. Adam and Tanya are married and have no children. Adam and Tanya's $121,000 taxable income is comprised solely of wages they earn from their jobs. Refer to the tax rate schedule for calculations. Do not round intermediate computations. Round your final answers to two decimal places. Assume...
JJG Partnership, a calendar year, cash-method partnership has been in existence since 2015. JJG's balance sheet...
JJG Partnership, a calendar year, cash-method partnership has been in existence since 2015. JJG's balance sheet as of June 30, 2018 is as follows: Basis Fair Market Value Cash $30,000 $30,000 Accounts Receivable -0- 30,000 Collectibles 20,000 32,000 Land 40,000 28,000 $90,000 $120,000 ======== ======== Capital, Jennie 30,000 40,000 Capital, Jeff 30,000 40,000 Capital, Greg 30,000 40,000 $90,000 $120,000 ======== ======== Jennie sells her partnership interest to Norm on June 30, 2018 for $50,000. On June 30, 2018, Jennie's basis...
Required information The following information applies to the questions displayed below) 1 of 4 Travis and Alix...
Required information The following information applies to the questions displayed below) 1 of 4 Travis and Alix Weber are equal partners in the Tralix Partnership, which does not have a $754 election in place. Allx sells one-half of her interest (25 percent) to Michael Tomei for $31,000 cash. Just before the sale, Alix's basis in her entire partnership interest is $76,200, including her $31,000 share of the partnership liabilities. Tralix's assets on the sale date are as follows: Book FMV...
Problem 3-48 (LO. 8) During 2020, Inez (a single taxpayer) had the following transactions involving capital...
Problem 3-48 (LO. 8) During 2020, Inez (a single taxpayer) had the following transactions involving capital assets: $6,000 (5,000) Gain on the sale of unimproved land (held as an investment for 3 years) Loss on the sale of a camper (purchased 2 years ago and used for family vacations) Gain on the sale of ADM stock (purchased 9 months ago as an investment) Gain on the sale of a fishing boat and trailer (acquired 18 months ago at an auction...
1. In 2016, XYZ Enterprises purchases equipment for $60,000. The equipment is sold in 2019 after...
1. In 2016, XYZ Enterprises purchases equipment for $60,000. The equipment is sold in 2019 after the company has taken $40,000 in depreciation. The sales price is S57,000. What is the recognized gain (loss) on the sale. If the sale results in a gain, how much is taxed as ordinary income under section 1245 and how much is taxed as long term capital gain under section 1231? 2. Assume the same as #1 above except the sales price is $16,000...
Shauna is a 50 percent partner in the SH Partnership. Shauna sells one-half of her interest to Kara for $60,000 cash. Ju...
Shauna is a 50 percent partner in the SH Partnership. Shauna sells one-half of her interest to Kara for $60,000 cash. Just before the sale, Shauna's basis in her entire partnership interest is $150,000, including her $60,000 share of the partnership liabilities. SH's assets on the sale date are as follows: Assets Basis FMV Cash $80,000 $80,000 Inventory 60,000 $180,000 Land held for investment 160,000 100,000 Total $300,000 $360,000 What is the amount and character of Shauna's gain or loss...
Trisha, who is single and has taxable income of $300,000, sells the following capital assets in...
Trisha, who is single and has taxable income of $300,000, sells the following capital assets in 2019 with gains and losses as shown. With accurate calculations please. Asset Gain or (Loss) Holding Period A $15,000 15 months B 7,000 20 months C (3,000) 14 months a. Determine Trisha’s increase in income tax liability as a result of the three sales. All assets are stock held for investment. Ignore the effect of increasing AGI on deductions and phaseout amounts. b. Determine...
Hollace is single and has the following to complete her taxes. Use the the following to...
Hollace is single and has the following to complete her taxes. Use the the following to complete her taxes. Use the 2019 Marginal Tax Schedules to calculate the tax as appropriate. Please show your work. You may use your 2019, tax form as a reference. FACTS Salary $ 81,000 Regular Interest Income $ 5,500 Long-Term capital gain $ 11,000 Short-Term capital loss $ 12,000 udried Dividend Income S 6.500 INote Only Oualified Dividends are taxed at 15%6) Regular at ordinary...
