Joshua inherited six parcels of land. He sold one parcel to secure funds for his school expenses. Joshua was 17 years old at the time of the sale. Since Joshua was 17 years old when he sold the land, is there a valid sale?
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A:
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- Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $305,000. He sold the home on January 1, 2020, for $326,400. How much gain must Troy recognize on his home sale in each of the following alternative situations? d. Troy rented out the home from January 1, 2007, through December 31, 2015. He lived in the home as his principal residence from January 1, 2016, through December 31, 2016. He rented out the home from January 1, 2017, through December 31, 2017, and lived in the home as his principal residence from January 1, 2018, through the date of the sale. Assume accumulated depreciation on the home at the time of sale was $0.Paul sold 200 shares of C Corporation stock on September 3, 2018, for $42 a share. He received the stock from his father on June 25, 1980, as an inheritance. His father originally purchased the stock for $10 per share in 1967. The stock was valued at $14.50 per share on the date of inheritance. How to compute Paul's capital gain for tax return.Sarah (single) purchased a home on January 1, 2008, for $600,000. She eventually sold the home for $800,000. What amount of the $200,000 gain on the sale does Sarah recognize in each of the following alternative situations? (Assume accumulated depreciation on the home is $0 at the time of the sale.) Note: Leave no answer blank. Enter zero if applicable. a. Sarah used the home as her principal residence through December 31, 2019. She used the home as a vacation home from January 1, 2020, until she sold it on January 1, 2023. Answer is complete but not entirely correct. Gain recognized $ 50,000
- Sean sells land to Eli, his brother, for the fair market value of $39,000. Six months later when the land is worth $45,000, Eli sells the property to his son, Jon, without gift tax. His son sells the land for $47,000. Sean’s adjusted basis for the land is $24,000 what is Jon’s recognized gain or loss on the sales?Ethan (single) purchased his home on July 1, 2008. He lived in the home as his principal residence until July 1, 2015, when he moved out of the home and rented it out until July 1, 2017, when he moved back into the home. On July 1, 2018 he sold the home and realized a $237,000 gain. What amount of the gain is Ethan allowed to exclude from his 2018 gross income? Multiple Choice ____ $0 ____ $189,600. ____ $227,000. ____ $237,000.Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $310,000. He sold the home on January 1, 2022, for $330,200. How much gain must Troy recognize on his home sale in each of the following alternative situations? Note: Leave no answer blank. Enter zero if applicable. Required: Troy rented out the home from January 1, 2007, through November 30, 2008. He lived in the home as his principal residence from December 1, 2008, through the date of sale. Assume accumulated depreciation on the home at the time of sale was $16,800. Troy lived in the home as his principal residence from January 1, 2007, through December 31, 2017. He rented out the home from January 1, 2018, through the date of the sale. Assume accumulated depreciation on the home at the time of sale was $3,900. Troy lived in the home as his principal residence from January 1, 2007, through December 31, 2019. He rented out the home from January 1, 2020, through the date of the sale. Assume…
- On September 30 of last year, Rex received some investment land from Holly as a gift. Holly's adjusted basis was $50,000 and the land was valued at $40,000 at the time of the gift. Holly acquired the land five years ago. What are the amount and character of Rex's recognized gain (loss) if he sells the land on May 12 this year at the following prices? (Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable.) a. Land sold for $32,000 AmountAlicia sold her personal residence to Rick for $300,000. Before the sale, Alicia paid the real estate tax of $4,380 for the calendar year. For income tax purposes, the deduction is apportioned as follows; $2,160 for Alicia and $2,220 for Rick. What is Ricks basis in the residence?Timothy and Cleo are married (file a joint return) and purchased rental property in 2005 for $300,000. They sold it for $500,000 in 2020. How much must Timothy and Cleo report as a gain on their 2020 income taxes? Purchased the Home January 1, 2005 Rental Property January 1, 2005 through December 31, 2014 Principal Residence January 1, 2015 through December 31, 2020 Sold the Home December 31, 2020
- Corbin(20) is a full time student eligible to be claimed as a dependent on his father's return. This year, Corbin incurred $1,600 in education expenses for his tuition. if Corbin's father chooses not to claim Corbin as a dependent on his return, which of the following is TRUE regarding Corbin's return? a)Corbin may not claim an education credit. b)Corbin may be eligible to claim an education credit.Which of the following taxpayers may report the sale of their property as an installment sale? (a) Franklin. He sold a tractor to Roberto for $9,000. Roberto made two payments, one payment of $3,500 on May 15 and one payment of $5,500 on September 15 of the tax year. Franklin paid $7,000 for the tractor when it was new; it had fully depreciated before he sold it. (b) Janet. She sold her entire inventory, valued at $8,000, to Marvin for $12,000. Marvin intends to pay Janet $4,000 per year, plus interest, for the next three years. (c) Juan. He sold a plot of land for $50,000. He purchased the land for $45,000 and paid $10,000 to improve it. His buyer intends to pay for the land over five years. (d) Sara. She sold a rental condominium for $125,000. She purchased it for $90,000 and had claimed $20,000 in depreciation. Her buyer intends to pay her $20,000 per year plus 6% interest for five years.Kase, an individual, purchased some property in Potomac, Maryland, for $166,000 approximately 10 years ago. Kase is approached by a real estate agent representing a client who would like to exchange a parcel of land in North Carolina for Kase's Maryland property. Kase agrees to the exchange. What is Kase's realized gain or loss, recognized gain or loss, and basis in the North Carolina property in each of the following alternative scenarios? Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. b. The transaction qualifies as a like-kind exchange, and the fair market value of each property is $101,000.
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