Category: law-business-law

Order the answer to: Coline has the following capital gain and loss transactions for

law-business-law

Order the answer to: Coline has the following capital gain and loss transactions for

Posted By George smith

Question
Coline has the following capital gain and loss transactions for 2016.
Short-term capital gain ……………………………. $ 5,000
Short-term capital loss …………………………….. (2,100)
Long-term capital gain (28%) …………………….. 6,000
Long-term capital gain (15%) …………………….

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Order the answer to: On December 1, 2014, Lavender Manufacturing Company (a corporation) purchased

law-business-law

Order the answer to: On December 1, 2014, Lavender Manufacturing Company (a corporation) purchased

Posted By George smith

Question
On December 1, 2014, Lavender Manufacturing Company (a corporation) purchased another company’s assets, including a patent. The patent was used in Lavender’s manufacturing operations; $49,500 was allocated to the patent, and it was amortized at the rate of $275 per month. On

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Order the answer to: AIn 2016, Bertha Jarow had a $28,000 loss from the

law-business-law

Order the answer to: AIn 2016, Bertha Jarow had a $28,000 loss from the

Posted By George smith

Question
In 2016, Bertha Jarow had a $28,000 loss from the sale of a personal residence. She also purchased from an individual inventor for $7,000 (and resold in two months for $18,000) a patent on a rubber bonding process. The patent had not

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Order the answer to: Olivia wants to buy some vacant land for investment purposes.

law-business-law

Order the answer to: Olivia wants to buy some vacant land for investment purposes.

Posted By George smith

Question
Olivia wants to buy some vacant land for investment purposes. She currently cannot afford the full purchase price. Instead, Olivia pays the landowner $8,000 to obtain an option to buy the land for $175,000 anytime in the next four years. Fourteen months

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Order the answer to: Shelia purchases $50,000 of newly issued Gingo Corporation bonds for

law-business-law

Order the answer to: Shelia purchases $50,000 of newly issued Gingo Corporation bonds for

Posted By George smith

Question
Shelia purchases $50,000 of newly issued Gingo Corporation bonds for $45,000. The bonds have original issue discount (OID) of $5,000. After Sheila amortized $2,300 of OID and held the bonds for four years, she sold the bonds for $48,000. What is the

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Order the answer to: In a § 1031 like-kind exchange, Rafael exchanges equipment that

law-business-law

Order the answer to: In a § 1031 like-kind exchange, Rafael exchanges equipment that

Posted By George smith

Question
In a § 1031 like-kind exchange, Rafael exchanges equipment that originally cost $200,000. On the date of the exchange, the equipment given up has an adjusted basis of $85,000 and a fair market value of $110,000. Rafael pays $15,000 and receives equipment

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Order the answer to: Dexter owns a large tract of land and subdivides it

law-business-law

Order the answer to: Dexter owns a large tract of land and subdivides it

Posted By George smith

Question
Dexter owns a large tract of land and subdivides it for sale. Assume that Dexter meets all of the requirements of § 1237 and during the tax year sells the first eight lots to eight different buyers for $22,000 each. Dexter’s basis

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Order the answer to: Multiple Choice Questions
1. Kellye purchased her home in 2011 for

law-business-law

Order the answer to: Multiple Choice Questions 1. Kellye purchased her home in 2011 for

Posted By George smith

Question
Multiple Choice Questions 1. Kellye purchased her home in 2011 for $140,000. After living in it for five years, she sold it in 2016 for $170,000, its market value. What is the tax treatment of the sale of Kellye’s home? a. A

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Order the answer to: In general, the 45-day identification period and the 180-day exchange

law-business-law

Order the answer to: In general, the 45-day identification period and the 180-day exchange

Posted By George smith

Question
In general, the 45-day identification period and the 180-day exchange period for like-kind exchanges cannot be extended. Does this rule change if the like-kind property or the taxpayer involved in the exchange is located in a Presidentially-declared disaster area? Use the IRS’s

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Order the answer to: Many see the “step-up in basis at death” rule of

law-business-law

Order the answer to: Many see the “step-up in basis at death” rule of

Posted By George smith

Question
Many see the “step-up in basis at death” rule of § 1014 as an expensive tax loophole enjoyed by the wealthy. Find the latest estimates of the revenue loss to the Treasury that is attributable to this rule. a. How does Canada’s

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