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Sam Shoeman, a calendar year taxpayer, purchased stock in Eaton Corporation on July12, 2015, for $2,500. On December 12, 2015, Eaton went bankrupt. What is Sam's 2015loss?
104.On January 5, 2015, Ernest Earner sells his patent (basis of $0) for a machine to acompany which will manufacture the machine. He receives $150,000 plus $15 for eachmachine manufactured. In 2015, 10,000 machines were manufactured. What amount(s)must Ernest report on his 2015 tax return?105.Karen Kirbey grants Pamela Prentiss a franchise to sell handcrafted gifts. Pamela paysKaren 15 percent of all revenue. Sales for 2015 were $550,000. How will Karen treatthe payment she receives on her 2015 return?106.Karen Kirbey grants Pamela Prentiss a franchise to sell handcrafted gifts. Pamela paysKaren 15 percent of all revenue. Sales for 2015 were $550,000. How will Pamela treather payment to Karen on her tax return?a.$82,500 short-term capital lossb.$82,500 long-term capital lossc.$82,500 nonbusiness deductiond.$82,500 business expense deduction107.
Milton Manse, who has a salary of $50,000 during 2015, has a net long-term capital lossof $2,000 and a net short-term capital loss of $3,000 in 2015. What are his 2015 capitalloss deduction and carryover?
108.Which of the following qualify for capital gain treatment?109.Which of the following is notSection 1245 property?a.Intangible personal propertyb.Machinery used in a businessc.An office building depreciated using the regular MACRS methodd.An amortized certified pollution control facility110.All of the following property is used in a trade or business and has been held in excessof one year. Which property will not qualify for gains or losses from Section 1231property upon its disposition by sale or exchange?