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☑ CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone no. Applicable checkbox on Form 8949 OMB No. 1545-0715 Charles Schwab 211 Main Street San Francisco, CA 94105 PAYER'S TIN 2023 Form 1099-B 1a Description of property (Example: 100 sh. XYZ Co.) 100 shs of Vail Resorts 1b Date acquired 3/1/2022 1c Date sold or disposed 5/1/2023 1e Cost or other basis Proceeds From Broker and Barter Exchange Transactions 93-7894561 RECIPIENT'S TIN 1d Proceeds Copy B $ 32,364 $ 123-45-6789 1f Accrued market discount 13,173 1g Wash sale loss disallowed For Recipient RECIPIENT'S name Lloyd Bolander Street address (including apt. no.) 125 Mountain Road City or town, state or province, country, and ZIP or foreign postal code Taos, NM 87579 Account number (see instructions) CUSIP number $ 2 Short-term gain or loss Long-term gain or loss Ordinary 3 If checked, proceeds from: Collectibles QOF 4 Federal income tax withheld 5 If checked, noncovered 6 Reported to IRS: Gross proceeds Net proceeds ☑ 8 Profit or (loss) realized in 2023 on closed contracts 0 security 7 If checked, loss is not allowed based on amount in 1d 9 Unrealized profit or (loss) on open contracts-12/31/2022 $ FATCA filing requirement 10 Unrealized profit or (loss) on open contracts-12/31/2023 11 Aggregate profit or (loss) on contracts 14 State name 15 State identification no. 16 State tax withheld $ $ $ $ (Keep for your records) 12 If checked, basis reported 13 Bartering. to IRS www.irs.gov/Form1099B Form 1099-B This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported. Department of the Treasury - Internal Revenue Service ☑ CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone no. Applicable checkbox on Form 8949 Charles Schwab 211 Main Street San Francisco, CA 94105 PAYER'S TIN 93-7894561 OMB No. 1545-0715 2023 Form 1099-B 1a Description of property (Example: 100 sh. XYZ Co.) 100 shs of Peak Resorts 1b Date acquired 1,099 $ 5/1/2021 RECIPIENT'S TIN 1d Proceeds $ 123-45-6789 1f Accrued market discount $ 1c Date sold or disposed 5/1/2023 1e Cost or other basis 439 1g Wash sale loss disallowed $ Proceeds From Broker and Barter Exchange Transactions Copy B For Recipient RECIPIENT'S name Lloyd Bolander Street address (including apt. no.) 125 Mountain Road City or town, state or province, country, and ZIP or foreign postal code Taos, NM 87579 Account number (see instructions) CUSIP number 2 Short-term gain or loss Long-term gain or loss ☑ Ordinary 3 If checked, proceeds from: Collectibles QOF 4 Federal income tax withheld 5 If checked, noncovered 6 Reported to IRS: Gross proceeds Net proceeds ☑ 8 Profit or (loss) realized in 2023 on closed contracts 0 security 7 If checked, loss is not allowed based on amount in 1d 9 Unrealized profit or (loss) on open contracts-12/31/2022 $ $ FATCA filing requirement 10 Unrealized profit or (loss) on open contracts-12/31/2023 11 Aggregate profit or (loss) on contracts 14 State name 15 State identification no. 16 State tax withheld $ This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported. Form 1099-B CACA $ (Keep for your records) 12 If checked, basis reported 13 Bartering to IRS www.irs.gov/Form 1099B $ Department of the Treasury - Internal Revenue Service

☑ CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone no. Applicable checkbox on Form 8949 OMB No. 1545-0715 Charles Schwab 211 Main Street San Francisco, CA 94105 PAYER'S TIN 2023 Form 1099-B 1a Description of property (Example: 100 sh. XYZ Co.) 100 shs of Vail Resorts 1b Date acquired 3/1/2022 1c Date sold or disposed 5/1/2023 1e Cost or other basis Proceeds From Broker and Barter Exchange Transactions 93-7894561 RECIPIENT'S TIN 1d Proceeds Copy B $ 32,364 $ 123-45-6789 1f Accrued market discount 13,173 1g Wash sale loss disallowed For Recipient RECIPIENT'S name Lloyd Bolander Street address (including apt. no.) 125 Mountain Road City or town, state or province, country, and ZIP or foreign postal code Taos, NM 87579 Account number (see instructions) CUSIP number $ 2 Short-term gain or loss Long-term gain or loss Ordinary 3 If checked, proceeds from: Collectibles QOF 4 Federal income tax withheld 5 If checked, noncovered 6 Reported to IRS: Gross proceeds Net proceeds ☑ 8 Profit or (loss) realized in 2023 on closed contracts 