Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 17, Problem 5CPA
To determine
Calculate net Section 1231 gain or loss in year 6.
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Mike sold the following personal use property during the current year:
Painting
Stamp collection
Outboard motor
Antique desk
Sales Price
Cost
$2,500
$ 800
600
1,200
900
100
1,300
1,950
What is his taxable capital gain, net of allowable capital losses, for the current year?
$625.
$650.
$325.
$750.
13
Alma sells the following depreciable assets from her sole proprietorship: Asset Cost Office furniture $10,000 Age Gain/Loss 4 years ($2,400) Truck $2,000 5 years 3,100 Bakery equipment $25,000 9 months (4,500) What should Alma report on her income tax return relative to these property transactions? a. $3,800 capital loss b. $3,100 Section 1245 recapture; $2,400 Section 1231 loss; $4,500 ordinary loss c. $3,800 ordinary loss d. $700 Section 1231 gain; $4,500 ordinary loss e. None of the above
Jason sold various business-use assets in Year 10 resulting in a net Section 1231 gain of $8,100. Jason had the following net Section
1231 gains and losses in the previous years:
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
($4,000)
($2,900)
$5,100
Year 10
$1,100
($5,400)
$4,400
How is the Year 10 net Section 1231 gain of $8,100 treated? (Do not leave any field blank. If answer is zero, please enter O for the amount.)
$
Ordinary Loss
$
Ordinary Income
$
LTCG Gain
Chapter 17 Solutions
Individual Income Taxes
Ch. 17 - Prob. 1DQCh. 17 - Prob. 2DQCh. 17 - Prob. 3DQCh. 17 - Prob. 4DQCh. 17 - Prob. 5DQCh. 17 - Prob. 6DQCh. 17 - Prob. 7DQCh. 17 - A depreciable business dump truck has been owned...Ch. 17 - Prob. 9DQCh. 17 - Prob. 10DQ
Ch. 17 - Prob. 11DQCh. 17 - Prob. 12DQCh. 17 - Prob. 13DQCh. 17 - Prob. 14DQCh. 17 - Prob. 15DQCh. 17 - Prob. 16DQCh. 17 - Prob. 17DQCh. 17 - Prob. 18DQCh. 17 - Prob. 19DQCh. 17 - Prob. 20DQCh. 17 - Prob. 21CECh. 17 - Prob. 22CECh. 17 - LO.3 Renata Corporation purchased equipment in...Ch. 17 - LO.3 Jacob purchased business equipment for 56,000...Ch. 17 - Sissie owns two items of business equipment. Both...Ch. 17 - Prob. 26CECh. 17 - Prob. 27CECh. 17 - LO.4 Enzo is a single taxpayer with the following...Ch. 17 - Prob. 29CECh. 17 - Prob. 30CECh. 17 - LO.1, 2 Jenny purchased timber on a 100-acre tract...Ch. 17 - Prob. 32PCh. 17 - LO.2 A sculpture that Korliss Kane held for...Ch. 17 - Prob. 34PCh. 17 - Prob. 35PCh. 17 - Prob. 36PCh. 17 - Prob. 37PCh. 17 - Prob. 38PCh. 17 - Prob. 39PCh. 17 - Prob. 40PCh. 17 - Prob. 41PCh. 17 - Prob. 43PCh. 17 - Joanne is in the 24% tax bracket and owns...Ch. 17 - Prob. 45PCh. 17 - Prob. 46PCh. 17 - Prob. 47PCh. 17 - Prob. 48PCh. 17 - Prob. 49PCh. 17 - Jasmine owned rental real estate that she sold to...Ch. 17 - Prob. 51PCh. 17 - Prob. 52PCh. 17 - Prob. 53PCh. 17 - Prob. 54PCh. 17 - Jay sold three items of business equipment for a...Ch. 17 - Prob. 1RPCh. 17 - Prob. 2RPCh. 17 - Prob. 3RPCh. 17 - Prob. 4RPCh. 17 - Prob. 1CPACh. 17 - Prob. 2CPACh. 17 - Jerry uses a building for business purposes. The...Ch. 17 - Prob. 4CPACh. 17 - Prob. 5CPACh. 17 - Prob. 6CPACh. 17 - Wally, Inc., sold the following three personal...Ch. 17 - Net Section 1231 losses are: a. Deducted as a...Ch. 17 - Prob. 9CPACh. 17 - Prob. 10CPA
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