Sam Shoeman a calendar year taxpayer purchased stock in Eaton Corporation on

Sam shoeman a calendar year taxpayer purchased stock

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103. 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?
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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 deduction 107. 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?
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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?
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