Problem 10-42 (LO 10-1) (Algo)Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during lawschool (several years ago) that she is planning to use in her business.AssetComputerPrinterDeskFile cabinetAssetPurchasePrice$7,8005,6006,5005,500ComputerPrinterDeskFile cabinetFMV at TimeConverted toBusiness UseUsing the above information, what is the depreciable basis that Brittany should use in her business for each asset?$ 6,1005,4506,3005,525Depreciable Basis

Depreciable basisWhen the assets are being converted from personal use to business use, the assets…

Answered: Problem 10-42 (LO 10-1) (Algo) Brittany…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

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

Section: Chapter Questions

Problem 1RP

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- Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during law school (several years ago) that she is planning to use in her business. What is the depreciable basis that Brittany should use in her business for each asset, given the following information? Asset Purchase Price FMV at Time Converted to Business Use Computer $5,500 $3,800 Printer $3,300 $3,150 Desk $4,200 $4,000 File Cabinet $3,200 $3,225
Required information Comprehensive Problem 4-58 (LO 4-1, LO 4-2, LO 4-3) (Algo) [The following information applies to the questions displayed below.] Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $92,500 and contributed $5,700 of it to a qualified retirement account (a for AGI deduction). She also received $13,500 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $16,800 of expenditures that qualified as itemized deductions. (Use the tax rate schedules.) Comprehensive Problem 4-58 Part-a (Algo) a. What is Camille's taxable income? (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions Taxable income Description Amount
Required information Problem 14-61 (LO 14-5) (Algo) [The following information applies to the questions displayed below.] Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: AGI Insurance Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation $ 2,500 7,250 2,400 1,650 3,500 15,750 During the year, Alexa rented out the condo for 100 days. She did not use the condo at all for rsonal purposes during the year. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Problem 14-61 Part a (Algo) Assuming Alexa receives $22,000 in gross rental receipts, answer the following questions: Note: Leave no answer blank. Enter zero if applicable. a. What effect does the rental activity have on her AGI for the year?
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Problem 11-54 (LO 11-4) (Algo) Harry, Hermione, and Ron formed an S corporation called Bumblebore. Harry and Hermione both contributed cash of $34,300 to get things started. Ron was a bit short on cash but had a parcel of land valued at $84,600 (basis of $68,600) that he decided to contribute. The land was encumbered by a $50,300 mortgage. What tax bases will each of the three have in his or her stock of Bumblebore? Tax Basis Harry Hermione Ron
Required information Problem 14-63 (LO 14-6) (Static) [The following information applies to the questions displayed below.] Brooke owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home where she meets with clients, prepares bills, and performs other work-related tasks. The home office is 300 square feet, and the entire house is 4,500 square feet. Brooke incurred the following home-related expenses during the year. Brooke itemizes her deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Unless indicated otherwise, assume Brooke uses the actual expense method to compute home office expenses. Real property taxes Interest on home mortgage Operating expenses of home. Depreciation Repairs to home theater room Problem 14-63 Parts a, b, c and e (Static) Required: a. What amount of each of these expenses is allocated to the home…
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Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during law school (several years ago) that she is planning to use in her business. FMV at Time Purchase Converted to Asset Price Business Use Computer $ 6,900 $ 5,200 Printer 4,700 4,550 Desk 5,600 5,400 File cabinet 4,600 4,625 Using the above information, what is the depreciable basis that Brittany should use in her business for each asset? ASSET DEPRECIABLE BASIS Computer Printer Desk File Cabinet
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Problem 15-38 (LO. 2, 5) Tom Howard and Frank Peters are good friends (and former college roommates). Each owns investment property in the other's hometown (Tom lives in Kalamazoo, MI; Frank lives in Austin, TX). To make their lives easier, they decide to exchange the investment properties. Under the terms of the exchange, Frank will transfer realty (20 acres of unimproved land; adjusted basis of $52,000; fair market value of $80,000) and Tom will exchange realty (25 acres of unimproved land; adjusted basis of $60,000; fair market value of $92,000). Tom's property is subject to a mortgage of $12,000 that will be assumed by Frank. If an amount is zero, enter "0". b. What are their adjusted bases?Frank's adjusted basis is $fill in the blank 01a88e015fb6072_1, and Tom's adjusted basis is $fill in the blank 01a88e015fb6072_2. c. As an alternative, Frank has proposed that rather than assuming the mortgage, he will transfer cash of $12,000 to Tom. Tom would use…

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