I sol my property for $5,000,000. I purchased the property for $4,900,000 with partial sale of $100,000 and $$47,950 of cumulative cost recovery. What is my adjusted basis?
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I sol my property for $5,000,000. I purchased the property for $4,900,000 with partial sale of $100,000 and $$47,950 of cumulative cost recovery. What is my adjusted basis?
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- TP was gifted vacant land with a basis of $22,000and a FMV at the time of the gift of $20,000. Sold it 3 years later for $25,000. What is the recognized gain?Use the following information to answer the "fill in the blanks" question: Jimmy Fallon acquired 3 rental properties in 2020 as follows: Building $40,000 42,000 70,000 Land Property 1 Property 2 Property 3 $10,000 12,000 30,000 Total $ 50,000 54,000 100,000 In 2020, the rent revenue before expenses for all three properties was $42,000. The expenses, not including CCA, for all three properties were $32,000 (property taxes, insurance, interest and maintenance). What is the minimum amount of net rental income to be reported in 2020? A What is the UCC balance for each class of rental properties at December 31, 2020? A What is the maximum amount of CCA that can be deducted in 2020 if the net rental income before CCA was $7,000?Would you please explain how to find the minimum taxable capital gain to be reported in Year 2? sold capital property in Year 1 for net proceeds of $500,000. The property has an adjusted cost base of $100,000. C received $200,000 at the time of the sale and a note for the balance to be paid in equal annual instalments over the following three years. What is the minimum taxable capital gain to be reported in Year 2?
- 1. Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $75,000, the building’s fair value is $60,000, and the equipment’s fair value is $15,000. Journalize the lump-sum purchase of the three assets for a total cost of $140,000. Assume you sign a note payable for this amount. Show all steps please.H6. A business sells real property for $950,000, with $600,000 of this amount being allocated to the building and the remaining $350,000 allocated to the land. The building, the only asset in its Class, had a capital cost of $800,000 and a UCC of $650,000. The adjusted cost base of the land was $250,000. What are the tax consequences of this disposition? A capital gain of $50,000 and a terminal loss of $50,000 © A capital gain of $100,000 and a capital loss of $50,000 C A capital gain of $50,000 and a terminal loss of nil © A capital gain of $100,000 and a terminal loss of $50,000 Please give accurate response Show proper step by step calculationJane purchased an office building for the total acquisition price of $1,000,000.00. The value of the land was $250,000.00. The value of the personal property was $100,000.00. The value of the mortgage was $500,000.00. The value of the leasehold was $850,000.00. What is her depreciable basis for the real estate? Please don't provide solution in an image format thanku
- Calculate and allocate basis for the following problems. 1. A property is acquired for a purchase price of $230,000 cash plus acquisition costs of $20,000. The tax assessment for this property is as follows: Assessed Value Land Improvements Total assessments $40,000 160,000 $200,000 a. What is the acquisition basis for this property? b. What is the allocation for land? c. What is the allocation for improvements?If I have a machine that I purchased for $50,000. I'be recorded depreciation of $28,000. I sell the machine for $25,000. how would I record the sale? How would MY entry change if I sold the machine for $15,000 rather than $25,000?On October 1, you purchased a residential home in which lo locale your professional office for $180,000. The appraisal is divided into $30,000 for the land and $150,000 for the building.(a) In your first year of ownership, how much can you deduct for depreciationfor tax purposes?(b) Suppose that you sold the property at $197,000 at the end of the fourth year of ownership. What is the book value of the property?
- If Ivanhoe paid $20,000 to a real estate broker on January 1, 2025, as a fee for finding the lessor, what is the initial measuremen of the right-of-use asset? (Round answers to O decimal places, e.g. 5,275.) Right-of-use asset $ 94178Rachel Weitzman's basis in investment-use land was $15,000. She received a gross condemnation award of $17,500. Her net condemnation award was $12,250. She purchased replacement property at a cost of $18,000. What is Rachel's basis in the replacement property? $2,500 $15,000 $15,500 $18,000Renata purchases a building and land for a lump sum price of $1,000,000. Renata hires an appraiser that determines a fair market value for the land $325,000 and the fair market value of the building is $725,000. What is Renata's basis in the land and the building? OLand $300,000 and building $700,000 OLand $310,000 and building $690,000. OLand $325,000 and building $725,000 OLand $325,000 and building $$675,000
