Luis sold a rental house he had owned for several years
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Luis sold a rental house he had owned for several years. He claimed $24,787 in
$1,342
$23,445
$24,787
$26,129
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- After several profitable years running her business, Ingrid decided to acquire the assets of a small competing business. On May 1 of year 1, Ingrid acquired the competing business for $312,000. Ingrid allocated $52,000 of the purchase price to goodwill. Ingrid’s business reports its taxable income on a calendar-year basis. a. How much amortization expense on the goodwill can Ingrid deduct in year 1, year 2, and year 3?Aleesia purchased a rental property in April 2017. Her basis for depreciation was $210,000. She has no adjustments to her basis. After preparing her own taxes for five years, she went to a paid preparer for her 2021 return. The preparer realized Aleesia had not claimed depreciation any of the previous years. She was allowed to claim $5,409 for 2016, and $7,636 each year for 2017, 2018, 2019, 2020, and 2021. 210,000 How much catch-up depreciation can Aleesia claim on her 2021 Form 3115? $22,908 $28,317 $35,953 $43,589 5,409 7,636Dan owned a small rental property, which was condemned by the county to expand a local park. His adjusted basis in the property was $40,000 and he received a payment of $75,000 from the county. A year later he purchased a similar piece of real estate for $70,000. What is Dan’s recognized gain on the involuntary conversion of his rental property? a. 0 b. $35,000 c. $30,000 d. $10,000 e. $5,000
- Ilene rents her second home. During the year, Ilene reported a net loss of $10,600 from the rental. If Ilene is an active participant in the rental and her AGI is $133,000, how much of the loss can she deduct against ordinary income in the year?Laura sold her office building to the accounting firm that bought her firm. Unfortunately, she had to repossess the building after less than a year. Choose the response that correctly states the amount of Laura's gain or loss on the repossessed real property, based on the following facts. The building had a fair market value of $54,000 on the date of repossession. The unpaid balance of the installment obligation at the time of repossession was $56,000, the gross profit percentage was 25%, and the costs of repossession were $600. (a) Loss of $13,400 (b) Loss of $11,400 (c) Gain of $11,400 (d) Gain of $13,400This year, Leron and Sheena sold their home for $1,036,000 after all selling costs. Under the following scenarios, how much taxable gain does the home sale generate for Leron and Sheena? Assume that the couple is married filing jointly. (Leave no answer blank. Enter zero if applicable.) Problem 5-81 Part-a (Algo) a. Leron and Sheena bought the home three years ago for $185,000 and lived in the home until it sold.
- Moran owns a building he bought during year O for $227,000. He sold the building in year 6. During the time he held the building, he depreciated it by $40,250. What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? (Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable.) c. Moran received $182,000. Description Amount Total Gain/(Loss) Recognized Remaining $1231 gain (loss)Moran owns a building he bought during year 0 for $223,000. He sold the building in year 6. During the time he held the building, he depreciated it by $53,500. What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? (Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable.) Problem 11-44 Part-a (Algo) a. Moran received $200,000. Description Amount Total Gain/(Loss) Recognized Unrecaptured §1250 gain (and §1231 gain) Remaining §1231 gain (loss)1. A single taxpayer sold his home on March 4 of the current year for $600,000. He originally bought the home for $300,000. Heowned and lived in the house for 10 years. What is the amount of gain he must recognize on the sale of his home?
- Milt Payner purchased an automobile several years ago for $40,000 and has held it as a personal asset ever since. This year he sold the automobile. Assume the taxable year is 2022. Required: a. Compute Milt's recognized gain or loss on the sale if Milt's amount realized on sale was $28,300. b. Compute Milt's recognized gain or loss on the sale if Milt's amount realized on sale was $55,000. The automobile was a classic Thunderbird and was purchased by a vintage car collector in Boston. Complete this question by entering your answers in the tabs below. Required A Required B Compute Milt's recognized gain or loss on the sale if Milt's amount realized on sale was $28,300. Note: If the results of a transaction do not result in a gain or loss, select "No recognized gain or loss".Required information [The following information applies to the questions displayed below.] 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, 2020. She used the home as a vacation home from January 1, 2021, until she sold it on January 1, 2024. Gain recognized $ 0Helen, a single taxpayer, has modified adjusted gross income (before passive losses) of $98,000. During the tax year, Helen’s rental house generated a loss of $27,000. Assuming Helen is actively involved in the management of the property, what is the amount of Helen’s passive loss deduction from the rental house? A. $71,000 B. $25,000 C. $0 D. $27,000