0 security 7 If checked, loss is not allowed based on amount in 1d 9 Unrealized profit or (loss) on open contracts-12/31/2022 $ FATCA filing requirement 10 Unrealized profit or (loss) on open contracts-12/31/2023 11 Aggregate profit or (loss) on contracts 14 State name 15 State identification no. 16 State tax withheld $ $ $ $ (Keep for your records) 12 If checked, basis reported 13 Bartering. to IRS www.irs.gov/Form1099B Form 1099-B This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported. Department of the Treasury - Internal Revenue Service ☑ CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone no. Applicable checkbox on Form 8949 Charles Schwab 211 Main Street San Francisco, CA 94105 PAYER'S TIN 93-7894561 OMB No. 1545-0715 2023 Form 1099-B 1a Description of property (Example: 100 sh. XYZ Co.) 100 shs of Peak Resorts 1b Date acquired 1,099 $ 5/1/2021 RECIPIENT'S TIN 1d Proceeds $ 123-45-6789 1f Accrued market discount $ 1c Date sold or disposed 5/1/2023 1e Cost or other basis 439 1g Wash sale loss disallowed $ Proceeds From Broker and Barter Exchange Transactions Copy B For Recipient RECIPIENT'S name Lloyd Bolander Street address (including apt. no.) 125 Mountain Road City or town, state or province, country, and ZIP or foreign postal code Taos, NM 87579 Account number (see instructions) CUSIP number 2 Short-term gain or loss Long-term gain or loss ☑ Ordinary 3 If checked, proceeds from: Collectibles QOF 4 Federal income tax withheld 5 If checked, noncovered 6 Reported to IRS: Gross proceeds Net proceeds ☑ 8 Profit or (loss) realized in 2023 on closed contracts 0 security 7 If checked, loss is not allowed based on amount in 1d 9 Unrealized profit or (loss) on open contracts-12/31/2022 $ $ FATCA filing requirement 10 Unrealized profit or (loss) on open contracts-12/31/2023 11 Aggregate profit or (loss) on contracts 14 State name 15 State identification no. 16 State tax withheld $ This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported. Form 1099-B CACA $ (Keep for your records) 12 If checked, basis reported 13 Bartering to IRS www.irs.gov/Form 1099B $ Department of the Treasury - Internal Revenue Service

SWFT Individual Income Taxes
SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter15: Property Transactions: Nontaxable Exchanges
Section: Chapter Questions
Problem 4RP
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Tax Return Problem - Income Focus Lloyd Bolander has asked for your help in completing his 2023 tax return related to the property transactions shown below. Lloyd Bolander owns and operates in Sipapu Ski Resort in Taos, New Mexico, as a sole proprietor. During 2023, the following transactions were recorded. 1. An office building, owned by Lloyd in downtown Taos was, exchanged on March 31, 2023. The office building had fair market value of $350,000 at the time of the exchange. The building was exchanged for a 15-acre piece of unimproved land with a fair market value of $250,000, located directly adjacent to the resort, along with a $100,000 cash payment from the buyer. Lloyd purchased the building on December 1, 2018 for $175,110 and accumulated depreciation on the date of sale was $17,512. Assume the 15-acres of unimproved land were identified for exchange on March 1, 2023. 2. On April 5, 2023, Lloyd sold a 1950 vintage Tucker Snowcat for $75,000. The unit had an original cost of $26,000 and was used in the business for snow removal and trail grooming. The unit was purchased on April 5, 2003 and recently has had frequent breakdowns. The machine is fully depreciated. 3. On February 2, 2023, Lloyd purchased a Piston Bully 400 Snow Cat with a grooming tool and scraper blade for snow grooming and reconditioning for $533,250, including tax and shipping. The depreciable life of the asset is 5 years. Net business income for 2023 from the Sipapu Ski Resort is $2,750,000. Lloyd has decided to elect the Section 179 deduction for his asset (see purchase receipt in exhibits). 4. Lloyd has been a collector of ski posters during his life. He recently discovered the three of the posters from his personal collection that were purchased over 20 years ago had significant value. He sold the posters on June 5, 2023 for $6,875. He had purchased the posters on March 9, 1997 for $62, including shipping. 