Homework Answers
| Answer |
| B) Bourne's gain treated as ordinary income is $ 1,57,000 |
| Bourne's gain treated as ordinary income is same as reported net for year 6 that is $1,57,000 |
| Note/ Explanation: |
| Ordinary income recognized can not exceed net $1231 gain for the year. $1231 gain is $157,000 and non recaptured $1231 loss was $157,000. |
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Required information (The following information applies to the questions displayed below.) Bourne Guitars, a corporation, reported...
Required information (The following information applies to the questions displayed below.) Bourne Guitars, a corporation, reported...
Required information (The following information applies to the questions displayed below.) Bourne Guitars, a corporation, reported a $157,000 net $1231 gain for year 6. a. Assuming Bourne reported $50,000 of nonrecaptured net $1231 losses during years 1-5, what amount of Bourne's net $1231 gain for year 6, if any, is treated as ordinary income? Bourne's gain treated as ordinary income
Required Information [The following information applies to the questions displayed below.] Hans runs a sole proprietorship....
Required Information [The following information applies to the questions displayed below.] Hans runs a sole proprietorship. Hans has reported the following net $1231 gains and losses since he began business. Net $1231 gains shown are before the look back rule. (Leave no answer blank. Enter zero If applicable.) Net $1231 Gains/(Losses) $(68,500) 16,750 Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) 11,400 51,750 b. Assume that the $51,750 net $1231 gain...
Required information [The following information applies to the questions displayed below. Hans runs a sole proprietorship....
Required information [The following information applies to the questions displayed below. Hans runs a sole proprietorship. Hans has reported the following net §1231 gains and losses since he began business. Net 1231 gains shown are before the lookback rule. (Leave no answer blank. Enter zero if applicable.) Net s1231 Gains/ (Losses) $ (71,500) Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) 18,250 12,600 53,250 a. What amount, if any, of the...
Required information Problem 3-54 (LO 3-5) [The following information applies to the questions displayed below.] Part...
Required information Problem 3-54 (LO 3-5) [The following information applies to the questions displayed below.] Part 2 of 2 Hans runs a sole proprietorship. Hans has reported the following net $1231 gains and losses since he began business. Net $1231 gains shown are before the look-back rule. (Leave no answer blank. Enter zero if applicable.) points Net $1231 Gains/(Losses) $ (65,000) 15,000 Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) Print...
00 Required information Problem 3-54 (LO 3-5) [The following information applies to the questions displayed below.]...
00 Required information Problem 3-54 (LO 3-5) [The following information applies to the questions displayed below.] Part 1 of 2 Hans runs a sole proprietorship. Hans has reported the following net $1231 gains and losses since he began business. Net $1231 gains shown are before the look-back rule. (Leave no answer blank. Enter zero if applicable.) points Net $1231 Gains/(Losses) $(65,000) 15,000 Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) Print...
The answer is not $217,500.00 Required information [The following information applies to the questions displayed below.]...
The answer is not $217,500.00
Required information [The following information applies to the questions displayed below.] Tonya Jefferson (single), a sole proprietor, runs a successful lobbying business in Washington, DC. She doesn't sell many business assets, but she is planning on retiring and selling her historic townhouse, from which she runs her business, to buy a place somewhere sunny and warm. Tonya's townhouse is worth $1,000,000 and the land is worth another $1,000,000. The original basis in the townhouse was...
Problem 3-52 (LO 3-5) [The following information applies to the questions displayed below.] Tonya Jefferson (single),...
Problem 3-52 (LO 3-5) [The following information applies to the questions displayed below.] Tonya Jefferson (single), a sole proprietor, runs a successful lobbying business in Washington, DC. She doesn't sell many business assets, but she is planning on retiring and selling her historic townhouse, from which she runs her business, to buy a place somewhere sunny and warm. Tonya's townhouse is worth $1,000,000 and the land is worth another $1,000,000. The original basis in the townhouse was $600,000, and she...
