a taxpayer, in the 25% bracket before considering the sale, sold
for a gain of $10,000...
a taxpayer, in the 25% bracket before considering the sale, sold
for a gain of $10,000 a residential rental building, purchased and
put into service in March 2010. (the sale of land is not included
in this question). No other residential real property was sold in
this tax year. The depreciation taken or allowed is $15,635. What
is the amount and nature of the gain or loss?
A
taxpayer in the 25% bracket before considering the sale, sold for a
game of $10,000...
A
taxpayer in the 25% bracket before considering the sale, sold for a
game of $10,000 of residential rental building purchased and put
into service in March 2010 the sale of land is not included in the
question no other residential real property was sold in this tax
year the depreciation taken or allowed is $15,635 what is the a man
and nature of the gain or loss
A taxpayer sold a residential rental building for a gain of
$15,000. The building was purchased...
A taxpayer sold a residential rental building for a gain of
$15,000. The building was purchased and placed in service in March
2012. (The sale of land is not included in this question.) No other
property was sold during the current tax year. The depreciation
allowed or allowable was $10,635. What is the amount and nature of
the gain or loss? $4,365 gain taxed as a long-term capital gain and
$10,635 gain taxed at a maximum of 25%. $4,365 gain...
Alexis, a single taxpayer, is an active participant in the
rental of a property. In 2019,...
Alexis, a single taxpayer, is an active participant in the
rental of a property. In 2019, the property generated a $15,000
loss. Assume Alexis has sufficient tax basis and at-risk amounts to
absorb the loss. If Alexis has AGI of $130,000 before considering
the loss, how much loss can she deduct?
$0
$5,000
$10,000
$15,000
Disregarding land value, Vanessa purchased a residential rental
building on November 12, 2014 for $276,000. She...
Disregarding land value, Vanessa purchased a residential rental
building on November 12, 2014 for $276,000. She sold the building
on May 19, 2019 for $395,000. The allowable depreciation on the
property was $45,159. The sale of the building falls under which
section of the Internal Revenue Code? Section 1231 gain of
$164,159. Section 1245 gain of $45,159; and Section 1231 gain of
$119,000. Unrecaptured Section 1250 gain of $164,159. Unrecaptured
Section 1250 gain of $45,159; and Section 1231 gain of...
Sam, a calendar year taxpayer sold 2 Section 1231 assets
during the year. He had $5,000 of...
Sam, a calendar year taxpayer sold 2 Section 1231 assets
during the year. He had $5,000 of non-recaptured net
Section 1231 losses from 3 years ago. What is the amount
and character of the gain?
Asset
Purchase Date
Cost
Accumulated Depreciation
Sales Price
Sales Date
Equipment
11/12/2016
$105,000
$46,000
$125,000
8/19/19
Computer
4/12/2017
$20,000
$13,500
$3,750
8/19/19
A. $5,000 as ordinary income, gain of $59,500 subject to 1245
recapture and a L/T capital loss of $1,250.
B. $5,000 as ordinary income, gain...
Peter Piper, a single taxpayer, had the following transactions
during 2019:
-Salary $50,000.00
-Net rental income...
Peter Piper, a single taxpayer, had the following transactions
during 2019:
-Salary $50,000.00
-Net rental income of $30,000.00
-Interest from bank accounts $1,000.00
-Sold 60 shares of Troy Corporation common stock on March 22,
2019, for $660.00. The stock was purchased on January 31, 2018 for
$7.00 per share.
-Sold family gemstones held for three years for $10,000.00. The
gemstones had a cost and basis of $7,800.00.
-He had itemized deductions of $14,000.00 and no dependents.
What is Peter’s taxable...
On 30 March 2019, ABC LLC sold an office building it had placed
in service on...
On 30 March 2019, ABC LLC sold an office building it had placed
in service on 1 May 2016. The building had an initial basis of
$400,000 Determine the depreciation deduction for 2019, the year of
sale.
Victor is a single taxpayer in the 24% marginal tax bracket. In
2019, he sold stock...
Victor is a single taxpayer in the 24% marginal tax bracket. In
2019, he sold stock shares for a long-term capital gain of $8,500.
He also sold some financial services stock for a long-term capital
loss of $2,000. In addition, he sold the home that he had lived in
for the past 3 years and experienced a $15,000 gain on the
house.
1. He has a net taxable long-term capital_____ (fill gain or
loss in this blank) for the year...
Andi Fauci, age-79, is single, and has
taxable income, properly calculated, of $226,000. During the year,...
Andi Fauci, age-79, is single, and has
taxable income, properly calculated, of $226,000. During the year,
Andi completed transactions, including:
Qualified
dividends
555
Loss on sale of Tandem Diabetic stock (held from
11/10/2017 to 10/31/2019, Cost =
$7,400)
-3,100
SALE OF RENTAL RESIDENCE
Sales price (November 27, 2019)
Building
$48,000
Land
72,000
Cost (October 18, 2010)
Land
38,000
Building
30,000
Depreciation
allowed
8,998
SALE OF APPLIANCES WITH RESIDENCE
Sales
price
$ 5,500
Cost (October 18, 2014)
9,000...