Larry sold an apartment building for $300,000 on September 1. The rental property was purchased on September 1, 2017, for $150,000 and was being depreciated over a 27.5-year life using the straight-line method. At the date of sale, the adjusted basis was $124,783. There is an overall § 1231 gain of $__________ How much § 1250 recapture is recognized? $__________ What is the amount of unrecaptured § 1250? $__________ Larry's personal yacht was stolen on September 5. The yacht had been purchased in August at a cost of $25,000. The fair market value immediately preceding the theft was $19,600. Larry was insured for 50% of the original cost, and he received $12,500 on December 1. There is a tax loss (before AGI limitations) of $__________ that is treated as nondeductable personal casualty loss. Larry sold a Buick on May 1 for $9,600. The vehicle had been used exclusively for personal purposes. It was purchased on September 1, 2016, for $20,800. There is a loss of $__________ that is treated as nondetuctable personal loss. Larry's trampoline stretching machine (owned two y
Larry is the sole proprietor of a trampoline shop. During 2020, the following transactions occurred. For each transaction, what are the amount and nature of recognized gain or loss?
Larry sold an apartment building for $300,000 on September 1. The rental property was purchased on September 1, 2017, for $150,000 and was being
There is an overall § 1231 gain of $__________
How much § 1250 recapture is recognized? $__________
What is the amount of unrecaptured § 1250? $__________
Larry's personal yacht was stolen on September 5. The yacht had been purchased in August at a cost of $25,000. The fair market value immediately preceding the theft was $19,600. Larry was insured for 50% of the original cost, and he received $12,500 on December 1.
There is a tax loss (before AGI limitations) of $__________ that is treated as nondeductable personal casualty loss.
Larry sold a Buick on May 1 for $9,600. The vehicle had been used exclusively for personal purposes. It was purchased on September 1, 2016, for $20,800.
There is a loss of $__________ that is treated as nondetuctable personal loss.
Larry's trampoline stretching machine (owned two years) was stolen on May 5, but the business's insurance company will not pay any of the machine's value because Larry failed to pay the insurance premium. The machine had a fair market value of $8,000 and an adjusted basis of $6,000 at the time of theft.
There is a tax loss of $__________ that is treated as business casualty loss.
Assume Larry had AGI of $102,000 from sources other than those described above. He also has no nonrecaptured § 1231 lookback losses.
What is Larry's 2019 AGI?
Larry's 2020 AGI is $__________
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