BUSA427_Chapter12.docx - Chapter 12 Ch 12 Question 30 a Yes Its a personal use asset b Yes Its a personal use item c No 5 Accounts or notes receivable

BUSA427_Chapter12.docx - Chapter 12 Ch 12 Question 30 a Yes...

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Chapter 12 Ch. 12: Question 30 a. Yes- It’s a personal use asset b. Yes- It’s a personal use item c. No- “5. Accounts or notes receivable acquired in the ordinary course of a trade or business for services redeemed or from the sale of property” Pg 12-4 (Capital Asset Definition) d. Yes- It’s an investment property e. No- “2. Depreciable property used in a trade or business” Pg 12-4 (Capital Asset Definition) f. No- “2. Depreciable property used in a trade or business” Pg 12-4 (Capital Asset Definition) g. No- It’s not the principal residence h. Yes- If it’s not written by the taxpayer Ch. 12: Question 39 Gordon’s capital loss deduction for 2017 is $1,500 and his carryover is $7,200. This can be computed as follows: $ 700 Net STCG ($1,900 - 1,000 - 200) $9,400 Net LTCL ($10,000 - 600) $8,700 Overall Capital Loss

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