Alex purchased a rental house four years ago for $248, 400. Her depreciation at the time of the sale is $ 29,808. Due to a decrease in real estate prices, she sells the house for only $235, 980 in 2023. What is her gain or loss for tax purposes?
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Alex purchased a rental house four years ago for $248, 400. Her
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- Callie Cooper purchased two pieces of property in 1990: Property Q cost $15,000 and Property R cost $30,000. In 2020, when Callie died, she left the property to her daughter, Christy. At that time, Property Q had appreciated in value to $80,000 while Property R had declined in value, now worth only $10,000. What is Christy’s basis in each piece of property? What are the tax consequences of the changes in value of the properties from the time of original purchase to the death of Callie?Susan, a single taxpayer, bought her home 25 years ago for $30,000. She has lived in the home continuously since she purchased it. In 2020, she sells her home for $200,000. What is Susan's taxable gain on the sale? Group of answer choices $250,000 $0 $20,000 $170,000Hana is in the 24% tax bracket and owns depreciable business equip-ment that she purchased several years ago for $135,000. She has taken $100,000 of depreciation on the equipment, and it is worth $55,000. Hana’s niece, Michelle, is starting a new business and is short of cash. Michelle has asked Hana to gift the equipment to her so that Michelle can use it in her business. Hana no longer needs the equipment. Identify the alternatives available to Hana if she wants to help Michelle and the tax effects of those alternatives. (Assume that all alternatives involve the business equipment in one way or another, and ignore the gift tax.)
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