Question

income taxation What is gain or loss, if any on sale of fork lift in 2021?...

income taxation

What is gain or loss, if any on sale of fork lift in 2021? Is it capital or ordinary, long term or short term?    

In November 2020 GC purchased a new computer system, cost 1,800,000. Because of operating losses from Corona virus GC declined special first year write off only. Compute allowable write off for the computer system for 2020 and 2021.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Compute gain or loss for 2018 for Betty, aged 58, and indicate if ordinary or capitol...
Compute gain or loss for 2018 for Betty, aged 58, and indicate if ordinary or capitol on the following items. If there is non-recognition of gain or loss, say so. A. Betty sold a gold charm bracelet her father gave her for “sweet 16”. He paid $125 and she sold it for $480 B. She decided she no longer needed her car. She paid 34,800 in 2012 and sold it for 9,200 C. She traded her warehouse in Brooklyn for...
Mr. Smith's business warehouse was demolished by a tornado on August 10, 2018. On November 14,...
Mr. Smith's business warehouse was demolished by a tornado on August 10, 2018. On November 14, 2018, Mr. Smith received $90,000.00 in insurance proceeds covering the damage to the warehouse. Mr. Smith’s basis in the warehouse was $50,000.00. He purchased a new warehouse on February 5, 2019 for $70,000.00. 12. What is the latest date for Mr. Smith to make an election under $1033 and defer recognition of the gain? a.. December 31, 2020 b. November 10, 2009 c. December...
What is a Capital Asset?, Holding Period, Calculation of Gain or Loss, Net Capital Losses (LO...
What is a Capital Asset?, Holding Period, Calculation of Gain or Loss, Net Capital Losses (LO 8.1, 8.2, 8.3, 8.5) Charu Khanna received a Form 1099-B showing the following stock transactions and basis during 2016: Stock Date Purchased Date Sold Sales Price Cost Basis 4,000 shares Green Co. 06/04/05 08/05/16 $12,000 $3,000 500 shares Gold Co. 02/12/16 09/05/16 54,000 62,000 5,000 shares Blue Co. 02/04/06 10/08/16 18,000 22,000 100 shares Orange Co. 11/15/15 07/12/16 19,000 18,000 None of the stock...
1. The U.S. income tax was enacted by the _____ amendment to the Constitution. a.16th b.18th...
1. The U.S. income tax was enacted by the _____ amendment to the Constitution. a.16th b.18th c.2nd d.13th 2. Tax law is a tool used by government to: a.Raise revenue to run government b.Support research and development c.Further economic goals d.Encourage social objectives e.All of these choices are correct. 3. Entities required to report income to the IRS are: a.Partnerships b.Estates c.Trusts d.Corporations e.All of these choices are correct. 4. What is reported on Schedule A of Form 1040? a.Itemized...
Question 5 A plant site donated by a township to a manufacturer that plans to open...
Question 5 A plant site donated by a township to a manufacturer that plans to open a new factory should be recorded on the manufacturer's books at ___________. Question 5 options: A. the nominal cost of taking title to it i B. Its fair value C. one dollar (since the site cost nothing but should be included in the balance sheet) D. the value assigned to it by the company's directors Question 6 Which of the following costs are capitalized...
What role could the governance of ethics have played if it had been in existence in...
What role could the governance of ethics have played if it had been in existence in the organization? Assess the leadership of Enron from an ethical perspective. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among the top Fortune 500 companies, collapsed in 2001 under a mountain of debt...
Discuss ethical issues that can be identified in this case and the mode of managing ethics...
Discuss ethical issues that can be identified in this case and the mode of managing ethics Enron finds itself in this case. How would you describe the ethical culture and levels of trust at Enron? Provide reasons for your assessment. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among...
What tools could AA leaders have used to increase their awareness of internal and external issues?...
What tools could AA leaders have used to increase their awareness of internal and external issues? ???ALASKA AIRLINES: NAVIGATING CHANGE In the autumn of 2007, Alaska Airlines executives adjourned at the end of a long and stressful day in the midst of a multi-day strategic planning session. Most headed outside to relax, unwind and enjoy a bonfire on the shore of Semiahmoo Spit, outside the meeting venue in Blaine, a seaport town in northwest Washington state. Meanwhile, several members of...
During the trial, lawyers for the accused said that the men believed that the accounting decisions...
During the trial, lawyers for the accused said that the men believed that the accounting decisions they made were appropriate at the time, and that the accounting treatment was approved by Nortel’s auditors from Deloitte & Touche. Judge Marrocco accepted these arguments. Marrocco added he was “not satisfied beyond a reasonable doubt” that the trio (i.e., Dunn, Beatty, and Gollogly) had “deliberately misrepresented” financial results. Given the facts of the case, do you believe Judge Marrocco’s decision was justified? Explain....
Please read the article and answear about questions. Determining the Value of the Business After you...
Please read the article and answear about questions. Determining the Value of the Business After you have completed a thorough and exacting investigation, you need to analyze all the infor- mation you have gathered. This is the time to consult with your business, financial, and legal advis- ers to arrive at an estimate of the value of the business. Outside advisers are impartial and are more likely to see the bad things about the business than are you. You should...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT