346hwk09- Melanie Sandoval.xls - Intro The worksheets that follow provide pro forma workpapers to help you solve the assigned homework problems They

# 346hwk09- Melanie Sandoval.xls - Intro The worksheets that...

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Unformatted text preview: Intro The worksheets that follow provide pro forma workpapers to help you solve the assigned homework problems. They organize your solution in a manner that is consistent with the analytical methods that we discuss in class and allow you to focus on the technical issues, rather than workpaper techniques and computer skills. However, you should continuously analyze the organization of the solution and the answers that you receive, as you work the problems. That is the only way that you will learn the skills and techniques that you will need for your long-term success. You should also refrain from checking the correct answers until after you have completed your solution. Click on the appropriate tab below to move to the worksheet for the homework problem that you want to work on. Once you have completed the assignment, save the file to your computer, then submit it in the manner specified in the course syllabus. NOTE: Cells with red dots in them contain notes that provide additional information about the cell contents. Double click on those cells to read the notes. Also, you need enter information only in the cells that are highlighted in bright yellow. Page 1 13-79 Problem 13-79 a b c d e f GAIN/LOSS REALIZED Amount Realized: sales price - Basis given up (negative number) Gain/Loss Realized \$16,000 (\$7,000) \$9,000 \$13,000 (\$14,000) (\$1,000) \$1,500 (\$3,000) (\$1,500) \$29,000 (\$15,000) \$14,000 \$12,000 (\$10,000) \$2,000 \$14,000 (\$17,000) (\$3,000) Check Figures 9,000 (1,000) (1,500) 14,000 2,000 (3,000) GAIN/LOSS RECOGNIZED Gain/Loss Realized - Gain/Loss Deferred Gain/Loss Recognized \$9,000 (\$5,000) \$4,000 (\$1,000) \$1,000 \$0 (\$1,500) \$1,500 \$0 \$14,000 (\$14,000) \$0 \$2,000 (\$1,000) \$1,000 (\$3,000) \$3,000 \$0 \$7,000 (\$4,000) \$4,000 \$14,000 \$2,000 \$3,000 \$6,500 \$15,000 \$10,000 (\$1,000) \$1,000 \$17,000 \$7,000 \$16,000 \$9,500 \$15,000 \$10,000 \$17,000 7,000 16,000 9,500 15,000 10,000 17,000 BASIS Basis Given Up (carryover basis) - Boot Received + Gain Recognized - Loss Recognized Basis- New Asset Check Figures Page 2 13-86 Problem 13-86 a b c e GAIN/LOSS REALIZED Amount Realized Reinvested Not Reinvested (boot) -Basis given up (negative number) Gain/Loss Realized \$110,000 \$50,000 (\$130,000) \$30,000 \$100,000 \$400,000 (\$125,000) (\$25,000) (\$300,000) \$100,000 \$220,000 \$20,000 (\$160,000) \$80,000 Check Figures 30,000 (25,000) 100,000 80,000 \$30,000 (\$25,000) \$30,000 (\$25,000) \$100,000 (\$100,000) \$0 \$80,000 (\$60,000) \$20,000 \$130,000 (\$50,000) \$30,000 \$125,000 \$300,000 \$160,000 (\$20,000) \$20,000 \$50,000 \$110,000 \$75,000 (\$25,000) \$175,000 \$350,000 \$160,000 110,000 175,000 350,000 160,000 GAIN/LOSS RECOGNIZED Gain/Loss Realized - Gain/Loss Deferred Gain/Loss Recognized BASIS Basis Given Up (carryover basis) - Boot Received + Gain Recognized + Additional Investment - Loss Recognized Basis- New Asset Check Figures Page 3 Problem 13-90 a. Pedro & Maria GAIN REALIZED Sales price Cost of Sale Amount Realized - Basis given up (negative number) Gain Realized b. Pedro c. Pedro & Maria e. Pedro & Maria \$340,000 \$340,000 \$550,000 \$340,000 GAIN RECOGNIZED Gain Realized \$340,000 - Gain Excluded (Sec. 121) (\$340,000) Gain Recognized \$0 \$340,000 (\$250,000) \$90,000 \$550,000 (\$500,000) \$50,000 \$340,000 (\$250,000) \$90,000 ...
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