account solution find out please Question:Carlos bought a building for $113,000 in 2011. He addedan addition to the building for $26,000. In 2015, he soldit for $212,000. What was his long-term capital gain?a. $212,000b. $73,000c. $47,000d. $0e. $99,000

To calculate Carlos's long-term capital gain, we need to determine the adjusted basis of the…

Answered: Question: Carlos bought a building for…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter8: Property Transactions: Capital Gains And Losses, Section 1231 And Recapture Provisions

Section: Chapter Questions

Problem 7CE

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Carlos bought a building for $110,000 in 2017. He added an addition to the building for $26,000 in 2018. In 2021, he sold it for $209,000. What was his long-term capital gain (ignore depreciation)? a.$76,000 b.$73,000 c.$26,000 d.$0 e.$102,000
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Mark purchased an Audi car on 1 February 2020 for $87,000. On 14 May 2020, Mark sold the car for $90,000. What is Mark’s capital gain? a. $9,000 b. $3,000 c. $1,000 d. Nil
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Hello, Can you help me with the below question? Three years ago, Louise bought a rental house for $450,000. Last year, she built a small addition for $50,000. In 2021, she decides to sell the house. She has taken depreciation of $21,000. What is Louise's adjusted basis? a.$450,000 b.$429,000 c.$500,000 d.$479,000
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A Brief Overview of Capital Gains and Losses (LO 1.9) Alex purchased a rental house 4 years ago for $270,000. Her depreciation at the time of the sale is $40,000. Due to a decrease in real estate prices, she sells the house for only $240,000 in 2020. What is her gain or loss for tax purposes? a.$10,000 gain. b.$35,000 loss. c.$10,000 loss. d.$25,000 gain. e.$0.
Hw.19. Sophia sold a painting that she held as an investment on an online auction website for $100. She bought the painting for $20 at a garage sale years ago. Sophia should report what amount as a capital gain on her Schedule D (Form 1040)? A. $0 B. $20 C. $80 D. $100

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Question: Carlos bought a building for $113,000 in 2011. He added an addition to the building for $26,000. In 2015, he sold it for $212,000. What was his long-term capital gain? a. $212,000 b. $73,000 c. $47,000 d. $0 e. $99,000