Sumner sold equipment that it uses in its business for $31,400. Summer bought the equipment a few years ago for $79,300 and has claimed $39,650 of depreciation expense. Assuming that this is Sumner's only disposition during the year, what is the amount and character of Sumner's gain or loss?

dan purchased machinery (7 yr. property) to use in her business on 9/1/18 at a cost of $ 40,000. This was the only property placed in service in 2018. On 3/1/20 dan sold this equipment for $ 44,000. Answer each part below as follows: How much depreciation (use MACRS 200DB method) will Gabby claim in the following years? 2018 2019

Baker Corporation owned a building located in Kansas. Baker used the building for its business operations. Last year, a tornado hit the property and completely destroyed it. This year, Baker received an insurance settlement. Baker had originally purchased the building for $350,000 and had claimed a total of $100,000 of depreciation deductions against the property. What are Baker's realized and recognized gain or (loss) on this transaction and what is its basis in the new building in the following alternative scenarios? (Leave no answer blank. Enter zero if applicable.) d. Baker received $450,000 in insurance proceeds and spent $450,000 rebuilding the building during the next three years. Description Amount Basis of replacement property

In the financial year ended 31 December 2009, Sister Edith sold a car for $15,000. The car had been bought on 2 January 2006 for $45,000. Sister Edith depreciates motor vehicles on the reducing balance basis at a rate of 20% per annum. She charges a full year's depreciation in the year an asset is bought, and no depreciation in the year it is sold. What is the profit or loss on disposal of the car?

Nicole purchased new equipment for her business on February 1, 2022. The equipment cost $32,925. She did not place any other property in service. What amount may Nicole deduct under Section 179 in in the current tax year and what is the basis of her equipment on January 1 of the following tax year?

s

In year 0, Longworth Partnership purchased a machine for $57,500 to use in its business. In year 3, Longworth sold the machine for $38,800. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $27,300. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $70,000?     Please don't provide answer in image format thank you

Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $72.500. and it has claimed $24,800 of depreciation expense against the building. Required: a. Assuming that Houswirth receives $59,700 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 $59,700 compute Houswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land. c. Assuming that Houswirth receives $26.500 in cash in year 0 and a $57,000 note receivable that is payable in year 1, compute the amount and character of Hauswirth's gain or loss in year 0 and in year 1. Complete this question by entering your answers in the tabs below. Required a Required b Required c Assuming that Hauswirth receives $59,700 in cash for the warehouse, compute the amount…

During the current year of assessment, Ana sold her primary residence for R5 000 000. She originally purchased this residence after 1 October 2001 for R3 600 000. She did not use any portion of the house for trade purposes. You may assume that the original cost is the only allowable cost. Which of the following statement is incorrect? Select one: a. The capital gain before any exclusion attributed to the sale of the primary residence is R1 400 000. b. The Proceeds from the sale of the primary residence are R5 000 000. c. Ana can claim the R2000 000 primary residence exclusion in full. O d. The base cost from the sale of the primary residence is R3 600 000.

Jake parchased a $235,000 crane for his constraction business. He sold the crane for $175,000 after taking $115,000 of depreciation. Assume take is : What amount of the gain or loss is subject to ordinary tax rates?