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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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