Problem 8-21 Involuntary Conversions (LO 8.12) Teresa's manufacturing plant is destroyed by fire. The plant has an adjusted basis of $270,000, and Teresa receives insurance proceeds of $410,000 f the loss. Teresa reinvests $420,000 in a replacement plant within 2 years of receiving the insurance proceeds. If an amount is zero, enter "0". a. Calculate Teresa's recognized gain if she elects to utilize the involuntary conversion provision. b. Calculate Teresa's basis in the new plant.

Uramilaben

Lisa’s Darwin Home Lisa sold her home in Darwin (contract date September 2019, settlementDecember 2019), receiving $1,220,000 at settlement. This is after legal fees($12,000), advertising ($2,000) and real estate commissions ($25,000) werededucted. Records indicate that Lisa purchased the property in 2002 (contract dateJanuary, settlement March) for $653,000. Legal fees, commissions andadvertising of $8,000 were also incurred. Lisa moved in within 6 months, selling her former residence during thattime. Over the ownership period, Lisa rented the property for three yearsbeginning December 2010, with $65,000 of $120,000 in non-capitalcosts claimed against rental income. The property was valued at$890,000 at the time it began being rented.   SculptureLisa gave a sculpture, valued at $18,900, to her friend in June 2020. Thesculpture was purchased for $480 in December 2000 and repaired in March2016 for $1,250. VaseWhen Lisa was playing with her cat in September 2019, the cat…

Problem 14-59 (LO 14-5) (Algo) Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance. Advertising expense Mortgage interest Property taxes $ 1,330 700 5,700 1,330 750 Repairs & maintenance. Utilities Depreciation 1,030 12,050 During the year, Tamar rented out the condo for 83 days, receiving $15,500 of gross income. She personally used the condo for 53 days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Tamar uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. Note: Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount. Required: a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo (assuming she itemizes…

Please don't give image format

Please Do not Give Image format Otherwise rejected my question

Problem 4-8 Sale of a Personal Residence (LO 4.6) On July 1, 2021, Ted, age 73 and single, sells his personal residence of the last 30 years for $365,000. Ted's basis in his residence is $50,000. The expenses associated with the sale of his home total $21,000. On December 15, 2021, Ted purchases and occupies a new residence at a cost of $225,000. Calculate Ted's realized gain, recognized gain, and the adjusted basis of his new residence. Realized gain Recognized gain Adjusted basis of the new residence %24 %24

Exercise 13-39 (Algorithmic) (LO. 7) On February 24, 2020, Allison's building, with an adjusted basis of $3,763,700 (and used in her trade or business), is destroyed by fire. On March 31, 2020, she receives an insurance reimbursement of $4,892,810 for the loss. Allison invests $4,403,529 in a new building and buys stock with the balance of insurance proceeds. Allison is a calendar year taxpayer. a. By what date must Allison make the new investment to qualify for the nonrecognition election? b. Assuming that the replacement property qualifies as similar or related in service or use, what are Allison's realized gain, recognized gain, and basis in the replacement building? Allison's realized gain is $ and recognized gain is $ . Her basis in the new building is $