Zach has a $30,000 § 1245 gain, a $85,000 § 1231 gain, a $35,000 § 1231...
Zach has a $30,000 § 1245 gain, a $85,000 § 1231 gain, a $35,000 § 1231 loss, a $20,000 § 1231 lookback loss, and a $80,000 long-term capital gain. The net long-term capital gain is:
Group of answer choices
$110,000
$140,000
None of the above.
$160,000
$90,000
Homework Answers
Answer is None of the above
Based on the given detail, The net long-term capital gain is $80000 26 U.S. Code § 1222
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Zach has a $30,000 § 1245 gain, a $85,000 § 1231 gain, a $35,000
§ 1231...
Brady sells equipment for $30,000 which had been purchased for $80,000 and on which $40,000 of...
Brady sells equipment for $30,000 which had been purchased for $80,000 and on which $40,000 of depreciation had been taken. He had used the equipment in his business for several years. Brady has: Group of answer choices A $10,000 § 1231 loss. A $10,000 § 1245 loss A $30,000 § 1231 gain. None of the above. A $10,000 § 1250 loss.
I Short-term Capital Loss $ $ Asset 4 Building 5 Farm land 6 Racehorse 7 Equipment...
I Short-term Capital Loss $ $ Asset 4 Building 5 Farm land 6 Racehorse 7 Equipment 8 XCON stock Amount Realized 400,000 50,000 250,000 100,000 50,000 Adjusted Basis 300,000 15,000 40,000 220,000 112,000 | E F G H CHARACTER OF GAIN OR LOSS Realized/Recognized | $291 1245 1231 $1231 Gain (Loss) Recapture Recapture Gain Los $ 100,000 $ 20,000 $ 80,000 35,000 35,000 210,000 160,000 50,000 (120,000) 120,000 (62,000) GROSS TOTALS $ 20,000 $ 160,000 $ 165,000 $ 120,000 LESS:...
Goyo Industries (a sole proprietorship) sold three § 1231 assets during 2019. Data on these property...
Goyo Industries (a sole proprietorship) sold three § 1231 assets during 2019. Data on these property dispositions are as follows: Asset Cost Acquired Depreciation Sold For Sold On Machine #1 Machine #2 Machine #3 $85,000 $30,000 $77,000 08/31/15 11/17/16 02/28/18 $32,000 $12,000 $28,000 $60,000 $15,000 $51,000 12/04/19 12/04/19 12/04/19 Determine the amount and the character of the recognized gain or loss from the disposition of each asset. If an amount is zero, enter "O". Character of Gain or Loss Total...
Brady sells equipment for $30,000 which had been purchased for $80,000 and on which $40,000 of...
Brady sells equipment for $30,000 which had been purchased for $80,000 and on which $40,000 of depreciation had been taken. He had used the equipment in his business for several years. Brady has: A $10,000 § 1245 loss None of the above. A $10,000 § 1250 loss. A $10,000 § 1231 loss. A $30,000 § 1231 gain.
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?
Problem 17-37 (LO. 2, 3) Amber Industries (a sole proprietorship) sold three § 1231 assets during...
Problem 17-37 (LO. 2, 3) Amber Industries (a sole proprietorship) sold three § 1231 assets during 2018. Data on these property dispositions are as follows: Asset Cost Acquired Depreciation Sold For Sold On Rack $100,000 10/10/14 $100,000 $145,000 10/10/18 Forklift 35,000 10/16/15 23,000 3,000 10/10/18 Bin 87,000 03/12/17 31,000 60,000 10/10/18 a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. If an amount is zero, enter 0. Asset Character of...
Amber Industries (a sole proprietorship) sold three § 1231 assets during 2018. Data on these property...
Amber Industries (a sole proprietorship) sold three § 1231 assets during 2018. Data on these property dispositions are as follows: Asset Rack Forklift Bin Cost $100,000 35,000 87,000 Acquired 10/10/14 10/16/15 03/12/17 Depreciation $100,000 23,000 31,000 Sold For $145,000 3,000 60,000 Sold On 10/10/18 10/10/18 10/10/18 a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. If an amount is zero, enter 0. Character of Gain or Loss Total Amount of...
Carrot Corporation, a C corporation, has a net short-term capital gain of $240,000 and a net...
Carrot Corporation, a C corporation, has a net short-term capital gain of $240,000 and a net long-term capital loss of $230,000 during 2018. Carrot Corporation had taxable income from other sources of $720,000 during 2018. Carrot corporation had the following gains and losses during the years it had been in existence: 2014 Net long-term capital loss $30,000 2015 Net short-term capital gain 45,000 2016 Net short-term capital loss 100,000 2017 Net long-term capital gain 15,000 Compute the amount of Carrot’s...
Which of the following is NOT true: §1231 gains : Will be taxed as ordinary income if the taxpayer has nonrecaptured net...
Which of the following is NOT true: §1231 gains : Will be taxed as ordinary income if the taxpayer has nonrecaptured net §1231 losses in the five preceding years . Will be taxed as ordinary income if the taxpayer has nonrecaptured net §1231 losses in the next five years. Are combined with §1231 losses to determine the taxpayer's net §1231 gain or loss. Are potentially eligible for long-term capital gain treatment.
Tax Accounting
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Questions 25-35 are based on the following information:Z Co. adopts a plan of complete liquidation and makes the following pro rata distributions to its shareholders (assume all are individuals and each has a $2,000 basis in the Z Co. stock):ACash $40,000BCapital AssetFMV $30,000BASIS $10,000MORTGAGE $20,000CCapital AssetFMV $50,000BASIS $10,000MORTGAGE $80,000DCapital AssetFMV $1,400BASIS $3,000(Assume that Z Co. acquired the property distributed to D in a Code § 351 transfer 6 months before adopting a plan of liquidation when the...
I Short-term Capital Loss $ $ Asset 4 Building 5 Farm land 6 Racehorse 7 Equipment 8 XCON stock Amount Realized 400,000 50,000 250,000 100,000 50,000 Adjusted Basis 300,000 15,000 40,000 220,000 112,000 | E F G H CHARACTER OF GAIN OR LOSS Realized/Recognized | $291 1245 1231 $1231 Gain (Loss) Recapture Recapture Gain Los $ 100,000 $ 20,000 $ 80,000 35,000 35,000 210,000 160,000 50,000 (120,000) 120,000 (62,000) GROSS TOTALS $ 20,000 $ 160,000 $ 165,000 $ 120,000 LESS:...
Goyo Industries (a sole proprietorship) sold three § 1231 assets during 2019. Data on these property dispositions are as follows: Asset Cost Acquired Depreciation Sold For Sold On Machine #1 Machine #2 Machine #3 $85,000 $30,000 $77,000 08/31/15 11/17/16 02/28/18 $32,000 $12,000 $28,000 $60,000 $15,000 $51,000 12/04/19 12/04/19 12/04/19 Determine the amount and the character of the recognized gain or loss from the disposition of each asset. If an amount is zero, enter "O". Character of Gain or Loss Total...
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?
Amber Industries (a sole proprietorship) sold three § 1231 assets during 2018. Data on these property dispositions are as follows: Asset Rack Forklift Bin Cost $100,000 35,000 87,000 Acquired 10/10/14 10/16/15 03/12/17 Depreciation $100,000 23,000 31,000 Sold For $145,000 3,000 60,000 Sold On 10/10/18 10/10/18 10/10/18 a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. If an amount is zero, enter 0. Character of Gain or Loss Total Amount of...
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