Reference no: EM13126596
Raymond provides the following information related to assets used in a trade or business which have been sold in 2011. All assets have been held for over one year.
Equipment = $50,000 recognized gain. Accelerated Depreciation Taken = $35,000. Straight line would have been $20,000
SF Building = $200,000 recognized gain. Straight line depreciation taken = $ 85,000.
San Jose Land = $75,000 recognized gain
Not including the above sales, Raymond estimates his 2011 taxable income to be around $150,000, which also includes IBM dividend income of $5,000.
Raymond wants to have enough cash for his taxes by next April 15, and has asked you to estimate his 2011 tax liability.
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