During the current year, Jean and Steve sold the following assets and made the following gains and losses.   Capital asset. Capital gain/loss. Type A stock. $35,000. long 0/15/20% B stock. (8,000). short Antiques. 5,000. long 28% Rental home. 100,000. long 25% and 0/15/20%   *40,000 of the gain is 25 percent gain from accumulated depreciation on the property. i)Complete the capital gains and losses netting process and determine the maximum tax rates applicable to the gains. ii) Given that Jean and Steve have taxable income of $450,000 before considering the sales above, what is their gross tax liability for 2021 assuming they file a joint return?

Eleven years ago, Lynn, Incorporated purchased a warehouse for $315,000. This year,the corporation sold the warehouse to Firm D for $80,000 cash and D’s assumption ofa $225,000 mortgage. Through date of sale, Lynn deducted $92,300 straight-linedepreciation on the warehouse.Requiredc. How would your answers change if Lynn was a noncorporate business?

Amelia’s business goes bankrupt this year. To close her business, Amelia starts by selling off her business assets. Below are the asset disposition transactions: Assets Purchased Date Cost Sold date Sold price Delivery car 5/1/23 30k 12/31/23 25k Furniture 3/20/20 40k 12/31/23 20k Equipment 4/1/20 110k 12/31/23 100k Land 1/1/22 150k 12/31/23 180k Assume there is no Section 179 and bonus depreciation. Use MACRS only for depreciation. Show detailed calculation and explanation a) Calculate total accumulated depreciation of each asset until the sold date (12/31/23).   b) Calculate the adjusted basis for each asset c) Calculate the gain/loss for each asset d) Point out the exact character of gain/loss for each asset gain/loss (ex: Ordinary, pure 1231, 1245, 1250, etc.) e) Calculate the Net 1231 Gain/Loss Hint: Be aware of 1245 Depreciation recapture and 1231 lookback rules     Hint: Review textbook chapter on this. In the year of disposition, under half-year convention, only ½ of MACRS…

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

Mike sold the following assets during the current year: Painting Stamp collection Car Antique desk O a $654 O b. $788 Sales price O c. $1,310 O d. $655 2,508 600 708 1,181 Cost 885 1,200 1,406 Which one of the following amounts represents his taxable capital gain, net of allowable capital losses, for tax purposes during the current year? 1,379

Jonathan has the following separate casualties during the year:   Decrease in FairMarket Value AdjustedBasis InsuranceReimbursement HoldingPeriod Business furniture $4,000 $5,000 $       0 3 years Business machinery 15,000 14,000 10,000 3 years The furniture was completely destroyed while the machinery was partially destroyed. Jonathan also sold business land for a Section 1231 gain of $10,000. Calculate the amount and nature of Jonathan's gains and losses as a result of these casualties.   Amount of Gain or Loss Gain or Loss Business furniture $fill in the blank 1   Business machinery $fill in the blank 3   Since both result in a casualty    , the losses are     from Section 1231 treatment and are treated as     losses.

Lizette inherited the following items from her grandmother: Unrealized Gain/(Loss) Painting $25,000 Stocks $20,000 Vehicle ($15,000) How much gain/(loss) is Lizette required to report in income? OA) $45,000 gain Adjusted Basis Fair Market Value $75,000 $50,000 $25,000 $50,000 $30,000 $40,000 B) $150,000 gain C) $0 gain D) $30,000 gain

Landesh

Jason sold various business-use assets in Year 10 resulting in a net Section 1231 gain of $8,100. Jason had the following net Section 1231 gains and losses in the previous years: Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 ($4,000) ($2,900) $5,100 Year 10 $1,100 ($5,400) $4,400 How is the Year 10 net Section 1231 gain of $8,100 treated? (Do not leave any field blank. If answer is zero, please enter O for the amount.) $ Ordinary Loss $ Ordinary Income $ LTCG Gain

Evergreen Co. has a land which he has purchased at the cost of $85,000. Currently the value of the land has been appreciated by $30,000. Should evergreen recognize any loss or gain in the income statement? Give your explanations