A Taxpayer exchanges a productive use machine, which has an adjusted basis of $9,000, for a new machine worth $6,000. In addition, the taxpayer receives cash of $5,000. What is the recognized gain or loss and the basis of the new machine? a. $0 and $9,000. b. $0 and $4,000. c. $2,000 and $6,000. d. $2,000 and $9,000. e. None of the above.

A taxpayer exchange a productive use machine solve this accounting questions

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What is the amount and nature of the gain from the sale

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If a taxpayer has interest income of $5,500 and investment interest expenses of $6,000 in itemized deductions, what amount can the taxpayer deduct in investment interest expenses? *If zero, enter "0". 5500

A taxpayer purchased a light truck for $27,500 in June 2021. He uses the truck 100% business .What is his first year MACRS deduction for the truck if the takes the special depreciation deduction (i.e., bonus depreciation? A. $3,160 B. $5.860 C. $10,200 D. $18,200

1. The following relates to taxpayer500,000 Interest expense200,000 interest income-promissory notesCompute the deductible expense   2. A taxpayer with net sales of P2,000,000 and cost of sales of P1,000,000 incurred P12,000 EAR expenses. Compute the allowable deduction for EAR expenses   3. The personal car of the taxpayer had the following data:5,000,000 Fair market value4,000,000 purchase price10 years estimated useful lifeWhat is the deductible annual depreciation expense?

A taxpayer sold machinery for $24,000 on December 31, 2021. The machinery had been purchased on January 2, 2019 for $30,000, with 100% bonus depreciation being used. For 2021, the taxpayer should report O Ordinary income of $24,000 O $30,000 ordinary income O §1231 gain of $6,000 and ordinary income of $24,000 O §1231 gain of $24,000 and ordinary income of $6,000 O $1231 gain of $24,000 D