mary recieved a gift of income producing property with an adjusted basis of 49,000 to the donor and fair market value of 35,000 on the date of gift. no federal tax gift was paid by the donor. mary subsequently sold the property for 51,000 what is recognized gain or loss

Tori owns a nondepreciable capital asset held for investment. The asset was purchased for $400,000 six years earlier and is now subject to a $70,000 liability. During the current year, Tori transfers the asset to Travis in exchange for $125,000 cash and a new automobile with a $20,000 fair market value (FMV) to be used by Tori for personal use; Travis assumes the $70,000 liability. Requirement Determine the amount of Tori's long-term capital gain (LTCG) or long-term capital loss (LTCL). (Use parentheses or a minus sign to enter a loss.) Tori will realize a long-term capital gain or loss of

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…

Alicia sold her personal residence to Rick for $300,000. Before the sale, Alicia paid the real estate tax of $4,380 for the calendar year. For income tax purposes, the deduction is apportioned as follows; $2,160 for Alicia and $2,220 for Rick. What is Ricks basis in the residence?

Aram's taxable income before considering capital gains and losses is $71,000. 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: Aram sold a capital asset that he owned for more than one year for a $5,220 gain, a capital asset that he owned for more than one year for a $610 loss, a capital asset that he owned for six months for a $1,420 gain, and a capital asset he owned for two months for a $1,010 loss. Aram sold a capital asset that he owned for more than one year for a $2,110 gain, 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 $310 gain, and a capital asset he owned for two months for a $2,120 loss. Aram sold a capital asset that he owned for more than one year for a $2,610 loss, a capital asset that he owned for six months for a $4,420 gain, and a capital asset he…

Manny is a sole proprietor engaged in distribution of various consumer products. During 2020, he sold a parcel of land valued at P4,563,889 to his long-lost best friend, Marc, for only P4,000,000. The property was purchased by Daniel 3 years ago at a cost of P3,405,473 Determine the capital gains tax and donor’s tax due on the above transaction. Assuming the parcel of land is sold by Manny is classified as ordinary asset, determine the capital gains tax and donor’s tax due on the above transaction.

Camilo's property, with an adjusted basis of $304,000, is condemned by the state. Camilo receives property with a fair market value of $349,600 as compensation for the property taken. If an amount is zero, enter "0". a. What is Camilo’s realized and recognized gain?Camilo's realized gain is $___________ and his recognized gain is $____________. b. What is the basis of the replacement property?The basis of the replacement property is $________________.

Please help. All given solutions were incorrect. Required information [The following information applies to the questions displayed below.]Roland had a taxable estate of $16.2 million when he died this year.Required:Calculate the amount of estate tax due (if any) under the following alternatives. (Refer to Exhibit 25-1 and Exhibit 25-2.) (Enter your answers in dollars and not in millions of dollars.) a. Roland’s prior taxable gifts consist of a taxable gift of $1 million in 2005. b. Roland’s prior taxable gifts consist of a taxable gift of $1.5 million in 2005. c. Roland made a $1 million taxable gift in the year prior to his death.

During the tax year, Monica incurred one personal casualty loss due to a federally declared disaster. The amount of the loss after reimbursements is $8,025. Monica will not be replacing any of the damaged property. Monica's adjusted gross income is $50,000. What is the amount of the casualty loss deduction to report on Schedule A (Form 1040)? $2,925 $3,025 $7,925 $8,025

Edward donated a lot worth P650,000 to his cousin Karl subject to thecondition that Karl will assume the P50,000 accrued real property tax onthe lot. What is the donor's tax? a. P21,000b. P24,000c. P36,000d. 0