Lucas sells his interest in a passive activity for $150,000. The following facts apply: • Adjusted basis in this investment is $55,000. Losses from prior years that were not deductible due to the passive activity loss restrictions total $60,000. Calculate the taxable gain from the sale of this interest in the passive activity.

Alfonso sells a passive activity in the current year for $800,000. His adjusted basis in the activity is $200,000, and he uses the installment method of reporting the gain. The activity has suspended losses of $44,000. Alfonso receives $400,000 in the year of sale. a. What is his gross profit ratio on the sale? Enter as a percentage. For example, .35 would be entered as "35".% b. His recognized gain for the current year is $. c. Alfonso can currently deduct $of suspended losses.

Verlin sells a commercial building and receives $50,000 in cash and a note for $60,000 at 10 percent interest. Verlin's adjusted basis in the building on the date of sale is $45,000 and he collects only the $50,000 down payment in the year of the sale. a. If Verlin elects to recognize the total gain on the property in the year of sale, calculate the taxable gain.             b. Assuming Verlin uses the installment sale method, calculate the taxable gain he must report for the year of the sale.             c. Assuming Verlin collects $10,000 (not including interest) of the note principal in the year following the year of sale, calculate the amount of income recognized under the installment sale method.

Betty sells an interest in a passive activity for $100,000. Her adjusted basis is $70,000 and losses from prior years that were not deductible due to the passive activity loss restrictions total $40,000. The tax effects of the sale are: Gain $30,000 O Gain $60,000 O Loss $10,000 O No gain, No loss.

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During the current year, TLI Corporation sells a tract of land for $90,000. The sale is made to Sophie, TLI Corporation's sole shareholder. TLI Corporation originally purchased the land five years earlier for $121,000. Read the requirements. Requirement a. What is the amount of gain or loss that TLI Corporation will recognize on the sale during the current year? First, calculate the gain or loss realized and then calculate the gain or loss recognized in the current year. (For a gain or loss with a zero value, enter $0 and select N/A.) Amount Gain or loss Gain or loss realized Gain or loss recognized Requirements a. What is the amount of gain or loss that TLI Corporation will recognize on the sale during the current year? b. Assume that in the following year, Sophie sells the land for $111,000. What is the amount of gain or loss Sophie will recognize? What are the tax consequences to TLI Corporation upon the subsequent sale by Sophie? c. Assume that in the following year, Sophie sells…

Hurwitz, LLC sells a parcel of waterfront land and a residential condo building with an adjusted tax basis of $100,000 and 50,000, respectively for $500,000. The original purchase price Hurwitz, LLC allocated to the building was $600,000. Hurwitz LLC has deducted $550,000 in depreciation expense. Hurwitz, LLC's realized gain on this transaction is $350,000. If Hurwitz LLC takes back a note as part of the proceeds, what is Hurwitz LLC's gross profit percentage? A. 83.33% B. 71.43% C. 70% D. 50% E. 30%

KNB sold real property to Firm P for $15,000 cash and Firm P’s assumption of the$85,000 mortgage on the property.Required: What is KNB’s amount realized on the sale?b. Compute KNB’s after-tax cash flow from the sale if its adjusted basis in the realproperty is $40,000 and its marginal tax rate is 35 percent.