Reference no: EM13912855
Anne sold her home for $290,000 in 2015. Selling expenses were $17,400. She purchased it in 2009 for $200,000. During the period of ownership, Anne had done the following:
Deducted $50,500 office-in-home expenses, which included $4,500 in depreciation.
Deducted a casualty loss in 2011 for residential trees destroyed by a hurricane. The total loss was $19,000 (after the $100 floor and the 10%-of-AGI floor), and Anne's insurance company reimbursed her for $13,500.
Paid street paving assessment of $7,000 and added sidewalks for $8,000.
Installed an elevator for medical reasons. The total cost was $20,000, and Anne deducted $13,000 as medical expenses.
a. What is the amount that Anne realized on the sale?
b. What is the adjusted basis of Anne's home?
Anne's realized gain Select gain loss Correct 3 of Item 1 on the sale is $
|
Estimated life of the machine
: The estimated life of the machine was 5 years, and the estimated salvage value was $5,000
|
|
Calculations and explanations
: Assume management has not yet corrected this error-What is the corrected amount for total assets and net income for the year? With calculations and explanations.
|
|
Consumed in operations
: On December 1, George Company purchased $400 of supplies for cash. The purchase was recorded as an asset, supplies. On December 31, it was determined that various supplies had been consumed in operations and that supplies costing $300 remained on han..
|
|
Sales and customer
: increase its sales and customer base, Runway implemented a customer referral marketing campaign
|
|
Realized on the sale
: What is the amount that Anne realized on the sale-What is the adjusted basis of Anne's home?
|
|
Annual withdrawals
: Beginning December 31, 2014, ten equal annual withdrawals are to be made. Using appropriate tables
|
|
Prepare a trial balance
: Prepare a trial balance for the following data
|
|
Accountant for small business
: An accountant for small business is suspected of writing checks to "dummy" vendors and collecting the money himself. After a thorough investigation of the company
|
|
Direct labor workforce
: What is the total estimated direct labor cost for July assuming the direct labor workforce is adjusted to match the hours required to produce the forecasted number of units produced
|