FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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§1231 Netting Process

:§1231 gain

§1231 loss

Net §1231 gain

Nonrecaptured §1231 losses

Net §1231 gain

Ordinary Income:

§1245 recapture

§291 recapture

Ordinary income

Ordinary loss

Ordinary income from §1231 netting

TotalCapital Gains and Losses:

Capital gainCapital loss

Net capital gain

 

 

Complete this question by entering your answers in the tabs below.
Required 1
Required 2
From the recognized gains or losses determined in part 1, determine the net §1231 gain or loss, the net ordinary gain or loss,
and the net capital gain or loss Moab will recognize on its tax return. Moab Incorporated also has $2,200 of nonrecaptured net
§1231 losses from previous years.
Note: Do not round intermediate computations. Loss amounts should be indicated by a minus sign.
§1231 Netting Process:
§1231 gain
§1231 loss
Net §1231 gain
Nonrecaptured §1231 losses
Net §1231 gain
Ordinary Income:
§1245 recapture
$291 recapture
Ordinary income
Ordinary loss
Ordinary income from §1231 netting
Total
Capital Gains and Losses:
Capital gain
Capital loss
Net capital gain
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Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required 1 Required 2 From the recognized gains or losses determined in part 1, determine the net §1231 gain or loss, the net ordinary gain or loss, and the net capital gain or loss Moab will recognize on its tax return. Moab Incorporated also has $2,200 of nonrecaptured net §1231 losses from previous years. Note: Do not round intermediate computations. Loss amounts should be indicated by a minus sign. §1231 Netting Process: §1231 gain §1231 loss Net §1231 gain Nonrecaptured §1231 losses Net §1231 gain Ordinary Income: §1245 recapture $291 recapture Ordinary income Ordinary loss Ordinary income from §1231 netting Total Capital Gains and Losses: Capital gain Capital loss Net capital gain Show less▲
Required 1
Required 2
Determine the gain or loss realized and recognized in the current year for each of these events provided above. Also determine whether
the gain or loss recognized will be §1231, capital, or ordinary.
Note: Do not round intermediate computations. Loss amounts should be indicated by a minus sign.
Asset
Realized
Gain or
Recognized
Gain or (Loss)
§1245 Ordinary §291 Ordinary
Income
Income
(Loss)
§1231
Gain or
(Loss)
Ordinary Income
or (Loss)
Capital Gain
or (Loss)
1a
1b
1c
1d
1e
1f
1g
1h
Totals
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Transcribed Image Text:Required 1 Required 2 Determine the gain or loss realized and recognized in the current year for each of these events provided above. Also determine whether the gain or loss recognized will be §1231, capital, or ordinary. Note: Do not round intermediate computations. Loss amounts should be indicated by a minus sign. Asset Realized Gain or Recognized Gain or (Loss) §1245 Ordinary §291 Ordinary Income Income (Loss) §1231 Gain or (Loss) Ordinary Income or (Loss) Capital Gain or (Loss) 1a 1b 1c 1d 1e 1f 1g 1h Totals
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