Christine died owning an interest in a passive activity property. The property had an adjusted basis of $228,500, a fair market value of $237,000, and suspended losses of $15,425 . What can be deducted on her final income tax return?

Yancy's personal residence is condemned as part of an urban renewal project. His adjusted basis for the residence is $572,600. He receives condemnation proceeds of $543,970 and invests the proceeds in stocks and bonds. If an amount is zero, enter "0". a. Calculate Yancy's realized and recognized gain or loss. Yancy's realized loss is $________________, and Yancy's recognized loss is $_________________. b. If the condemnation proceeds are $598,367, what are Yancy's realized and recognized gain or loss? Yancy's realized gain is $_______________, and Yancy's recognized gain is $_______________. c. Assume the house is rental property. Yancy's adjusted basis is $572,600 and he receives condemnation proceeds of $543,970 and invests the proceeds in stock. What are Yancy's realized and recognized gain or loss? Yancy's realized loss is $______________, and Yancy's recognized loss is $________________

Candace is claimed as a dependent on her parent's tax return. In 2020, Candace received $5,000 of interest income from corporate bonds she obtained several years ago. This is her only source of income. She is 15 years old at year-end. What is her gross tax liability? (Use Tax Rate Schedule, Standard deduction, Estates and Trusts.

Martha has a net capital loss of $17,000 and other ordinary taxable income of $45,000 for the current year. What is the amout of Marth's capital loss carryover?

Lena is a sole proprietor. In April of this year, she sold equipment purchased four years ago for $42,000 with an adjusted basis of $25,200 for $27,720. Later in the year, Lena sold another piece of equipment purchased two years ago with an adjusted basis of $12,600 for $8,190. What are the tax consequences of these tax transactions? Lena has an ordinary gain Lena has a § 1231 loss of $ ✔ of $ X from the sale of the first equipment. X from the sale of the second equipment.

Marilyn owns land that she acquired three years ago as an investment for $250,000. She sells the land two years later for $300,000. How does the "recovery of capital doctrine" apply in computing Marylyn's gain or loss from the sales transaction? What is the correlation between "adjusted basis" and the "recovery of capital doctrine? Give an example how this doctrine prevents income from being taxes more than once.

Jackie qualified as Head of Household for 2020 tax purposes. Jackie's 2020 taxable income was $100,000, exclusive of capital gains and losses. Quinn had a net long-term capital loss of $8,000 and a net short-term capital gain of $6,000 in 2020. What amount can she offset against 2021 ordinary income?

Julia has invested her profits from the last several years with BF Dutton, Inc. and has provided the Forms 1099 INT and 1099DIV for 2022 for her investment income. She has no other income for 2022 and did not receive any Forms 1099 B. Julia's Taxable Income for 2022 is: $216, 736 $267,848 $270,442 $218, 811

Aram's taxable income before considering capital gains and losses is $82,000. Determine Aram's taxable income and how much of the income will be taxed at ordinary rates in each of the following alternative scenarios (assume Aram files as a single taxpayer) Required: a. Aram sold a capital asset that he owned for more than one year for a $5,440 gain, a capital asset that he owned for more than one year for a $720 loss, a capital asset that he owned for six months for a $1,640 gain, and a capital asset he owned for two months for a $1,120 loss. b. Aram sold a capital asset that he owned for more than one year for a $2.220 gain, a capital asset that he owned for more than one year for a $2,940 loss, a capital asset that he owned for six months for a $420 gain, and a capital asset he owned for two months for a $2.340 loss c. Aram sold a capital asset that he owned for more than one year for a $2.720 loss, a capital asset that he owned for six months for a $4,640 gain, and a capital asset…

Nicole purchased new equipment for her business on February 1, 2022. The equipment cost $32,925. She did not place any other property in service. What amount may Nicole deduct under Section 179 in in the current tax year and what is the basis of her equipment on January 1 of the following tax year?