Jimmy sold a piece of business equipment that had an adjusted basis to him of $50,000. In return for the equipment, Jimmy received $95,000 cash and a painting with a fair market value of $23,000 from the buyer. The buyer also assumed Jimmy's $25,000 loan on the equipment. Jimmy paid $7,500 in selling expenses. What is the amount of Jimmy's gain on the sale?? Want accurate answer

Nicky receives a car from Sam as a gift. Sam paid 48,000 for the car. He had used it for business purposes and had deducted 10,000 for depreciation up to the time he gave the car to Nicky. The fair market value of the car is 33,000. a. Assuming that Nicky uses the car for business purposes, what is her basis for depreciation? b. Assume that Nicky deducts depreciation of 6,500 and then sells the car for 32,500. What is her recognized gain or loss? c. Assume that Nicky deducts depreciation of 6,500 and then sells the car for 20,000. What is her recognized gain or loss?

What is the sale?

Rafael sold an asset to Jamal. What is Rafael's amount realized on the sale in each of the following alternative scenarios? a. Rafael received $126,500 cash and a vehicle worth $15,900. Rafael also paid $8,850 in selling expenses. b. Rafael received $118,000 cash and was relieved of a $27,750 mortgage on the asset he sold to Jamal. Rafael also paid a commission of $6,600 on the transaction.   Alan Meer inherits a hotel from his grandmother, Mary, on February 11 of the current year. Mary bought the hotel for $730,000 three years ago. Mary deducted $27,000 of cost recovery on the hotel before her death. The fair market value of the hotel in February is $725,000. (Assume that the alternative valuation date is not used.) a. What is Alan’s adjusted basis in the hotel?