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Taxation Expert Answers & Study Resources : Page 3

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57. (Comprehensive) Casper used the following assets in his Schedule C trade or business in the tax year 2017:   Asset Date Purchased Date Sold Business Use Percentage Cost Computer 1 03/12/15   100% $3,000 Computer 2 05/05/15 05/15/18 100% $2,500 Printer 08/25/18   100% $2,200   Computer 3   05/25/18     100%   $2,800 Equipment 03/20/16   100% $2,700 Auto 05/01/18   90% $20,000 Furniture 1 02/12/16 08/25/18 100% $22,000 Furniture 2 08/15/16   100% $3,600 Office bldg. 04/01/18   100% $330,000   Casper is a new client and unfortunately does not have a copy of his prior year tax return. He recalls that all of.

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  • 57. (Comprehensive) Casper used the following assets in his Schedule
  • Taxation
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120) Stephanie sold the following stock in 2018. She received a 1099-B from each of the companies to record the sale.   Asset Cost Acquired Sale Price Sale Date   ABC, 200 sh $ 168,000 1/10/13   $ 200,000 4/30/18   JKL, 100 sh   35,000 11/15/17     25,000 1/28/18   XYZ, 50 sh   28,000 3/31/16     17,000 8/30/18     a. Complete the following table: Asset Gain (Loss) Short or Long Term ABC     JKL     XYZ       b. Calculate the short-term gain (loss) after netting. c. Calculate the long-term gain (loss) after.

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  • 120) Stephanie sold the following stock in 2018. She received
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118) Jim, the owner of a sole proprietorship, sold the following assets in 2018:   Asset Cost Acquired Depreciation Sale Price Sale Date Truck $ 48,000 07/31/16   $ 7,737 $ 35,000 07/22/18 Trailer   31,000 12/15/16     19,096   24,000 05/01/18 Land $ 67,000 02/15/16     0   75,000 06/30/18   Complete the following table: and the character of the realized and recognized gain or loss from the sale of each asset. Assume the land was held for investment and had a FMV of $73,000.   Asset Adjusted Basis Gain (Loss) Recognized Section 1231.

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  • 118) Jim, the owner of a sole proprietorship, sold the
  • Taxation
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53. During 2018, Roberto sold 830 shares of Casual Investor Mutual fund for $8.875 per share. The shares were purchased on the following dates:   Date Shares Price May 31, 2014 400 $9.375 September 18, 2015 225 $8.500 October 21, 2015 425 $10.000 January 12, 2017 276 $7.125   Calculate the gain (loss) on the sale under the following assumptions (carry your calculations to three places): a. Basis is.

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  • 53. During 2018, Roberto sold 830 shares of Casual Investor
  • Taxation
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66) Keisha sold 200 shares of Chic-Chic stock in 2018 for $22,500 and received a 1099-B to record the sale of the shares. Keisha's investment portfolio includes the following purchases of Chic-Chic's stock:   2009   100 shares at $100 per share 2010   50 shares at $110 per share 2011   125 shares at $130 per share 2014   75 shares at.

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  • 66) Keisha sold 200 shares of Chic-Chic stock in 2018
  • Taxation
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50. Davidson Industries, a sole proprietorship, sold the following assets in 2018:   Asset Cost Acquired Depreciation Sale Price Sale Date Warehouse $150,000 10/10/11 $25,801 $175,000 3/15/18 Truck 18,000 1/15/17 6,480 16,000 1/14/18 Computer 25,000 7/31/17 6,634 17,000 8/31/18   a. The following questions relate to the sale of the warehouse: (1). What is the adjusted basis of the warehouse? (2). What is the realized gain on the warehouse? (3). What amount of the gain is taxed according to §.

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  • 50. Davidson Industries, a sole proprietorship, sold the following assets
  • Taxation
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48. Antoine sold the following stock in 2018. ABC, Inc., is a §1202 qualified small business (QSB).   Asset Cost Acquired Sale Price Sale Date ABC, Inc. 200 shares $153,000 1/10/10 $200,000 4/30/18 DEF, Inc. 100 shares 24,600 11/15/14 14,000 2/28/18 GHI, Inc. 50 shares 19,350 3/31/17 17,000 8/30/18   a. Complete the chart: Asset Amount of Realized Gain (Loss) Amount of Recognized Gain (Loss) IRC Section ABC       DEF       GHI         b. After netting, what is the total gain or loss? c. If.

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  • 48. Antoine sold the following stock in 2018. ABC, Inc.,
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