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chapter 17 handout - gains that exceed Acc Deprec on...

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Individual Tax Accounting & Planning – 2011 Chapter 17  Organize long-term business and long-term investment property dispositions for which a gain or loss is recognized (based upon Chapter 15 guidelines) by method of disposition Casualty/Theft Sale/Condemnation Gain/Loss on Gain/Loss on disposition? disposition? Gains Losses Gains Losses Personalty Real Estate Personalty Real Estate recapture recapture Acc. Deprec. Acc Deprec on personalty on personalty Sum the remaining Sum the remaining gains in excess of gains in excess of Acc. Deprec. on Acc. Deprec. on Personalty personalty Net the losses with the gains on Real Estate and the Net the losses with the gains on Real Estate and the
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Unformatted text preview: gains that exceed Acc, Deprec. on personalty gains that exceed Acc. Deprec. on personalty. Is the net result a gain or loss? Is the net result a gain or loss? Net Loss Net Gain Net Loss Net Gain Treat each item separately: 1231 net gain deduct “for” AGI- Gains are ordinary gains- Business losses are for AGI deductions apply losses against personalty gains, then real estate gains- LT Capital losses are misc itemized not subject to 2% floor Real Estate Personalty Gains Gains Recapture R/E Gain up to Acc Deprec. > Acc Deprec Lookback Losses Lookback Losses Lookback Losses (a) (b) (c) 25% Capital 0%/15% Capital 0%/15% Capital 1...
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