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CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 90IP

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I won't this question answer financial accounting

Harold conducts a business with the following results for the year:
Revenue
Depreciation on car
$20,000
$3,960
Operating expenses of car $3,100
Rent
Wages
$6,000
$8,200
Amortization of intangibles $680
Harold estimates that due to a depressed real estate market, the value
of land owned by the business declined by $5,200.
Harold's business has a net loss of

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During the year, Tulip had the following transactions: Long-term loss on the sale of business use equipment $7,000 Long-term loss on the sale of personal use camper 6,000 Long-term gain on the sale of personal use boat 3,000 Short-term loss on the sale of stock investment 4,000 Long-term loss on the sale of land investment 5,000 Before the transactions, Tulip's AGI was $100,000. Determine Tulip's new AGI, the rate the income will be taxed, and any carryovers.
Can you please answer the financial accounting question?
What is cat enterprises net loss for the year?
Ace Inc. disposes of an unprofitable segment of its business. The operation of the segment suffered a $200,000 loss in the year of disposal. The loss on disposal of the segment was $100,000. If the tax rate is 30%, and income before income taxes was $1,600,000, OA) the income from continuing operations is $1,120,000. O B) the losses from discontinued operations are reported net of income taxes at $300,000. C) net income is $1,300,000. D) the income tax expense on the income before discontinued operations is $390,000.
A company purchased a computer that cost $10,000, It had an estimated useful life of 5 years and no residual value. The computer was depreciated by the straight-line method and it was sold at the end of the second year of use for $5,000 cash. The company should record:
During the year, Irv had the following transactions: Long-term loss on the sale of business use equipment $7,000 Long-term loss on the sale of personal use camper 6,000 Long-term gain on the sale of personal use boat 3,000 Short-term loss on the sale of stock investment 4,000 Long-term loss on the sale of land investment 5,000 How are these transactions handled for income tax purposes?
Brandon an individual, began business four years ago and has sold 1231 assets with $5,700 of losses within the last 5 years. Brandon owned each of the assets for several years. In the current year,Brandon sold the following business assets: Asset original cost accumulated deprection gain/loss Machinery $31,400 $8,400 $10,700 Land 54,000 0 27,000 Building 118,000 34,000 (10,000) Assuming Brandon's marginal ordinary income tax rate is 32 percent, what effect do the gains and losses have on Brandon's tax liability? Use dividends and capital gains tax rates for reference.
Bramble, Inc. disposes of an unprofitable segment of its business. The operation of the segment suffered a $343000 loss in the year of disposal. The loss on disposal of the segment was $159000. If the tax rate is 20%, and income before income taxes was $2210000 O the income tax expense on the income before discontinued operations is $341600. O net income is $1708000. O the losses from discontinued operations are reported net of income taxes at $159000. O the income from continuing operations is $1768000.
What is the financial result of this accounting question?
A farmer bought a new harvester for $120,000. The harvesters operating expenses averaged $10,000 per year but the harvester saved $40,000 per year in labor costs. It was depreciated over a life of 5 years using the SYOD method, assuming a salvage value of $30,000. The farmer sold the harvester for only $10,000 at the end of the fifth year. Given an income tax rate of 30% and a MARR rate of 5% per year, determine the after-tax net present worth of the investment.
What is the return on assets?
Harris Corp. is a technology start-up currently in its second year of operations. The company didn’t purchase any assets this year but purchased the following assets in the prior year: Placed in Asset Service Basis Office equipment August 14 $ 10,200 Manufacturing equipment April 15 70,000 Computer system June 1 18,000 Total $ 98,200 Harris did not know depreciation was tax deductible until it hired an accountant this year and didn’t claim any depreciation deduction in its first year of operation. (Use MACRS Table 1 and Table 2.) Problem 10-55 Part b (Algo) b. What is the basis of the office equipment at the end of the second year? (Leave no answer blank. Enter zero if applicable.) Basis of Office Equipment:$_______?

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