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...
Ashburn reported a $104,750 net §1231 gain in year 6. Assuming Ashburn reported $50,000 of nonrecaptured...
Ashburn reported a $104,750 net §1231 gain in year 6. Assuming Ashburn reported $50,000 of nonrecaptured §1231 losses during years 1-5, what amount of Ashburn's net §1231 gain for year 6, if any, is treated as ordinary income? Multiple Choice $0. $54,750 . $50,000. $104,750. None of the choices are correct. Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land for $29,000. The new land had a fair market value of $35,500....
Required information (The following information applies to the questions displayed below.) In year 0, Canon purchased...
Required information (The following information applies to the questions displayed below.) In year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the machine for $42,000. Between the date of the purchase and the date of the sale, Canon depreciated the machine by $32,000. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) d. What is the amount and character of the gain or...
Required information (The following information applies to the questions displayed below.) Bourne Guitars, a corporation, reported a $157,000 net $1231 gain for year 6. a. Assuming Bourne reported $50,000 of nonrecaptured net $1231 losses during years 1-5, what amount of Bourne's net $1231 gain for year 6, if any, is treated as ordinary income? Bourne's gain treated as ordinary income
Required Information [The following information applies to the questions displayed below.] Hans runs a sole proprietorship. Hans has reported the following net $1231 gains and losses since he began business. Net $1231 gains shown are before the look back rule. (Leave no answer blank. Enter zero If applicable.) Net $1231 Gains/(Losses) $(68,500) 16,750 Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) 11,400 51,750 b. Assume that the $51,750 net $1231 gain...
Required information [The following information applies to the questions displayed below. Hans runs a sole proprietorship. Hans has reported the following net §1231 gains and losses since he began business. Net 1231 gains shown are before the lookback rule. (Leave no answer blank. Enter zero if applicable.) Net s1231 Gains/ (Losses) $ (71,500) Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) 18,250 12,600 53,250 a. What amount, if any, of the...
Required information Problem 3-54 (LO 3-5) [The following information applies to the questions displayed below.] Part 2 of 2 Hans runs a sole proprietorship. Hans has reported the following net $1231 gains and losses since he began business. Net $1231 gains shown are before the look-back rule. (Leave no answer blank. Enter zero if applicable.) points Net $1231 Gains/(Losses) $ (65,000) 15,000 Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) Print...
00 Required information Problem 3-54 (LO 3-5) [The following information applies to the questions displayed below.] Part 1 of 2 Hans runs a sole proprietorship. Hans has reported the following net $1231 gains and losses since he began business. Net $1231 gains shown are before the look-back rule. (Leave no answer blank. Enter zero if applicable.) points Net $1231 Gains/(Losses) $(65,000) 15,000 Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 (current year) Print...
The answer is not $217,500.00
Required information [The following information applies to the questions displayed below.] Tonya Jefferson (single), a sole proprietor, runs a successful lobbying business in Washington, DC. She doesn't sell many business assets, but she is planning on retiring and selling her historic townhouse, from which she runs her business, to buy a place somewhere sunny and warm. Tonya's townhouse is worth $1,000,000 and the land is worth another $1,000,000. The original basis in the townhouse was...
Problem 3-52 (LO 3-5) [The following information applies to the questions displayed below.] Tonya Jefferson (single), a sole proprietor, runs a successful lobbying business in Washington, DC. She doesn't sell many business assets, but she is planning on retiring and selling her historic townhouse, from which she runs her business, to buy a place somewhere sunny and warm. Tonya's townhouse is worth $1,000,000 and the land is worth another $1,000,000. The original basis in the townhouse was $600,000, and she...
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...
Required information (The following information applies to the questions displayed below.) In year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the machine for $42,000. Between the date of the purchase and the date of the sale, Canon depreciated the machine by $32,000. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) d. What is the amount and character of the gain or...
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