421 Final f 2015 Practice for 2016 class with answer

421 Final f 2015 Practice for 2016 class with answer -...

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Page 1 of 1 UNIVERSITY OF WASHINGTON BOTHELL P1 Bbus 450 A, B, C Final NAME __________________________________ P2 P3 Depreciation given is just estimate. Accept it. P4 PLACE YOUR ANSWERS IN THE SPACES PROVIDED BELOW P5 PRESUME THIS IS 2015 UNLESS OTHERWISE STATED TOTAL Jessica is single, uses cash basis, standard deduction, has 400,000 annual salary She is an international tax lawyer and lives in New York City and works for Property Use Cost FMV AB Gain/loss 1231 1245 1250 LTC STC Stock A Investmen 02/03/12 40000 0 30000 40,000 -10000 -10000 Land B Investmen 03/12/07 60000 0 80000 60,000 20000 20000 Art C Investmen 04/08/15 50000 0 75000 50,000 25000 Depending on date of sale 25000 25000 Stock D Investmen 03/07/12 20000 0 35000 20,000 15000 15000 Building E Investmen 07/10/13 100000 5000 82000 95,000 -13000 -13000 Land F Investmen 04/15/14 200000 0 220000 200,000 20000 Depending on date of sale 20000 20000 Bonds G Investmen 08/02/02 50000 ? 69000 62,000 7000 7000 Stock H Investmen 02/28/00 99000 0 75000 99,000 -24000 -24000 Bonds G were purchased by Auntie Maude on 08/02/02 for 50,000 Auntie Maude died and left them to Jessica on December 10, 2012 when they were worth when they were worth 62000 Jessica bought furniture I 03/02/10 for 40000 She converted it to business use in her office on 5/12/14 when it was worth 30000 Property Use Cost FMV AB Gain/loss 1231 1245 1250 LTC STC Furniture I (7 yr) Business 03/02/10 40000 22000 43000 18,000
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