On 1 July 2000, Genevieve purchased a property in Sydney for $300,000 Her intention was to use it for income producing purposes and it was Immediately made available for rent. It remained available for rent until it was sold. She sold the property on 31 December 2019 for $600,000. Required: Based on this information, calculate the Net Capital Gain, if any, to be included in Genevieve's assessable income for year ending 30 June 2020

On 1 July 2000, Genevieve purchased a property in Sydney for $300,000 Her intention was to use it for income producing purposes and it was Immediately made available for rent. It remained available for rent until it was sold. She sold the property on 31 December 2019 for $600,000. Required: Based on this information, calculate the Net Capital Gain, if any, to be included in Genevieve's assessable income for year ending 30 June 2020

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 84P

See similar textbooks

Similar questions

Angelina gave a parcel of realty to Julie valued at $167,500 (Angelina purchased the property five years ago for $71,000). Required: a. Compute the amount of the taxable gift on the transfer, if any. b. Suppose several years later Julie sold the property for $174,000. What is the amount of her gain or loss, if any, on the sale? a. Amount of taxable gift b. Amount of gain
Subject: acounting
Mr. Antonio disposed his principal residence for P2M and immediately acquired a new one for P1.8M. The old residence cost Mr. Antonio P1M and had a fair market value of P2.5M on the date of sale. Compute the capital gains tax to be deposited in escrow a.0b.P60,000c.P120,000d.P150,000
In the current year, Erin had the following capital gains (losses) from the sale of her investments: $2,900 LTCG, $24,100 STCG, ($9,900) LTCL, and ($15,900) STCL. What is the amount and nature of Erin's capital gains and losses? Multiple Choice $1,200 net short-term capital gain. $1,200 net long-term capital loss. $3,100 net short-term capital gain. $3,100 net long-term capital loss. None of the choices are correct.
Oisha gave a parcel of realty to Julie valued at $197,500 (Oisha purchased the property five years ago for $83,000). a. Compute the amount of the taxable gift on the transfer, if any. b. Suppose several years later Julie sold the property for $204,800. What is the amount of her gain or loss, if any, on the sale? Answer is complete but not entirely correct. $ 182.500 $ 121,800 a. Amount of taxable gift b. Amount of gain
Would you please explain how to find the minimum taxable capital gain to be reported in Year 2? sold capital property in Year 1 for net proceeds of $500,000. The property has an adjusted cost base of $100,000. C received $200,000 at the time of the sale and a note for the balance to be paid in equal annual instalments over the following three years. What is the minimum taxable capital gain to be reported in Year 2?
On 6th April 2020, Tilda sold a freehold warehouse (BUILDING 2) for £265,000 which she had purchased on 10th March 2004 for £140,000. In the tax year 2004/5, Tilda made a claim to rollover the maximum possible gain into the base cost of BUILDING 2. This was after she sold an old office freehold (BUILDING 1) for £150,000 on 15th April 2004, (Tilda had acquired this building on 20th September 2000 for £120,000). Both buildings have always been used entirely for business purposes in the wholesale business Tilda runs as a sole trader. • Required: Calculate the net chargeable gain Tilda will be taxed on in 2020/21, on the disposal of BUILDING 2, assuming Tilda makes no other capital disposals in the tax year.
In X8, Erin had the following capital gains (losses) from the sale of her investments: $2,500 LTCG, $24,500 STCG, ($9,500) LTCL, and ($15,500) STCL. What is the amount and nature of Erin's capital gains and losses?
Dinesh Bhai
Devon purchased a small business from Art on August 30, 2023, and paid the following amounts for the business: Line Item Description Amount Fixed assets $303,400 Goodwill 60,680 Covenant not to compete 75,850 Total $439,930 b. What amount can Devon deduct on his 2023 tax return as Section 197 intangible amortization? If required, round the final answer to the nearest dollar. Use months, not days, in your computations.
mework i S ! Required information [The following information applies to the questions displayed below.] During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) Capital Asset L stock M stock N stock 0 stock Holding Period > 1 year > 1 year 1 year > 1 year *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Ignore the Net Investment Income Tax. Antiques Rental home Saved Market Value $ 52,000 30,000 32,000 28,000 9,000 302,000* Gross tax liability Tax Basis $ 42,000 41,000 23,000 35,000 5,000 91,000 b. Given that Ron and Anne have taxable income of $402,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2023 assuming they file a joint return? 0
s