arl purchased his residence on January 2, 2019, for $260,000, after having lived in it during 2018 as a tenant under a lease with an option to buy clause. On August 1, 2020, Karl sells the residence for $315,000. On June 13, 2020, Karl purchases a new residence for $367,000. If an amount is zero, enter "0". a.  What is Karl's recognized gain? His basis for the new residence? Karl's recognized gain is $fill in the blank aa8a5403c02a012_1, and his basis for the new residence is $fill in the blank aa8a5403c02a012_2. b.  Assume that Karl purchased his original residence on January 2, 2018 (rather than January 2, 2019). What is Karl's recognized gain? His basis for the new residence? Karl's recognized gain is $fill in the blank f8cfe3ffcff0ffc_1, and his basis for the new residence is $fill in the blank f8cfe3ffcff0ffc_2. c.  In part (a), what could Karl do to minimize his recognized gain? To minimize his recognized gain, he can continue to own and occupy the residence for a minimum of fill in the blank 71a4cf07f06c000_1 additional months. Then, he may use the   exclusion to   his realized gain of $fill in the blank 71a4cf07f06c000_4 to $fill in the blank 71a4cf07f06c000_5.

Question 7 of 10. Stig purchased a house in 2020 and rented it out the entire time he owned it. His adjusted basis in the property before depreciation is $262,500 ($45,000 attributable to land). In 2022, Stig sold the property for $320,000 with $7,500 in deductible expenses. The total allowable depreciation was $19,093. What is Stig's taxable gain on the disposition of the building? $19,093 $22,345 $30,907 $60,531

! Required information [The following information applies to the questions displayed below.] Sarah (single) purchased a home on January 1, 2008, for $600,000. She eventually sold the home for $800,000. What amount of the $200,000 gain on the sale does Sarah recognize in each of the following alternative situations? (Assume accumulated depreciation on the home is $0 at the time of the sale.) Note: Leave no answer blank. Enter zero if applicable. d. Sarah used the home as a vacation home from January 1, 2008, through December 31, 2017. She used the home as her principal residence from January 1, 2018, until she sold it on January 1, 2024. Note: Round intermediate percentage computation to 2 decimal places. Gain recognized $ 0

Jacob purchased business equipment for $144,900 in 2018 and has taken $86,940 of regular MACRS depreciation. Jacob sells the equipment in 2021 for $65,205. What is the amount and character of Jacob's gain or loss? If an amount is zero, enter "0". Jacob has § 1245 gain of $fill in the blank 1 and § 1231 gain of $fill in the blank 2.

In 2021, Ben purchases and places in service a new auto for his business. The auto costs $57,000 and will be used 100 percent for business. Assuming the half-year convention applies and Ben does not elect out of bonus depreciation, what will be the depreciation on the auto in 2021?  a.$10,000 b.$18,200 c.$18,100 d.$57,000 e.None of these choices are correct.

Explanation

Interview Notes Herb and Alice are married and file a joint return. Herb is 74 years old and Alice turns 72 in February 2023. Neither are blind. • • . Alice is confused about the Required Minimum Distribution rules, and wants to know when she should take her first distribution from her IRA. Both Herb and Alice are retired. Herb works part time as a greeter. • Herb earned $12,000 in wages and has fully taxable pension income of $4,800. The couple also received Social Security benefits of $46,000. They received no other income in 2023. Herb and Alice's grandson, Stuart, lives with them while he attends the local university. Stuart is 20, a full-time student, and is claimed as a dependent by his parents. . Herb, Alice and Stuart are U.S. citizens, lived in the United States all year, and have valid Social Security numbers. 1. What is Herb and Alice's standard deduction? a. $27,700 Ob. $29,200 c. $29,550 d. $30,700

Interview Notes Barbara is age 57 and was widowed in 2021. She owns her own home and providedall the cost of keeping up her home for the entire year. Her only income for 2021 was$36,000 in W-2 wages. Jenny, age 24, and her daughter Marie, age 3, moved in with her mother, Barbara,after she separated from her spouse in April of 2021. Jenny’s only income for 2021was $15,000 in wages. Jenny provided over half of her own support. Marie did notprovide more than half of her own support. Jenny will not file a joint return with her spouse. She did not receive advance childtax credit payments for 2021. All individuals in the household are U.S. citizens with valid Social Security numbers.No one has a disability. They lived in the United States all year but not in a communityproperty state. 10. Which of the following statements is true?                     A. Jenny is eligible to claim Marie for the EIC even though her filing status is married filing separate…

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Required information [The following information applies to the questions displayed below] Sarah (single) purchased a home on January 1, 2008, for $600,000. She eventually sold the home for $800,000. What amount of the $200,000 gain on the sale does Sarah recognize in each of the following alternative situations? (Assume accumulated depreciation on the home is $0 at the time of the sale.) (Leave no answer blank. Enter zero if applicable.) c. Sarah used the home as a vacation home from January 1, 2008, until January 1, 2019. She used the home as her principal residence from January 1, 2019, until she sold it on January 1, 2020. Gain recognized