Please calculate the rental income for tax purposes. In July 2022, an individual acquires a rental property for $20,000. $110,000 is allocated to the land and $160,000 is allocated to the building. The property is rented for $1,800 per month. Condo fees are $50 per month, property taxes are $1,000 per year and interest expense for 2022 is $6,100. Note: the building was acquired after 1987 for residential use; therefore, a class 1 asset (CCA rate = 4%)

The Nelson Company has a taxation year end of December 31. On January 1, 2021, the UCC of Class 8 was $80,000. The Nelson Company has a policy of always deducting maximum CCA. A class 8 property with a capital cost of $15,000 was sold for $26,000 on September 1, 2021. Maximum CCA for Class 8 is (Class 8 has 20% CCA rate): choose the right answer $10,800 $32,000 $13,000 $21,200

Download Schedule D of 1040, given the following information, complete through part III of Schedule D:   Nicholas Jack with social security number 555-25-5566. He has an STCL carryover of $250 from last year.   Land was sold for $40,000. The land was received as a property settlement on January 10, 2020, when the land’s FMV amounted to $35,000. His ex-wife’s basis for the land, purchased on January 10, 2004, was $20,500.   Marketable securities held as an investment were sold for $25,000. The securities were inherited from his uncle, who died on April 12 of the current year when FMV of the securities was $26,000. The uncle purchased the securities on July 12, 2000, for $10,000.

Brian acquired a rental house in 2003 for a cost of $80,000. Straight-line depreciation on the property of $26,000 has been claimed by Brian. In January 2019, he sells the property for $120,000, receiving $20,000 cash on March 1 and the buyer's note for $100,000 at 10 percent interest. The note is payable at $10,000 per year for 10 years, with the first payment to be received 1 year after the date of sale. Calculate his taxable gain under the installment method for the year of sale of the rental house. In your computations, round any division to two decimal places. Gain reportable in 2019 is $.