Homework_Set_6 - Homework Set #6 Dr. Judd Tax 4001...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Homework Set #6 Dr. Judd Tax 4001 2011/2012 1. Indicate the character of each of the following assets (i.e. capital, ordinary OR 1231): a. Land held by an individual who plans to eventually build a house on the land. b. Land used by a business as a parking lot. c. Stock held to sell to customers by a securities dealer. 2. Bronze Inc, has determined its taxable income as $235,000 before considering the results of its 1231 and capital transactions. Bronze has a net 1231 gain of $20,000, a STCL of $36,000, a LTCL of $43,000, and a STCG of $44,000. Bronze has no non-recaptured net Section 1231 losses from prior years and also does not have any capital loss carry-forwards. What is Bronze Inc.’s taxable income, and what (if any) are the amount and nature of its capital loss carryover? 3. During the year, Allan had four property transactions summarized below. Allan is a collector of antique automobiles and occasionally sells one to get funds to buy another automobile. What are the amount and nature of the gain or loss from each of these transactions? Property
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/16/2011 for the course TAX 4001 taught by Professor Hampton,m during the Fall '08 term at University of Central Florida.

Page1 / 2

Homework_Set_6 - Homework Set #6 Dr. Judd Tax 4001...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online