An apartment building was acquired in 2014 by an individual taxpayer. The depreciation taken on the building was $283,760, and the building was sold for a $85,128 gain. What is the amount of unrecaptured § 1250 gain? 198,632
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- Eli Incorporated, a calendar year taxpayer, purchased an apartment building on June 3, 2015 for $1,200,000, of which $200,000 was allocable to the land. The corporation sold the property on July 27, 2020. The corporation’s depreciation for the building for 2020 will be approximately: $13,894. b. $16,665. c. $18,180. d. $36,360. e. None of the other choices are correcKwan acquired a warehouse for business purposes on August 30, 2002. The building cost $550,000. Kwan took $291,500 of depreciation on the building, and then sold it for $680,000 on July 1, 2022. Required: What is the adjusted basis for the warehouse? What amount of the gain or loss is realized on the sale of the warehouse? What amount of the gain or loss is unrecaptured? At what rate is the unrecaptured gain or loss taxed? What amount of the gain or loss qualifies as a § 1231 gain or loss?On January 1, 2011, Sam Johnson acquired depreciable real property for $50,000. He used straight-line depreciation on this asset. He sold the property for $96,000 on January 3, 2020, when its adjusted basis was $38,000. Sam had never had a 1231 loss until 2019 when he had $30,000 of 1231 loss. What are the amounts, and character (nature) of the gain or loss if the real property was residential rental property?
- On January 1, 2011, Sam Johnson acquired depreciable real property for $50,000. He used straight-line depreciation on this asset. He sold the property for $96,000 on January 3, 2020, when its adjusted basis was $38,000. Sam had never had a 1231 loss until 2019 when he had $30,000 of 1231 loss. What are the amounts, and character (nature) of the gain or loss if the real property was residential rental property? Include in the “character” the tax rate category, for example if you classify some of the gain as “1250 recaptured gain” list it as “1250 recaptured gain taxed at ordinary rates” Or if you characterize some of the gain as “28% LTCG from collectibles”, list it as “28% gain taxed at the lower of ordinary rates or 28%”.Randall Corporation (a C Corporation) acquires an apartment building for $200,000 on September 1, 2018 that he uses in his business. Randall then sells the apartment building on May 1, 2020 (after properly deducting depreciation for 2018, 2019, and 2020) for $210,000. What is the amount and character of the gain or loss on the sale of the apartment building in 2020? 2018 Depreciation: 2019 Depreciation: 2020 Depreciation: Adjusted Basis: Gain/Loss: Character of Gain/Loss: Thank you!EB Corporation, a C corporation, purchases a warehouse on August 1, 2007, for $ 1 MILLION Straight-line depreciation is taken in the amount of $411, 750 before the property is sold on June 12, 2023, for $1.2 MIL. What is the amount and character of the gain recognized by EB on the sale of the realty?
- Allie purchased an office building on October 23, 2018 for $150,000. She uses this building in her business. What is the amount of depreciation on this asset for 2021? $5.454 O $8,025 O $1,137 O $3,846 O $803On May 1st, 2015, Nancy Silva paid $870,000 for a commercial building. She later sold the building on August 27th, 2021, for $1,850,000. Find the depreciation amount in 2015 using the appropriate MACRS GDS method.Lopez acquired a building on June 1 2014 for 1,000,000. Compute the depreciation deduction assuming the building is classified as (a) residential and (b) non residential. Calculate Lopez's cost recovery deduction for 2019 if the building is classified as residential rental real estate. Calculate Lopez's cost recovery deduction yin for 2019 if the building is classified as no residential real estate
- D6. Seiji converted his personal residence to rental property in 2021. He purchased the property in 2016 for $106,000, of which $16,000 was allocable to the land. There were no adjustments to his original basis during the period of time the property served as his primary residence, but on the date of conversion, an appraisal valued the property at $170,000; $20,500 was allocated to the land.Part I. IRS Publication 534 and Publication 946 Determine the amount of depreciation allowed for each case: Case 1: A taxpayer bought and put into use a piece of machinery in 2012 that cost him $90,000 with a useful life of 7 years. Determine the depreciation expense for recovery year 3.Case 2: A taxpayer bought and put into use a piece of machinery in 2012 that cost him $200,000 with a useful life of 5 years. Determine the depreciation expense for recovery year 5.Jenny constructed a building for use as a residential rental property. The cost of the building was $164,976, and it was placed in service on August 1, 1998. The building has a 27.5-year MACRS life. What is the amount of depreciation on the building for 2020 for tax purposes? a.$6,547 b.$6,000 c.$3,000 d.$2,250 e.None of these choices are correct.