5. To improve the level of production provided by the resort's snow-making equipment. Lloyd retired some of Sipapu's older Fan Guns and rented newer equipment that is more efficient. On September 1, 2023, Lloyd sold 20 of his oldest Fan Guns for $2,000 each. He had acquired the equipment on October 1, 2020 for $6,900 per unit and the equipment had a 5-year life. The accumulated depreciation on the date of sale was $5,405 per unit. 6. Ski equipment inventory, including skis, boots, and poles, was sold for $15,000 on August 1, 2023. The inventory was purchased on May 10, 2023 for $12,500. 7. There are 25 double lift chairs on Sipapu's aerial lift that were repaired during the year. Cost of repair per double lift chair is $2,250. The repairs were made due to normal wear and tear and will not extend the useful life of the asset nor increase the value of the lift. 8. Three of the Ski-Doo snowmobiles used by Sipapu Ski Resort staff were sold on January 2, 2023 for $5,000 each. The original cost per snowmobile was $15,000. The snow mobiles were placed in service on January 2, 2021 and have a 5-year life for tax purposes. The accumulated depreciation was on the date of sale is $9,240 per now mobile. 9. Lloyd purchased 100 shares of Vail Resorts (MTN) stock on March 1, 2022, for $131.73 per share. He subsequently sold the stock on May 1, 2023 for $323.64 per share. Basis for this stock has been reported on Form 1099 B. 10. Lloyd also purchased 100 shares of Peak Resorts (SKIS) stock on May 1, 2021 for $4.39 and sold it on May 1, 2023 for $10.99 per share. Basis for the stock has been reported on Form 1099 B. Note: There are no Section 1231 lookback losses to report for Lloyd Bolander's Sipapu Ski Resort. Complete Form 4562, Form 8824, Form 4797, Schedule D, and Form 8949 as required, using the information provided. For Form 4562, only report depreciation for assets purchased during 2023. Lloyd has indicated that he does not want to use bonus depreciation for 2023. We use 2022 tax forms because the 2023 tax forms were not available at the time of publication.     

☑ CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone no. Applicable checkbox on Form 8949 OMB No. 1545-0715 Charles Schwab 211 Main Street San Francisco, CA 94105 PAYER'S TIN 2023 Form 1099-B 1a Description of property (Example: 100 sh. XYZ Co.) 100 shs of Vail Resorts 1b Date acquired 3/1/2022 1c Date sold or disposed 5/1/2023 1e Cost or other basis Proceeds From Broker and Barter Exchange Transactions 93-7894561 RECIPIENT'S TIN 1d Proceeds Copy B $ 32,364 $ 123-45-6789 1f Accrued market discount 13,173 1g Wash sale loss disallowed For Recipient RECIPIENT'S name Lloyd Bolander Street address (including apt. no.) 125 Mountain Road City or town, state or province, country, and ZIP or foreign postal code Taos, NM 87579 Account number (see instructions) CUSIP number $ 2 Short-term gain or loss Long-term gain or loss Ordinary 3 If checked, proceeds from: Collectibles QOF 4 Federal income tax withheld 5 If checked, noncovered 6 Reported to IRS: Gross proceeds Net proceeds ☑ 8 Profit or (loss) realized in 2023 on closed contracts 0 security 7 If checked, loss is not allowed based on amount in 1d 9 Unrealized profit or (loss) on open contracts-12/31/2022 $ FATCA filing requirement 10 Unrealized profit or (loss) on open contracts-12/31/2023 11 Aggregate profit or (loss) on contracts 14 State name 15 State identification no. 16 State tax withheld $ $ $ $ (Keep for your records) 12 If checked, basis reported 13 Bartering. to IRS www.irs.gov/Form1099B Form 1099-B This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported. Department of the Treasury - Internal Revenue Service