1. PR.02-18 Income Concepts (LO. 4) 2. PR.02-23 Chelsea, who is single, purchases land for investment purposes in 2014 at a cost of $22,000. In 2019, she sells the land for $38,000. Chelsea's taxable income without considering the land sale is $100,000. What is the effect of the sale of the land on her taxable income, and what is her tax liability? 3. PR.02-26 Refer to the tax rate schedule for calculations. 4. PR.02-28 Round all calculations to two decimal...
Income Concepts (LO. 4) Chelsea, who is single, purchases land for investment purposes in 2014 at a cost of $22,300. In 2019, she sells the land for $35,200. Chelsea's taxable income without considering the land sale is $99,700. What is the effect of the sale of the land on her taxable income, and what is her tax liability Refer to the tax rate schedule for calculations. Round all calculations to two decimal places. Assume a long-term capital gains tax rate...
Ability-to-Pay Concept (LO. 2) Sheila, a single taxpayer, is a retired computer executive with a taxable income of $121,000 in the current year. She receives $29,400 per year in tax-exempt municipal bond interest. Adam and Tanya are married and have no children. Adam and Tanya's $121,000 taxable income is comprised solely of wages they earn from their jobs. Refer to the tax rate schedule for calculations. Do not round intermediate computations. Round your final answers to two decimal places. Assume...
Required information The following information applies to the questions displayed below) 1 of 4 Travis and Alix Weber are equal partners in the Tralix Partnership, which does not have a $754 election in place. Allx sells one-half of her interest (25 percent) to Michael Tomei for $31,000 cash. Just before the sale, Alix's basis in her entire partnership interest is $76,200, including her $31,000 share of the partnership liabilities. Tralix's assets on the sale date are as follows: Book FMV...
Problem 3-48 (LO. 8) During 2020, Inez (a single taxpayer) had the following transactions involving capital assets: $6,000 (5,000) Gain on the sale of unimproved land (held as an investment for 3 years) Loss on the sale of a camper (purchased 2 years ago and used for family vacations) Gain on the sale of ADM stock (purchased 9 months ago as an investment) Gain on the sale of a fishing boat and trailer (acquired 18 months ago at an auction...
1. In 2016, XYZ Enterprises purchases equipment for $60,000. The equipment is sold in 2019 after the company has taken $40,000 in depreciation. The sales price is S57,000. What is the recognized gain (loss) on the sale. If the sale results in a gain, how much is taxed as ordinary income under section 1245 and how much is taxed as long term capital gain under section 1231? 2. Assume the same as #1 above except the sales price is $16,000...
Hollace is single and has the following to complete her taxes. Use the the following to complete her taxes. Use the 2019 Marginal Tax Schedules to calculate the tax as appropriate. Please show your work. You may use your 2019, tax form as a reference. FACTS Salary $ 81,000 Regular Interest Income $ 5,500 Long-Term capital gain $ 11,000 Short-Term capital loss $ 12,000 udried Dividend Income S 6.500 INote Only Oualified Dividends are taxed at 15%6) Regular at ordinary...
Most questions answered within 3 hours.
-
Many describe estate and gift taxation as “political football.”
Discuss arguments for and against the transfer...
asked 23 seconds from now -
Pine wood has the following composition: 50.31% C,
6.20% H2, 43.08% Oz and 0.41% ash.
(a)...
asked 11 minutes ago -
A toy cannon uses a spring to project a 5.22-g soft rubber ball.
The spring is...
asked 12 minutes ago -
If a firm has an EV of $1,840 million and EBITDA of $377
million, what is...
asked 12 minutes ago -
Candy Kane Cosmetics (CKC) produces Leslie Perfume, which
requires chemicals and labor. Two production processes are...
asked 18 minutes ago -
Determine the heat involved in the combustion of liquid
hydrazine by using the following reactions. Use...
asked 18 minutes ago -
The proportion of Canadians with green eyes is 0.36. As part of
a study of the...
asked 28 minutes ago -
3) How does Descartes’s hyperbolic doubt compare to the
skepticism that Socrates expresses in the Platonic...
asked 25 minutes ago -
How many coulombs are required to plate a layer of chromium
metal 0.27 mm thick on...
asked 39 minutes ago -
A box slides from rest down an inclined place that is 30 degrees
above the horizontal...
asked 41 minutes ago -
Determine the amount of excess reactant that remains after 50.0
g N2O4 and 45.0 g N2H4...
asked 43 minutes ago -
The number of calls coming into a hotel’s reservation during any
fixed timeinterval will follow a...
asked 45 minutes ago