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Homework_Set_6 - Homework Set#6 Dr Judd Tax 4001 2011/2012...

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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?
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