Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during lawschool (several years ago) that she is planning to use in her business.AssetComputerPrinterDeskFile cabinetAssetPurchasePriceComputerPrinterDeskFile cabinet$ 6,6004,4005,3004,300FMV at Time Convertedto Business UseUsing the above information, what is the depreciable basis that Brittany should use in her business for each asset?$ 4,9004,2505,1004,325Depreciable Basis

Here's the depreciable basis for each of Brittany's assets:AssetDepreciable…

Answered: Brittany started a law practice as a…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges

Section: Chapter Questions

Problem 3RP

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Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during law school (several years ago) that she is planning to use in her business. FMV at Time Purchase Converted to Asset Price Business Use Computer $ 6,900 $ 5,200 Printer 4,700 4,550 Desk 5,600 5,400 File cabinet 4,600 4,625 Using the above information, what is the depreciable basis that Brittany should use in her business for each asset? ASSET DEPRECIABLE BASIS Computer Printer Desk File Cabinet
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Amelia’s business goes bankrupt this year. To close her business, Amelia starts by selling off her business assets. Below are the asset disposition transactions: Assets Purchased Date Cost Sold date Sold price Delivery car 5/1/23 30k 12/31/23 25k Furniture 3/20/20 40k 12/31/23 20k Equipment 4/1/20 110k 12/31/23 100k Land 1/1/22 150k 12/31/23 180k Assume there is no Section 179 and bonus depreciation. Use MACRS only for depreciation. Show detailed calculation and explanation a) Calculate total accumulated depreciation of each asset until the sold date (12/31/23). b) Calculate the adjusted basis for each asset c) Calculate the gain/loss for each asset d) Point out the exact character of gain/loss for each asset gain/loss (ex: Ordinary, pure 1231, 1245, 1250, etc.) e) Calculate the Net 1231 Gain/Loss Hint: Be aware of 1245 Depreciation recapture and 1231 lookback rules Hint: Review textbook chapter on this. In the year of disposition, under half-year convention, only ½ of MACRS…
Please answer the following: Select Properties Sold that are Section 1245: There are mulitple answers please select all the correct ones Wine Collection Marketable Securities Office Tables Business Equipment Land of Investment Truck Office Chairs Storage Building
Problem 10-42 (LO 10-1) (Algo) Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during law school (several years ago) that she is planning to use in her business. Asset Computer Printer Desk File cabinet Asset Purchase Price $7,800 5,600 6,500 5,500 Computer Printer Desk File cabinet FMV at Time Converted to Business Use Using the above information, what is the depreciable basis that Brittany should use in her business for each asset? $ 6,100 5,450 6,300 5,525 Depreciable Basis
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Required information [The following information applies to the questions displayed below.] This year, Amy purchased $2,000 of equipment for use in her business. However, the machine was damaged in a traffic accident while Amy was transporting the equipment to her business. Note that because Amy did not place the equipment into service during the year, she does not claim any depreciation or cost recovery expense for the equipment. a. After the accident, Amy had the choice of repairing the equipment for $1,800 or selling the equipment to a junk shop for $300. Amy sold the equipment. What amount can Amy deduct for the loss of the equipment? Deductible amount
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Required information [The following information applies to the questions displayed below.] Carl purchased an apartment complex for $3.3 million on March 17 of year 1. of the purchase price, $1,400,000 was attributable to the land the complex sits on. He also installed new furniture into half of the units at a cost of $82,000. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Enter your answers in dollars and not in millions of dollars.) a. What is Carl's allowable depreciation deduction for his real property for years 1 and 2? (Round your final answers to the nearest whole dollar amount.) Depreciation Deduction Year 1

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