Identify these business assets as § 1231, § 1245, or § 1250 property by indicating Yes...
Identify these business assets as § 1231, § 1245, or § 1250 property by indicating Yes or No. Asset Section 1231? Section 1245? Section 1250?
| Asset | Section 1231? | Section 1245? | Section 1250? |
| Accounts Receivable | |||
| Inventory | |||
| Manufacturing Equipment | |||
| Office Furniture | |||
| Cars and Trucks | |||
| Office Building | |||
| Land | |||
| Acquired Patent | |||
| Self-Produced Patent |
Homework Answers
Add Answer to:
Identify these business assets as § 1231, § 1245, or § 1250
property by indicating Yes...
ABC Corporation, a calendar-year C corporation, sold several business-use assets during the current year. Information regarding...
ABC Corporation, a calendar-year C corporation, sold several business-use assets during the current year. Information regarding the asset sales is provided below. The company purchased these assets more than one year ago. The building and warehouse were depreciated using the straight-line method. In the table below, enter the following: 1. amounts of recognized gain(loss); 2. Section 1245 and 1250 recapture; and 3. Section 1231 gain (loss) for each asset sold during the year. Enter gains as positive amounts and losses...
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...
Which of the following assets held by a manufacturing business is not a Section 1231 asset?...
Which of the following assets held by a manufacturing business is not a Section 1231 asset? a. Inventory b. A machine used in the business and held for more than one year. c. A factory building used in the business and held for more than one year. d. Land used in the business and held for more than one year.
Indicate whether each of the following assets are capital assets, Sec. 1231 assets, or ordinary income...
Indicate whether each of the following assets are capital assets, Sec. 1231 assets, or ordinary income property (property which, if sold, results in ordinary income). Assume that all of the property is held for more than one year. a. XYZ Corporation owns land used as an employee parking lot. How is the parking lot classified for tax purposes? b. Montana Corporation owns land held as an investment. How is the land classified for tax purposes? c. John, a self-employed electrician,...
2 POINTS (6) Indicate whether each of the following assets are capital assets, Sec. 1231 assets, or ordinary income...
2 POINTS (6) Indicate whether each of the following assets are capital assets, Sec. 1231 assets, or ordinary income property (property which, if sold, results in ordinary income). Assume that all of the property is held for more than one year. a. XYZ Corporation owns land used as an employee parking lot. How is the parking lot classified for tax purposes? b. Montana Corporation owns land held as an investment. How is the land classified for tax purposes? c. John,...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2017. In the...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2017. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2017: Asset Cost Date Placed in Service Office furniture $ 150,000 02/03/2017 Machinery 1,560,000 07/22/2017 Used delivery truck* 40,000 08/17/2017 *Not considered a luxury automobile. During 2017, Karane was very successful (and had no §179 limitations) and decided to acquire more assets this...
Identify and classify long-lived assets.
Indicate whether each of the following items is property, plant, and equipment (write “PPE”), a natural resource (“NR”), or an intangible asset (“I”). If the item does not fit any of these categories, write “NA” (not applicable) in the space provided.a) ________ Buildingb) ________ Cost of goods soldc) ________ Franchised) ________ Diamond minee) ________ Inventoryf) ________ Landg) ________ Mining equipmenth) ________ Note receivable, due in three yearsi) ________ Parking lotj) ________ Patentk) ________ Research costsl) ________ Trademark
When solving for 2019 Tax Year, please ASSUME that the real property was placed in business...
When solving for 2019 Tax Year, please ASSUME that the real
property was placed in business after May 13,1993
46. At the beginning of the year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets dur- ing the year: Asset Date Acquired Cost Basis Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) 3/23 5/12 9/17 10/11 10/11 $ 5,000 7,000 10,000 270,000 80,000 Assuming Poplock does not...
6. On March 20, Phillip moved his business out of the old offices at 1103 Allium...
6. On March 20, Phillip moved his business out of the old offices at 1103 Allium Lane into a newly constructed and equipped office on Grove Street. Phillip sold the old office building and all its furnishings. Phillip's expenditures for the new office building are as follows: Date Acquired & Placed into Service 3/20 Land 3/20 Office building 3/20 Furniture 4/1 Computer system Asset Cost $300,000 800,000 200,000 50,000 Phillip computes his cost recovery allowance using MACRS. He would like...
7. The assets Phillip sold on March 20 are as follows: Date Acquired Asset Sales Price...
7. The assets Phillip sold on March 20 are as follows: Date Acquired Asset Sales Price 5/1/12 Office building $690,000 5/1/12 Land 70,000 7/1/12 Furniture 180,000 4/12/15 Office equipment 100,000 Accumulated Depreciation as of Beginning of the Year $129,825 Original Cost $900,000 100,000 239,000 120,000 206,998 67,524 Phillip has never sold any assets relating to his business before this transaction. Phillip did not take 5179 or bonus when he purchased these assets.
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...
Indicate whether each of the following assets are capital assets, Sec. 1231 assets, or ordinary income property (property which, if sold, results in ordinary income). Assume that all of the property is held for more than one year. a. XYZ Corporation owns land used as an employee parking lot. How is the parking lot classified for tax purposes? b. Montana Corporation owns land held as an investment. How is the land classified for tax purposes? c. John, a self-employed electrician,...
2 POINTS (6) Indicate whether each of the following assets are capital assets, Sec. 1231 assets, or ordinary income property (property which, if sold, results in ordinary income). Assume that all of the property is held for more than one year. a. XYZ Corporation owns land used as an employee parking lot. How is the parking lot classified for tax purposes? b. Montana Corporation owns land held as an investment. How is the land classified for tax purposes? c. John,...
When solving for 2019 Tax Year, please ASSUME that the real
property was placed in business after May 13,1993
46. At the beginning of the year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets dur- ing the year: Asset Date Acquired Cost Basis Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) 3/23 5/12 9/17 10/11 10/11 $ 5,000 7,000 10,000 270,000 80,000 Assuming Poplock does not...
6. On March 20, Phillip moved his business out of the old offices at 1103 Allium Lane into a newly constructed and equipped office on Grove Street. Phillip sold the old office building and all its furnishings. Phillip's expenditures for the new office building are as follows: Date Acquired & Placed into Service 3/20 Land 3/20 Office building 3/20 Furniture 4/1 Computer system Asset Cost $300,000 800,000 200,000 50,000 Phillip computes his cost recovery allowance using MACRS. He would like...
7. The assets Phillip sold on March 20 are as follows: Date Acquired Asset Sales Price 5/1/12 Office building $690,000 5/1/12 Land 70,000 7/1/12 Furniture 180,000 4/12/15 Office equipment 100,000 Accumulated Depreciation as of Beginning of the Year $129,825 Original Cost $900,000 100,000 239,000 120,000 206,998 67,524 Phillip has never sold any assets relating to his business before this transaction. Phillip did not take 5179 or bonus when he purchased these assets.
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