During 2020, Karan acquired the following assets for use in her sole proprietorship: Asset Cost Computers & Info. System $200,000 Assembly Equipment 300,000 Warehouse 1,000,000 10/13 a. What amount of cost recovery did Karen claim with respect to these assets in 2020? a. What was each asset's adjusted basis as of December 31, 2020? a. Assume Karan plans to sell the warehouse on April 5, 2023. What will Karan's adjusted basis in the warehouse be for purposes of determining her gain or loss on the sale? Date Place in Service 03/31 08/15

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.