Sarah sold her restaurant "Taste of Home" for $450,000. She paid a broker commission of $13,500. The building's original cost was $385,000 with accumulated depreciation of $42,000. What is Sarah's realized gain or loss? A) $93,500 B) $107,000 C) $80,000 D) $52,000

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Gain or Loss?

Jane purchased an office building for the total acquisition price of $1,000,000.00. The value of the land was $250,000.00. The value of the personal property was $100,000.00. The value of the mortgage was $500,000.00. The value of the leasehold was $850,000.00. What is her depreciable basis for the real estate? Please don't provide solution in an image format thanku

Jane operated a restaurant individually. Unfortunately, due to the current situation, he has to sell the restaurant for $5,000,000. He purchased the furniture, fixtures and equipment for $500,000 several years ago and the purchased price was allocated to them. The adjusted basis for these FF&E was $1000,000 and accumulated depreciation was $200,000. What's the effect for this transaction?   A. Capital gain of $400,000 B. Ordinary income of $500,000 C. Ordinary income of $200,000, and capital gain of $200,000

Leonard London sold a building used in his business to Michelle Martinson. He had purchased the property several years previously for $340,000, $300,000 of which was the mortgage. Major improvements in the amount of $240,000 had been made. At the time of the sale, Leonard had taken $220,000 in straight-line depreciation. Leonard paid $104,000 in selling expenses. Michelle gave Leonard $400,000 in cash and unlike property with a fair market value of $240,000, assumed a delinquent real estate bill of $105,000 and assumed Leonard's mortgage on the property in the amount of $234,000. What is Leonard's gain on the sale? $191,000 $385,000 $410,000 $503,000 $515,000

Sah

Lee Simpson sold the building in which she operated her business. Lee had acquired the property many years ago for S$180,000 and over this period had made major improvements costing $210,000. Lee had claimed $$70,000 in straight-line depreciation at the time of the sale. The selling expenses paid by Lee amounted to $35,000. Jason purchased the property by (1) giving Lee $190,000 in cash; (2) giving Lee unlike property with a FMV of $170,000; (3) assuming Lee's mortgage on the property of $160,000; and (4) paying a delinquent real estate tax bill on the property of $65,000. What is Lee's realized amount? What was Lee's Adjusted Basis? What is Lee's gain on the sale?

Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $65,000, and it has claimed $23,000 of depreciation expense against the building. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount.) Required: a. Assuming that Hauswirth receives $50,000 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale. b. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $50,000, compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land. c. Assuming that Hauswirth receives $20,000 in cash in year O and a $50,000 note receivable that is payable in year 1, compute the amount and character of Hauswirth's gain or loss in year O and in year 1.

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