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solved: Tan Corporation purchased depreciable tangible personal property for 100 000 in

solved: Tan Corporation purchased depreciable tangible personal property for 100 000 in

solved: Tan Corporation purchased depreciable tangible personal property for 100 000 in Tan Corporation purchased depreciable tangible personal property for $100,000 in 2013 and immediately expensed the entire cost under § 179. In 2015, when the property was worth $80,000, Tan distributed it as a dividend to the corporation’s sole shareholder. What was the tax…

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solved: Miguel receives tangible personal property as an inheritance in 2013

solved: Miguel receives tangible personal property as an inheritance in 2013

solved: Miguel receives tangible personal property as an inheritance in 2013 Miguel receives tangible personal property as an inheritance in 2013. The property was depreciated by the deceased (Miguel’s father), and Miguel will also depreciate it. At the date of the deceased’s death, the property was worth $532,000. The deceased had purchased it for $900,000…

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solved: Anna received tangible personal property with a fair market value

solved: Anna received tangible personal property with a fair market value

solved: Anna received tangible personal property with a fair market value Anna received tangible personal property with a fair market value of $65,000 as a gift in 2013. The donor had purchased the property for $77,000 and had taken $77,000 of depreciation. Anna used the property in her business. Anna sells the property for $23,000…

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solved: On January 1 2006 Stephanie Bridges acquired depreciable real property

solved: On January 1 2006 Stephanie Bridges acquired depreciable real property

solved: On January 1 2006 Stephanie Bridges acquired depreciable real property On January 1, 2006, Stephanie Bridges acquired depreciable real property for $50,000. She used straight-line depreciation to compute the asset’s cost recovery. The asset was sold for $96,000 on January 3, 2015, when its adjusted basis was $38,000. a. What are the amount and nature…

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solved: Larry is the sole proprietor of a trampoline shop During

solved: Larry is the sole proprietor of a trampoline shop During

solved: Larry is the sole proprietor of a trampoline shop During Larry is the sole proprietor of a trampoline shop. During 2015, the following transactions occurred: • Unimproved land adjacent to the store was condemned by the city on February 1. The condemnation proceeds were $15,000. The land, acquired in 1985, had an allocable basis of…

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solved: On May 2 1987 Hannah acquired residential real estate for

solved: On May 2 1987 Hannah acquired residential real estate for

solved: On May 2 1987 Hannah acquired residential real estate for On May 2, 1987, Hannah acquired residential real estate for $450,000. Of the cost, $100,000 was allocated to the land and $350,000 to the building. On August 20, 2015, the building, which then had an adjusted basis of $0, was sold for $545,000 and…

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solved: On June 1 2011 Skylark Enterprises not a corporation acquired

solved: On June 1 2011 Skylark Enterprises not a corporation acquired

solved: On June 1 2011 Skylark Enterprises not a corporation acquired On June 1, 2011, Skylark Enterprises (not a corporation) acquired a retail store building for $500,000 (with $100,000 being allocated to the land). The store building was 39-year real property, and the straight-line cost recovery method was used. The property was sold on June…

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solved: On December 1 2013 Lavender Manufacturing Company a corporation purchased

solved: On December 1 2013 Lavender Manufacturing Company a corporation purchased

solved: On December 1 2013 Lavender Manufacturing Company a corporation purchased On December 1, 2013, Lavender Manufacturing Company (a corporation) purchased another company’s assets, including a patent. The patent was used in Lavender’s manufacturing operations; $49,500 was allocated to the patent, and it was amortized at the rate of $275 per month. On July 30,…

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solved: Copper Industries a sole proprietorship sold three 1231 assets

solved: Copper Industries a sole proprietorship sold three 1231 assets

solved: Copper Industries a sole proprietorship sold three 1231 assets Copper Industries (a sole proprietorship) sold three § 1231 assets during 2015. Data on these property dispositions are as follows: a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. b. Assuming that Copper has $6,000 non-recaptured net…

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solved: Siena Industries a sole proprietorship sold three 1231 assets

solved: Siena Industries a sole proprietorship sold three 1231 assets

solved: Siena Industries a sole proprietorship sold three 1231 assets Siena Industries (a sole proprietorship) sold three § 1231 assets during 2015. Data on these property dispositions are as follows: a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. b. Assuming that Siena has no non-recaptured net…

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