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# Chap8assign - .……….\$310,000 sales...

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1) \$25,000 - \$14,000 = \$11,000 2) b) The amount of nature of the taxable gain on sale \$128,500 - \$75,000 = \$53,500 is a gain. The taxable gain is \$0. 3) Jocasta's adjusted basis in the building……………….\$ 750,000 + \$ 40,000 -150,000 = \$640,000 4) Amount of the gain or loss on the sale ……..\$12,500 - 8,500 = \$4,000.00 (Gain) b) Amount of the gain or loss on the sale……..\$ 4,600 - 8,500 = -\$3,900 (Loss) 5) Tom's net gain was ……….\$2,500 6) a)Michael's deduction for capital loss carry forward………………….\$3,000 (is the annual limit used b) The amount and nature of his capital loss carryforward ………………(\$45,000 - \$1,000 = \$44,0 c) Michael may carry forward the unused loss for an indefinite period of time. 9) a)Taxable gain for Steve……………………….\$130,000 + \$55,000 + \$45,000 - \$152,500 = \$77, b) Please see form 6252 attachment c) The amount of income recognized under the installment sale method…….. 41.89/100 x \$5,000 16) Not sure!!!! Realized gain………………………..………..\$310,000

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Unformatted text preview: .………. .\$310,000 sales price…………………………………. .….\$365,000 Amount realized……………………………. .345,000 Gain realized on sale……………………….310,000 a)Amount and the nature of the gain or loss _\$11,000 b) Acquired stock on September 11, 2007 \$11,000 long-term capital. The amount realized on the sale \$105,000 + \$30,000 - \$6,500 = \$128,500 Tom's net gain or loss…………(\$10,000 - \$13,000 =- \$3,000 ), (\$35,000- \$30,000 = \$5,000 ), (\$1, less:selling expenses……………………….20,000 Adjusted basis of old residence……. .35,000 b) Amount realized ……………………………\$345,000 - \$175000 = \$ 175,000 c) Adjusted basis of new residence…………………\$0 cost of new residence………….\$175,000 less: gain deferred……………….\$310,000 18) Please see attached files. d to off set ordinary income) 000) ,500 0= \$2,095 ,500 -\$1,000 = \$500.00 )...
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