Alpha sold machinery, which it used in its business, to Beta, a related entity, for $40,250. Beta used the machinery in its business. Alpha bought the machinery a few years ago for $49,750 and has claimed $30,250 of depreciation expense. What is the amount and character of Alpha's gain?

Buckley, an individual, began business two years ago and has never sold a §1231 asset. Buckley has owned each of the assets since he began the business. In the current year, Buckley sold the following business assets: Original Cost Asset Computers $ 6,000 Machinery Furniture Building 10,000 20,000 100,000 Accumulated Depreciation $ 2,000 4,000 12,000 10,000 Gain/Loss $ (3,000) (2,000) 7,000 (1,000) Assuming Buckley's marginal ordinary income tax rate is 32 percent, answer the questions for the following alternative scenarios: b1. Assume that the amount realized increased so that the building was sold at a $6,000 gain instead. What is the amount and character of Buckley's gains or losses for the current year? b2. Calculate Buckley's tax liability or tax savings for the year. Complete this question by entering your answers in the tabs below. Req b1 Req b2 Assume that the amount realized increased so that the building was sold at a $6,000 gain instead. What is the amount and character of…

Cayden Purchased the following for his rental real estate business: An apartment building; he paid $103,500 for the building ( not including the value of the land).   Furniture for $8,649. Pickup truck for $27,500, used for 75% business. What is Cayden's total unadjusted basis immediately after acquisition (UBIA) of these assets? 1) $29,274 2) $112,149 3) $132,774 4) $139,649

how much is treated as unrecaptured 1250 gain?

rlock Tutor TutorMe) Ewing Corporation sold an office building that it used in its business for $879,381. Ewing bought the building ten years ago for $779,550 and has claimed $523,412 of depreciation expense. What is the amount of the $1231 capital gain for Ewing Corporation?

Peter, Incorporated owns 100% of The Rock Company. The book value of the Goodwill is $300,000. When Peter made its investment, The Rock had a fair value of $2,800,000. Today, the value of The Rock has fallen to $2,250,000. An appraisal of The Rock’s net assets reveals a fair value of $2,075,000. How much “impairment” should Peter record related to its investment in The Rock?