Ashvinn Moran owns a building he bought during year 0 for $195,000. He sold the building in year 6. During thetime he held the building, he depreciated it by $52,250.What are the amount and character of the gain or loss Moran will recognize on the sale in each of thefollowing alternative situations?Note: Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable.Leave no answers blank. Enter zero if applicable.c. Moran received $131,500.DescriptionTotal Gain or (Loss) RecognizedNARemaining $1231 gain or (loss)Amount

Calculation of Gain or Loss on sale of building Gain/ (Loss) on sale of asset = Sale…

Answered: Moran owns a building he bought during…

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 31P

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Moran owns a building he bought during year 0 for $198,000. He sold the building in year 6. During the time he held the building, he depreciated it by $50,000. What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? Note: 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. b. Moran received $213,000.
Moran owns a building he bought during year 0 for $198,000. He sold the building in year 6. During the time he held the building, he depreciated it by $50,000. What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? Note: 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 $136,000.
Moran owns a building he bought during year 0 for $179,000. He sold the building in year 6. During the time he held the building he depreciated it by $47,000. What is 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 $119,000. Description Amount Total Gain/(Loss) Recognized Remaining §1231 gain (loss)
Moran owns a building he bought during year 0 for $179,000. He sold the building in year 6. During the time he held the building he depreciated it by $47,000. What is 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.) b. Moran received $201,000. Description Amount Total Gain/(Loss) Recognized Remaining §1231 gain (loss)
Moran owns a building he bought during year 0 for $179,000. He sold the building in year 6. During the time he held the building he depreciated it by $47,000. What is 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.) a. Moran received $161,000. Description Amount Total Gain/(Loss) Recognized Remaining §1231 gain (loss)
Moran owns a building he bought during year 0 for $150,000. He sold the building in year 6. During the time he held the building, he depreciated it by $32,000. 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 $110,000. Total Gain/Loss Remaining 1231 gain/loss
Moran owns a building he bought during year 0 for $150,000. He sold the building in year 6. During the time he held the building, he depreciated it by $32,000. 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.) a. Moran received $145,000. 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)
Moran owns a building he bought during year 0 for $237,000. He sold the building in year 6. During the time he held the building he depreciated it by $33,250. What is 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.) b. Moran received $248,000. ------------------- Bourne Guitars, a corporation, reported a $211,000 net §1231 gain for year 6. b. Assuming Bourne’s nonrecaptured net §1231 losses from years 1–5 were $286,000, what amount of Bourne’s net §1231 gain for year 6, if any, is treated as ordinary income?
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