+ 4. Luke sells the following personal property assets in the current year: Asset Original cost Accumulated Sales proceeds depreciation Equipment A 225,000 170,000 85,000 Equipment B 38,000 21,000 45,000 Forklift 15,000 3,000 10,000 Furniture 25,000 19,000 8,000 Consider each asset as an independent problem. For each of the assets, fill in the amounts in the following table. The total amounts in the last two columns should equal the amount in the third column: (3 points per cell) Asset Adjusted basis Realized gain/(Loss) Ordinary income/(loss) Long-term gain/(loss) Equipment A Equipment B Forklift Furniture I
+ 4. Luke sells the following personal property assets in the current year: Asset Original cost Accumulated Sales proceeds depreciation Equipment A 225,000 170,000 85,000 Equipment B 38,000 21,000 45,000 Forklift 15,000 3,000 10,000 Furniture 25,000 19,000 8,000 Consider each asset as an independent problem. For each of the assets, fill in the amounts in the following table. The total amounts in the last two columns should equal the amount in the third column: (3 points per cell) Asset Adjusted basis Realized gain/(Loss) Ordinary income/(loss) Long-term gain/(loss) Equipment A Equipment B Forklift Furniture I
Chapter17: Property Transactions: §1231 And Recapture Provisions
Section: Chapter Questions
Problem 36P
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please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
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4. Luke sells the following personal property assets in the current year:
Asset
Original cost
Accumulated
Sales proceeds
depreciation
Equipment A
225,000
170,000
85,000
Equipment B
38,000
21,000
45,000
Forklift
15,000
3,000
10,000
Furniture
25,000
19,000
8,000
Consider each asset as an independent problem. For each of the assets, fill in the amounts in the following
table. The total amounts in the last two columns should equal the amount in the third column: (3 points per
cell)
Asset
Adjusted basis
Realized
gain/(Loss)
Ordinary
income/(loss)
Long-term
gain/(loss)
Equipment A
Equipment B
Forklift
Furniture
I
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