Homework #2 - Chapter #3
Prof. Ernest Gary
28. During the year, Tamara had capital transactions resulting in gain (losses) as follows:
Sold stock in ABC Company (acquire two years ago)
Sold collectible coins (held for mor
ACC 442/Prof. Gary Ernest
Homework Chapter 14
11. Simon owns stock that has declined in value since acquired. He has decided either to give the stock to his nephew, Fred, or to s
proceeds. If Fred receives the stock, he will sell it to obtain the proceeds
Chapter # 4
a. Gross Income = $2,000 - $300 = $1,700
b. No Gross Income
c. Gross Income = $200 x 2 = $400
a. Cash Basis = $280,000 + $12,000 = $292,000.
b. Accrual basis = $280,000 + $12,000 - $40,000 + $60,000 =
*Prepayments are always includ
Chapter # 5
Homework # 3
31. What is the taxpayers gross income in each of the following situations?
a. Darrin received a salary of $50,000 in 2015 from his employer, Green Construction.
Darrins gross income is $50,000.
b. In July 2014, Green gave Darrin
ACC 442 / FALL 2016
Prof. Gary Ernest
Homework - Chapter #15
18. Logan and Johnathan exchange land, and the exchange qualifies as like kind under 1031. Because
Logans land (adjusted basis of $85,000) is worth $100,000 and Johnathans land has a fair market