in 2018 rachelle's house boat was destroyed by a storm in a region that was declared...
in 2018 rachelle's house boat was destroyed by a storm in a region that was declared a federal disaster by the prseident. she purchased the boat in 2015 for 45,000 on what forms will rachelle report this loss?
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in 2018 rachelle's house boat was destroyed by a storm in a
region that was declared...
39. Lucianna sustained a $10,000 casualty loss due to a severe storm. She also incurred a...
39. Lucianna sustained a $10,000 casualty loss due to a severe storm. She also incurred a $2,000 loss from a theft in the same year. Both the casualty and theft involved personal-use property. The losses were not due to her area being declared a Federal Disaster Area. Lucianna's AGI for the year is $32,000 and she does not have insurance coverage. Lucianna's deductible casualty loss for 2018 is A) $0. B) $2,200. C) $2,600. D) $4,800.
During the year 2018, Tosco Corporation suffered an $760,000 loss when its factory was destroyed in...
During the year 2018, Tosco Corporation suffered an $760,000 loss when its factory was destroyed in a flood. Assuming the corporate income tax rate is 32%, what amount will Tosco report as a non-recurring loss on its income statement for 2018? Assume floods are not common in this area.
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...
Problem 13-44 (LO. 1) Anne sold her home for $290,000 in 2019. Selling expenses were $17,400....
Problem 13-44 (LO. 1) Anne sold her home for $290,000 in 2019. Selling expenses were $17,400. She purchased it in 2013 for $200,000. During the period of ownership, Anne had done the following: • Deducted $50,500 office-in-home expenses, which included $4,500 in depreciation. (Refer to text Section 9-6a.) • Deducted a casualty loss in 2015 for residential trees destroyed by a hurricane (her county was declared a Federal disaster area). The total loss was $19,000 (after the $100 floor and...
On May 15, 2018 Joseph and Gladys sold their personal residence for $585,150 and purchased a new ...
On May 15, 2018 Joseph and Gladys sold their personal residence for $585,150 and purchased a new house for $485,000. They had owned the old house for 5 years and Gladys had inherited it when her mother passed away. Her mother had paid $17,000 for it when she purchased it many years ago, and it had a market value of $525,000 when she passed away) The house had been their personal residence ever since Gladys mother passed away. They moved...
Brown Crop purchased a 25% interest in Hack Corp for 2 million on Jan 1, 2018. On Nov. 1, 2018, Hack declared and paid 1...
Brown Crop purchased a 25% interest in Hack Corp for 2 million on Jan 1, 2018. On Nov. 1, 2018, Hack declared and paid 1 million in dividend. On Dec. 31, Hack reported a net income of 1 million for the year. What amount would Brown report in the balance sheet of year end Dec. 31, 2018 for its investment in Hack?
Question 71 of 75. Mona owns a rental house that she has rented to various tenants...
Question 71 of 75. Mona owns a rental house that she has rented to various tenants since September of 2001. She converted the house from personal to rental property. At the time of conversion, the adjusted basis of the house was $154,000, including land value of $11,600. The fair market value of the house was $146,000, including land value of $11,600. The backyard fence fell into disrepair in June of 2018. She had it replaced June 27th, 2018, for $8,399....
What is the real estate income or (deduction loss) 4. Emily purchased a rent house on...
What is the real estate income
or (deduction loss)
4. Emily purchased a rent house on 1/2/2018 for $200,000 ($150,000 allocated to the structure and $50,000 allocated to the land). She immediately rented it and has the following income and expenses for 2018: Rental income received ($800 x $12) $9,600 Mortgage interest 7,500 Real estate taxes 4,560 1,140 Maintenance expense 2,800 Homeowner's insurance Emily actively participates in the management of the rent house but is not a real estate professional....
6. Jack Corporation purchased a 20% interest in Jill Corporation for $1,500,000 on January 1, 2018....
6. Jack Corporation purchased a 20% interest in Jill Corporation for $1,500,000 on January 1, 2018. Jack can significantly influence Jill. On December 10, 2018, Jill declared and paid SI million in dividends. Jill reported a net loss of $6 million for the year. What amount of loss should Jack report in its income statement for 2018 relative to its investment in Jill? A) $1,000,000 B) $1,200,000. C) $1,400,000. D) $1,500,000
Question 13 of 30. Sheena purchased a rental house on April 2, 2018. It was vacant...
Question 13 of 30. Sheena purchased a rental house on April 2, 2018. It was vacant when she bought it, and that same day. Sheena put out a "for rent sign and began showing the property to prospective tenants. Sheena finally received a signed lease from a new tenant on May 28. However, the tenants asked Sheena to paint the interi fore they moved in. The work was completed on June 1, and the tenants moved in on June 15,...
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...
Problem 13-44 (LO. 1) Anne sold her home for $290,000 in 2019. Selling expenses were $17,400. She purchased it in 2013 for $200,000. During the period of ownership, Anne had done the following: • Deducted $50,500 office-in-home expenses, which included $4,500 in depreciation. (Refer to text Section 9-6a.) • Deducted a casualty loss in 2015 for residential trees destroyed by a hurricane (her county was declared a Federal disaster area). The total loss was $19,000 (after the $100 floor and...
On May 15, 2018 Joseph and Gladys sold their personal residence for $585,150 and purchased a new house for $485,000. They had owned the old house for 5 years and Gladys had inherited it when her mother passed away. Her mother had paid $17,000 for it when she purchased it many years ago, and it had a market value of $525,000 when she passed away) The house had been their personal residence ever since Gladys mother passed away. They moved...
Question 71 of 75. Mona owns a rental house that she has rented to various tenants since September of 2001. She converted the house from personal to rental property. At the time of conversion, the adjusted basis of the house was $154,000, including land value of $11,600. The fair market value of the house was $146,000, including land value of $11,600. The backyard fence fell into disrepair in June of 2018. She had it replaced June 27th, 2018, for $8,399....
What is the real estate income
or (deduction loss)
4. Emily purchased a rent house on 1/2/2018 for $200,000 ($150,000 allocated to the structure and $50,000 allocated to the land). She immediately rented it and has the following income and expenses for 2018: Rental income received ($800 x $12) $9,600 Mortgage interest 7,500 Real estate taxes 4,560 1,140 Maintenance expense 2,800 Homeowner's insurance Emily actively participates in the management of the rent house but is not a real estate professional....
6. Jack Corporation purchased a 20% interest in Jill Corporation for $1,500,000 on January 1, 2018. Jack can significantly influence Jill. On December 10, 2018, Jill declared and paid SI million in dividends. Jill reported a net loss of $6 million for the year. What amount of loss should Jack report in its income statement for 2018 relative to its investment in Jill? A) $1,000,000 B) $1,200,000. C) $1,400,000. D) $1,500,000
Question 13 of 30. Sheena purchased a rental house on April 2, 2018. It was vacant when she bought it, and that same day. Sheena put out a "for rent sign and began showing the property to prospective tenants. Sheena finally received a signed lease from a new tenant on May 28. However, the tenants asked Sheena to paint the interi fore they moved in. The work was completed on June 1, and the tenants moved in on June 15,...
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