Homework Answers
a) The latest date for replacement is December 31, 2021.
b) The latest date for replacement is December 31,2022.
Explanation: the latest date for replacement of property condemned is the end of current tax year plus 3 more years to buy a replacement property.
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Tax Drill - Replacement Period Emma's building is destroyed on November 28, 2018. The adjusted basis...
Tax Drill - Replacement Period Emma's building is destroyed on November 28, 2018. The adjusted basis...
Tax Drill - Replacement Period Emma's building is destroyed on November 28, 2018. The adjusted basis is $645,000. Emma receives $680,000 from the insurance company on January 2, 2019. She is a calendar year taxpayer. a. The latest date for replacement is December 31, 2020 . b. Assume the same facts as above except that Emma's building is condemned. Emma receives notification of the future condemnation on October 15, 2018, The condemnation occurs on November 28, 2018, with the condemnation...
Jessica's office building is destroyed by fire on November 15, 2018. The adjusted basis of the...
Jessica's office building is destroyed by fire on November 15, 2018. The adjusted basis of the building is $390,000. She recelves Insurance proceeds of $557,500 on December 12, 2018. a. Calculate her realized and recognized gain or loss for the replacement property if she acquires an office building In December 2018 for $557,500. b. Calculate her realized and recognized gain or loss for the replacement property if she acquires an office building in December 2018 for $452,500. c. What is...
Janay, a calendar year taxpayer, owns a warehouse (adjusted basis of $190,000) that is destroyed by...
Janay, a calendar year taxpayer, owns a warehouse (adjusted basis of $190,000) that is destroyed by a tornado in October 2019. She receives insurance proceeds of $250,000 in January 2020. If before 2022, Janay replaces the warehouse with another warehouse costing at least $250,000, she can elect to postpone the recognition of any realized gain. a- True b- False
Exercise 13-40 (Algorithmic) (LO. 7) On February 24, 2019, Allison's building, with an adjusted basis of...
Exercise 13-40 (Algorithmic) (LO. 7) On February 24, 2019, Allison's building, with an adjusted basis of $3,713,200 (and used in her trade or business), is destroyed by fire. On March 31, 2019, she receives an insurance reimbursement of $4,827,160 for the loss. Allison invests $4,344,444 in a new building and buys stock with the balance of insurance proceeds. Allison is a calendar year taxpayer. a. By what date must Allison make the new investment to qualify for the nonrecognition election?...
18-20 True or false ...1 AT&T X 6:28 PM CONT 4007 ... 249% û nor ued...
18-20 True or false
...1 AT&T X 6:28 PM CONT 4007 ... 249% û nor ued to make 18 Employers with annual payroll tax liabilities of $1.000 or less withholdings to their employees 19. Employers sunt to payment of household employment mayrort thing form 1040 Schedule Hor induding the taxes of their domestic employees in their business Forms 91 and 940 20. A household employee has the right to require his employer to make withholdings for the payment of federal...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...
Jessica's office building is destroyed by fire on November 15, 2018. The adjusted basis of the building is $390,000. She recelves Insurance proceeds of $557,500 on December 12, 2018. a. Calculate her realized and recognized gain or loss for the replacement property if she acquires an office building In December 2018 for $557,500. b. Calculate her realized and recognized gain or loss for the replacement property if she acquires an office building in December 2018 for $452,500. c. What is...
Exercise 13-40 (Algorithmic) (LO. 7) On February 24, 2019, Allison's building, with an adjusted basis of $3,713,200 (and used in her trade or business), is destroyed by fire. On March 31, 2019, she receives an insurance reimbursement of $4,827,160 for the loss. Allison invests $4,344,444 in a new building and buys stock with the balance of insurance proceeds. Allison is a calendar year taxpayer. a. By what date must Allison make the new investment to qualify for the nonrecognition election?...
18-20 True or false
...1 AT&T X 6:28 PM CONT 4007 ... 249% û nor ued to make 18 Employers with annual payroll tax liabilities of $1.000 or less withholdings to their employees 19. Employers sunt to payment of household employment mayrort thing form 1040 Schedule Hor induding the taxes of their domestic employees in their business Forms 91 and 940 20. A household employee has the right to require his employer to make withholdings for the payment of federal...
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