Barbara converts her personal use computer to her cleaning business. she purchased the computer two years...
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Barbara converts her personal use computer to her cleaning
business. she purchased the computer two years...
1. Norma drives a Toyota Camry as her personal car. She bought the car for $10,000...
1. Norma drives a Toyota Camry as her personal car. She bought the car for $10,000 ten years ago and the current fair market value is $7,000. Calculate the realized and recognized gain or loss if Norma sells the car this year to Miriam for $11,000.
Olivia received land from her Uncle when he died > the land was purchased by her...
Olivia received land from her Uncle when he died > the land was purchased by her uncle 50years ago for $10,000 . Fair Market Value of the property at the date of his death was 500,000. What is the basis of the property she received ? Is there recognized Gain or Loss ?
Janet purchased her personal residence in 2008 for $250,000. In January 2018, she converted it to...
Janet purchased her personal residence in 2008 for $250,000. In January 2018, she converted it to rental property. The fair market value at the time of conversion was $210,000. (Use Table 6A-6) Determine the amount of cost recovery that can be taken in 2018: Determine the amount of cost recovery that could be taken in 2018 if the fair market value of the property were $350,000:
his uncle purchased Longhorn stock for $31,200. Personal-Use Property Converted to Rental Property. Tally owns a...
his uncle purchased Longhorn stock for $31,200. Personal-Use Property Converted to Rental Property. Tally owns a house that she has been living in for eight years. She purchased the house for $245,000 and the FMV today is $200,000. She is moving into her friend's house and has decided to convert her resi- dence to rental property. Assume 20% of the property's value is allocated to land. a. What is the basis of the house for depreciation? b. If she claims...
Editor Exercise 3-25 (LO. 8) Rebecca sells her personal scooter for $550. She purchased the scooter...
Editor Exercise 3-25 (LO. 8) Rebecca sells her personal scooter for $550. She purchased the scooter for $700 three years ago. She also sells a painting for $1,200 that she acquired five years ago for $900. What are the tax implications of these sales? on the Rebecca has a $ 150 realized loss on the scooter and a $ 300 realized gain painting. Rebecca will recognize the gain or loss associated with both the painting and the scooter X
Molly wanted to start her own dry cleaning business. She borrowed $50,000 from ABC Bank. She...
Molly wanted to start her own dry cleaning business. She borrowed $50,000 from ABC Bank. She used her car as the collateral and also gave ABC Bank an interest in any property she acquired after the security interest was made. The bank perfected its interest. Molly purchased a new computer from XYZ Electronics to use in her business. XYZ obtained a purchase money security interest on the computer and filed a financing statement. Molly was having problems with cash flow...
In 2020, RayeAnn acquires a car for $12,600. She uses the car in her advertising business...
In 2020, RayeAnn acquires a car for $12,600. She uses the car in her advertising business and for personal purposes. Her records indicate the car is used 70% for business and that her total annual operating expenses, including depreciation, are $4,000. Round intermediate computations and final tax liability to the nearest dollar. a. How should RayeAnn treat the operating costs of the car for tax purposes? % of RayeAnn's expenses are treated as a business expense. She can deduct $...
Juliana purchased land three years ago for $87,400. She gave the land to Tom, her brother,...
Juliana purchased land three years ago for $87,400. She gave the land to Tom, her brother, in the current year, when the fair market value was $122,360. No gift tax is paid on the transfer. Tom subsequently sells the property for $110,124. a. Tom's basis in the land is $ and he has a realized of $. b. Assume, instead, that the land has a fair market value of $78,660 and that Tom sold the land for $74,727. Tom's basis...
Michelle converted her personal residence to rental property in 2017. She purchased the property in 2013...
Michelle converted her personal residence to rental property in 2017. She purchased the property in 2013 for $110,000, of which $10,000 was allocable to the land. Unfortunately, property values in her neighborhood have declined over the past few years. On the date of conversion, the fair market value of the property was $98,000; $10,000 was allocated to the land. Michelle's basis for depreciation in the property is: Personal property that has no intrinsic value is called __________. Quinton's modified adjusted...
Ruth sold land she purchased three months earlier for use in her business. Her cost and...
Ruth sold land she purchased three months earlier for use in her business. Her cost and adjusted basis in the land is $75,000. She incurred $5000 in expenses related to the sale. The buyer paid $80,000 cash and assumed Ruth $25,000 mortgage on the property. What is the amount of her gain, and Ware on form 4797 will she report the sale? a. $25,000, part I b. $25,000, part II c. $30,000, part III d. $30,000, part IV
his uncle purchased Longhorn stock for $31,200. Personal-Use Property Converted to Rental Property. Tally owns a house that she has been living in for eight years. She purchased the house for $245,000 and the FMV today is $200,000. She is moving into her friend's house and has decided to convert her resi- dence to rental property. Assume 20% of the property's value is allocated to land. a. What is the basis of the house for depreciation? b. If she claims...
Editor Exercise 3-25 (LO. 8) Rebecca sells her personal scooter for $550. She purchased the scooter for $700 three years ago. She also sells a painting for $1,200 that she acquired five years ago for $900. What are the tax implications of these sales? on the Rebecca has a $ 150 realized loss on the scooter and a $ 300 realized gain painting. Rebecca will recognize the gain or loss associated with both the painting and the scooter X
In 2020, RayeAnn acquires a car for $12,600. She uses the car in her advertising business and for personal purposes. Her records indicate the car is used 70% for business and that her total annual operating expenses, including depreciation, are $4,000. Round intermediate computations and final tax liability to the nearest dollar. a. How should RayeAnn treat the operating costs of the car for tax purposes? % of RayeAnn's expenses are treated as a business expense. She can deduct $...
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