Assignment - Assignment for Week 10 - ACC 307 Federal...

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Assignment for Week 10 --- ACC 307 Federal Income Taxes Chapter 14 Page 14-55: Problem 26 (page 14-42) If depreciable equipment used in a business is sold at a recognized gain on July 10, 2008, and it was purchased on August 21, 2007, does §1245 depreciation recapture apply to the asset? Potentially all depreciation taken. If the selling price is greater than or equal to the original cost, all depreciation is recaptured. If the selling price is between the adjusted basis and the original cost, only some depreciation is recaptured. Page 14-56: Problem 39 (page 14-30) Revez owns an antique shop. He buys property from estates, often at much less than the retail value of the property. Recently, Revez sold for $4,000 an antique clock for which he had paid $1,250. Revez had held the clock in his shop for 36 months before selling it. Revez would like the gain on the sale of the clock to be a long-term capital gain. How can he achieve that objective? The net gain is added to the “real” long term capital gains (if any) and netted with
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This note was uploaded on 02/08/2010 for the course ACC317 adv. feder taught by Professor Man during the Spring '10 term at Strayer.

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Assignment - Assignment for Week 10 - ACC 307 Federal...

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