Mike sold the following personal use property during the current year:PaintingStamp collectionOutboard motorAntique deskSales PriceCost$2,500$ 8006001,2009001001,3001,950What is his taxable capital gain, net of allowable capital losses, for the current year?$625.$650.$325.$750.13

Based on the information provided, Mike has a net capital gain of $1,300 for the current year.…

Answered: Mike sold the following personal use…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter8: Property Transactions: Capital Gains And Losses, Section 1231 And Recapture Provisions

Section: Chapter Questions

Problem 6BCRQ

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Milt Payner purchased an automobile several years ago for $40,000 and has held it as a personal asset ever since. This year he sold the automobile. Assume the taxable year is 2022. Required: a. Compute Milt's recognized gain or loss on the sale if Milt's amount realized on sale was $28,300. b. Compute Milt's recognized gain or loss on the sale if Milt's amount realized on sale was $55,000. The automobile was a classic Thunderbird and was purchased by a vintage car collector in Boston. Complete this question by entering your answers in the tabs below. Required A Required B Compute Milt's recognized gain or loss on the sale if Milt's amount realized on sale was $28,300. Note: If the results of a transaction do not result in a gain or loss, select "No recognized gain or loss".
The executor of Rose Shield's estate listed the following properties (at fair value): $ 350,000 250,000 150,000 Cash Life insurance receivable Investments in stocks and bonds Rental property 100,000 180,000 Personal property Following are the transactions that occur in the months following the decedent's death: 1. Claims of $90,000 are made against the estate for various debts incurred before the decedent's death. 2. Interest of $22,000 is received from bonds held by the estate. Of this amount, $4,000 had been earned prior to death. 3. Ordinary repairs costing $11,000 are made to the rental property. 4. All debts ($90,000) are paid. 5. Stocks recorded in the estate at $21,000 are sold for $29,000 cash. 6. Rental income of $24,000 is collected. Of this amount, $7,000 had been earned prior to the decedent's death. 7. Cash of $7,000 is distributed to Jim Arness, an income beneficiary. 8. The proceeds from the life insurance policy are collected and the money is immediately distributed to…
Gilbert purchased a home for $200,000 in 2012. For the last ten years, he has owned and used the home as his principal residence. On July 17, 2022, Gilbert sold the home for $500,000. His real estate commission and other selling expenses were $20,000. What is the amount and character of the recognized gain or loss from the sale on July 17, 2022? O a. $280.000 long-term capital gain Ob. $70,000 long-term capital gain No gain or loss d. $30,000 long-term capital gain $300,000 long-term capital gain DC. e.
Subject: acounting
7. COMPUTE: Gross estate
Alma sells the following depreciable assets from her sole proprietorship: Asset Cost Office furniture $10,000 Age Gain/Loss 4 years ($2,400) Truck $2,000 5 years 3,100 Bakery equipment $25,000 9 months (4,500) What should Alma report on her income tax return relative to these property transactions? a. $3,800 capital loss b. $3,100 Section 1245 recapture; $2,400 Section 1231 loss; $4,500 ordinary loss c. $3,800 ordinary loss d. $700 Section 1231 gain; $4,500 ordinary loss e. None of the above
Vorst depreciates Asset C by the straight-line method. On June 30, 2020, Vorst sold Asset C for 28,000 cash. How much gain (loss) should Vorst record in 2020 on the disposal of Asset C? a. 2,800 b. (2,800) c. (5,600) d. (8,400)
Susie purchased her primary residence on March 15, year 4, for 550,000. She sold it on October 15, year 7, for 240,000. What amount of loss from the sale is recognized on her year 7 income tax return? a. 0 b. 60,000 c. 250,000 d. 310,000
In 2019, Mary sells for $24,000 a machine used in her business. The machine was purchased on May 1,2017, at a cost of $22,000. Mary has deducted depreciation on the machine of $6,000. What is the amount and nature of Mary's gain as a result of the sale of the machine? $2,000 Section 1231 gain $8,000 ordinary income under Section 1245 $6,000 ordinary income and $2,000 Section 1231 gain $6,000 Section 1231 gain and $2,000 ordinary income under Section 1245 None of the above

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