Calculate how much McDonald would have in ordinary income, ordinary loss, capital gain, or capital loss if any per t...
| Calculate how much McDonald would have in ordinary income, ordinary loss, capital gain, or capital loss if any per the information provided below: | |||||
| Current Yr 1231 Assets | |||||
| Gain/(Loss) Recognized | |||||
| Asset 1 | 15,000 | ||||
| Asset 2 | (25,000) | ||||
| Asset 3 | 5,000 | ||||
| Last 5 years 1231 Gain/Losses | |||||
| Gain/(Loss) Recognized | |||||
| 1 | - | ||||
| 2 | - | ||||
| 3 | - | ||||
| 4 | (5,000) | ||||
| 5 | (2,500) | ||||
| Ordinary Income | A | ||||
| Ordinary Loss | B | ||||
| Capital Gain | C | ||||
| Capital Loss | D | ||||
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Calculate how much McDonald would have in ordinary income, ordinary loss, capital gain, or capital loss if any per t...
Please provide a detail step by step explanation of how you broke down the depreciation recapture...
Please provide a detail step by step explanation of how you
broke down the depreciation recapture and solved for the section
1231 gain.
7) Brandon, an individual, began business four years ago and has sold $1231 assets with $5,000 of losses within the last five years. Brandon owned each of the assets for several years. In the current year, Brandon sold the following business assets: Asset Original Cost Accumulated Depreciation Gain/loss Machinery $30,000 $7,000 $10,000 Land 40,000 20,000 Building 90,000...
Since its formation, Roof Corporation has incurred the following net Section 1231 gains and losses. Year...
Since its formation, Roof Corporation has incurred the following net Section 1231 gains and losses. Year 1 Year 2 Year 3 $(12,000) 10,500 (14.600) Net Section 1231 loss Net Section 1231 gain Net Section 1231 loss a. In year 4, Roof sold only one asset and recognized a $7,500 net Section 1231 gain. How much of this gain is treated as capital gain, and how much is ordinary? b. In year 5, Roof sold one asset and recognized a $9,000...
explain pls! _6. Gary sold business equipment in the current year for a $50,000 net gain...
explain pls!
_6. Gary sold business equipment in the current year for a $50,000 net gain (after taking into account any depreciation recapture). The equipment was originally purchased two years ago and was classified as a Section 1231 asset. This was the only asset sale for the year. Five years ago, Gary had a $60,000 net Section 1231 loss but he has not had any Section 1231 transactions since then. For the current year, Gary's net Section 1231 gain is...
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...
a)What amount, if any, of the year 7 (current year) $50,000 net 1231 gain is treated...
a)What amount, if any, of the year 7 (current year)
$50,000 net 1231 gain is treated as ordinary income?
b) Assume that the $50,000 net 1231 gain occurs in
year 6 instead of year 7. What amount of the gain would be treated
as ordinary income in year 6?
Saved Required information Problem 3-54 (LO 3-5) The following information applies to the questions displayed below. of Hans runs a sole proprietorship. Hans has reported the following net 51231 gains and...
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:...
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...
RobR manufactures and distributes high-tech hiking gadgets. It has decided to streamline some of ...
RobR manufactures and distributes high-tech hiking gadgets. It has decided to streamline some of its operations so that it will be able to be more productive and efficient. Because of this decision it has entered into several transactions during the year. Part 1 Determine the gain/loss realized and recognized in the current year for each of these events. Also determine whether the gain/loss recognized is §1231, capital, or ordinary. RobR sold a machine that it used to make computerized gadgets...
What is a Capital Asset?, Holding Period, Calculation of Gain or Loss, and Net Capital Gains...
What is a Capital Asset?, Holding Period, Calculation of Gain or Loss, and Net Capital Gains (LO 4.1, 4.2, 4.3) During 2018, Tom sold Sears stock for $20,200. The stock was purchased 4 years ago for $28,280. Tom also sold Ford Motor Company bonds for $70,700. The bonds were purchased 2 months ago for $60,095. Home Depot stock, purchased 2 years ago for $2,020, was sold by Tom for $3,030. -Calculate Tom's net gain or loss, and indicate the nature...
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...
Please provide a detail step by step explanation of how you
broke down the depreciation recapture and solved for the section
1231 gain.
7) Brandon, an individual, began business four years ago and has sold $1231 assets with $5,000 of losses within the last five years. Brandon owned each of the assets for several years. In the current year, Brandon sold the following business assets: Asset Original Cost Accumulated Depreciation Gain/loss Machinery $30,000 $7,000 $10,000 Land 40,000 20,000 Building 90,000...
Since its formation, Roof Corporation has incurred the following net Section 1231 gains and losses. Year 1 Year 2 Year 3 $(12,000) 10,500 (14.600) Net Section 1231 loss Net Section 1231 gain Net Section 1231 loss a. In year 4, Roof sold only one asset and recognized a $7,500 net Section 1231 gain. How much of this gain is treated as capital gain, and how much is ordinary? b. In year 5, Roof sold one asset and recognized a $9,000...
explain pls!
_6. Gary sold business equipment in the current year for a $50,000 net gain (after taking into account any depreciation recapture). The equipment was originally purchased two years ago and was classified as a Section 1231 asset. This was the only asset sale for the year. Five years ago, Gary had a $60,000 net Section 1231 loss but he has not had any Section 1231 transactions since then. For the current year, Gary's net Section 1231 gain is...
a)What amount, if any, of the year 7 (current year)
$50,000 net 1231 gain is treated as ordinary income?
b) Assume that the $50,000 net 1231 gain occurs in
year 6 instead of year 7. What amount of the gain would be treated
as ordinary income in year 6?
Saved Required information Problem 3-54 (LO 3-5) The following information applies to the questions displayed below. of Hans runs a sole proprietorship. Hans has reported the following net 51231 gains and...
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:...
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...
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...
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