Category: law

law

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…

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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…

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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…

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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…

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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…

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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…

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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…

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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;…

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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…

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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…

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