Transcribed Image Text:☑ CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone no. Applicable checkbox on Form 8949 OMB No. 1545-0715 Charles Schwab 211 Main Street San Francisco, CA 94105 PAYER'S TIN 2023 Form 1099-B 1a Description of property (Example: 100 sh. XYZ Co.) 100 shs of Vail Resorts 1b Date acquired 3/1/2022 1c Date sold or disposed 5/1/2023 1e Cost or other basis Proceeds From Broker and Barter Exchange Transactions 93-7894561 RECIPIENT'S TIN 1d Proceeds Copy B $ 32,364 $ 123-45-6789 1f Accrued market discount 13,173 1g Wash sale loss disallowed For Recipient RECIPIENT'S name Lloyd Bolander Street address (including apt. no.) 125 Mountain Road City or town, state or province, country, and ZIP or foreign postal code Taos, NM 87579 Account number (see instructions) CUSIP number $ 2 Short-term gain or loss Long-term gain or loss Ordinary 3 If checked, proceeds from: Collectibles QOF 4 Federal income tax withheld 5 If checked, noncovered 6 Reported to IRS: Gross proceeds Net proceeds ☑ 8 Profit or (loss) realized in 2023 on closed contracts 0 security 7 If checked, loss is not allowed based on amount in 1d 9 Unrealized profit or (loss) on open contracts-12/31/2022 $ FATCA filing requirement 10 Unrealized profit or (loss) on open contracts-12/31/2023 11 Aggregate profit or (loss) on contracts 14 State name 15 State identification no. 16 State tax withheld $ $ $ $ (Keep for your records) 12 If checked, basis reported 13 Bartering. to IRS www.irs.gov/Form1099B Form 1099-B This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported. Department of the Treasury - Internal Revenue Service
☑ CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone no. Applicable checkbox on Form 8949 Charles Schwab 211 Main Street San Francisco, CA 94105 PAYER'S TIN 93-7894561 OMB No. 1545-0715 2023 Form 1099-B 1a Description of property (Example: 100 sh. XYZ Co.) 100 shs of Peak Resorts 1b Date acquired 1,099 $ 5/1/2021 RECIPIENT'S TIN 1d Proceeds $ 123-45-6789 1f Accrued market discount $ 1c Date sold or disposed 5/1/2023 1e Cost or other basis 439 1g Wash sale loss disallowed $ Proceeds From Broker and Barter Exchange Transactions Copy B For Recipient RECIPIENT'S name Lloyd Bolander Street address (including apt. no.) 125 Mountain Road City or town, state or province, country, and ZIP or foreign postal code Taos, NM 87579 Account number (see instructions) CUSIP number 2 Short-term gain or loss Long-term gain or loss ☑ Ordinary 3 If checked, proceeds from: Collectibles QOF 4 Federal income tax withheld 5 If checked, noncovered 6 Reported to IRS: Gross proceeds Net proceeds ☑ 8 Profit or (loss) realized in 2023 on closed contracts 0 security 7 If checked, loss is not allowed based on amount in 1d 9 Unrealized profit or (loss) on open contracts-12/31/2022 $ $ FATCA filing requirement 10 Unrealized profit or (loss) on open contracts-12/31/2023 11 Aggregate profit or (loss) on contracts 14 State name 15 State identification no. 16 State tax withheld $ This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported. Form 1099-B CACA $ (Keep for your records) 12 If checked, basis reported 13 Bartering to IRS www.irs.gov/Form 1099B $ Department of the Treasury - Internal Revenue Service
Transcribed Image Text:☑ CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone no. Applicable checkbox on Form 8949 Charles Schwab 211 Main Street San Francisco, CA 94105 PAYER'S TIN 93-7894561 OMB No. 1545-0715 2023 Form 1099-B 1a Description of property (Example: 100 sh. XYZ Co.) 100 shs of Peak Resorts 1b Date acquired 1,099 $ 5/1/2021 RECIPIENT'S TIN 1d Proceeds $ 123-45-6789 1f Accrued market discount $ 1c Date sold or disposed 5/1/2023 1e Cost or other basis 439 1g Wash sale loss disallowed $ Proceeds From Broker and Barter Exchange Transactions Copy B For Recipient RECIPIENT'S name Lloyd Bolander Street address (including apt. no.) 125 Mountain Road City or town, state or province, country, and ZIP or foreign postal code Taos, NM 87579 Account number (see instructions) CUSIP number 2 Short-term gain or loss Long-term gain or loss ☑ Ordinary 3 If checked, proceeds from: Collectibles QOF 4 Federal income tax withheld 5 If checked, noncovered 6 Reported to IRS: Gross proceeds Net proceeds ☑ 8 Profit or (loss) realized in 2023 on closed contracts 0 security 7 If checked, loss is not allowed based on amount in 1d 9 Unrealized profit or (loss) on open contracts-12/31/2022 $ $ FATCA filing requirement 10 Unrealized profit or (loss) on open contracts-12/31/2023 11 Aggregate profit or (loss) on contracts 14 State name 15 State identification no. 16 State tax withheld $ This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported. Form 1099-B CACA $ (Keep for your records) 12 If checked, basis reported 13 Bartering to IRS www.irs.gov/Form 1099B $ Department of the Treasury - Internal Revenue Service
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