QUESTION 25 Betty Corporation, a calendar year S Corporation, has an Operating Loss of $80,000 and a Long-Term Capital Loss of $20.000 for the year of 2021. Nanette, an individual owns forty percent (40N) of the stock of Betty Corporation and has a $20,000 basis in her stock at the beginning of the year of 2021. What amount of the Long-Term Capital Loss can Nanette deduct on her personal Federal Iincome Tax Return (Form 1040) for the year of 2021? $20.000 O $16,000 O$ 8.000. O$ 4,000

QUESTION 25 Betty Corporation, a calendar year S Corporation, has an Operating Loss of $80,000 and a Long-Term Capital Loss of $20.000 for the year of 2021. Nanette, an individual owns forty percent (40N) of the stock of Betty Corporation and has a $20,000 basis in her stock at the beginning of the year of 2021. What amount of the Long-Term Capital Loss can Nanette deduct on her personal Federal Iincome Tax Return (Form 1040) for the year of 2021? $20.000 O $16,000 O$ 8.000. O$ 4,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question:34 For the current year, Susan had a salary income of $20,000. In addition, she reported the following capital transactions during the year: Table 1-54 Long-term capital gain $ 7,000 Short-term capital gain $3,000 Long-term capital loss -$2,000 Short-term capital loss -$5,000 There were no other items includable in her gross income. What is the amount of her adjusted gross income for the current year? a. $25,000 b. $24,000 c. $23,000 d. $19,000 e. None of these choices are correct.
A
Tonia acquires the following 5-year class property in 2019: Asset Date of Acquisition Cost X January 15 $ 70,000 Y May 28 45,000 Z November 23 90,000 Total $ 205,000 Tonia does not elect §179 or bonus depreciation. Tonia has $300,000 of taxable income from her business. Determine her total cost recovery deduction for the year.
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VI.7
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Exercise 14-22 (LO. 3) Juliana purchased land three years ago for $50,000. She made a gift of the land to Tom, her brother, in the current year, when the fair market value was $70,000. No Federal gift tax is paid on the transfer. Tom subsequently sells the property for $63,000. a. Tom's basis in the land is $ and he has a realized of $ on the sale. b. Assume, instead, that the land has a fair market value of $45,000 on the date of the gift, and that Tom sold the land for $43,000. Tom's basis in the land is $ and he has a realized of $ on the sale.