!Required informationProblem 11-41 (LO 11-3, LO 11-4) (Algo)[The following information applies to the questions displayed below.]In year 0, Longworth Partnership purchased a machine for $55,500 to use in its business. In year 3, Longworth sold themachine for $38,600. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by$28,200.Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable.Problem 11-41 Part-c (Algo)c. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to$16,400?DescriptionTotal Gain or (Loss) RecognizedCharacter of Recognized Gain or (Loss):Ordinary Gain or (Loss)$1231 gain or (loss)Amount

Solution:- Problem 11-41, Part-CCost of machinery = 55500Depreciation = 28200Sale proceed…

Answered: ! Required information Problem 11-41…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 7BCRQ

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In year 0, Longworth Partnership purchased a machine for $53,000 to use in its business. In year 3, Longworth sold the machine for $42,400. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $22,800. Note: Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Problem 3-41 Part-a (Algo) a. What are the amount and character of the gain or loss Longworth will recognize on the sale? b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $61,750?
n year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the machine for $42,000. Between the date of the purchase and the date of the sale, Canon depreciated the machine by $32,000. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) c. What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a corporation and the sale proceeds were increased to $60,000? Total Gain/Loss Recognized Character of Recognized Gain/Loss Ordinary Gain/Loss 1231 gain/loss
n year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the machine for $42,000. Between the date of the purchase and the date of the sale, Canon depreciated the machine by $32,000. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) d. What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a corporation and the sale proceeds were decreased to $20,000?
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In year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the machine for $42,000. Between the date of the purchase and the date of the sale, Canon depreciated the machine by $32,000. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a partnership? Total Gain/Loss Recognized Character of Recognized Gain/Loss Ordinary Gain/Loss 1231 gain/Loss
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3. In year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the machine for $42,000. Between the date of the purchase and the date of the sale, Canon depreciated the machine by $32,000. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) b. What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a corporation? Total Gain/Loss Recognized? Ordinary Gain/Loss? 1231 Gain/Loss?
! Required information Problem 11-62 (LO 11-6) (Static) [The following information applies to the questions displayed below.] Baker Corporation owned a building located in Kansas. Baker used the building for its business operations. Last year, a tornado hit the property and completely destroyed it. This year, Baker received an insurance settlement. Baker had originally purchased the building for $350,000 and had claimed a total of $100,000 of depreciation deductions against the property. What are Baker's realized and recognized gain or (loss) on this transaction and what is its basis in the new building in the following alternative scenarios? Note: Leave no answers blank. Enter zero if applicable. Problem 11-62 Part-b (Static) b. Baker received $450,000 in insurance proceeds and spent $500,000 rebuilding the building during the current year. Description Basis of replacement property Amount
Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $65,000, and it has claimed $23,000 of depreciation expense against the building. (Loss amounts should be indicated by a minus sign. Leav no answer blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount.) Required: a. Assuming that Hauswirth receives $50,000 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale. b. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $50,000, compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land. c. Assuming that Hauswirth receives $20,000 in cash in year O and a $50,000 note receivable that is payable in year 1, compute th amount and character of Hauswirth's gain or loss in year O and in year 1. Complete this question by…
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