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Steve Drake sells a rental house on January 1, 2011 and receives $130,000 cash and a note for $55,000 at 10 percent interest. The purchaser also assumes the mortgage on the property of $45,000. Steve's adjusted basis in the house on teh date of sale is $152,500, and he collects only teh $130,000 down payment in the year of slae.
a. If Steve elects to recognize the total gain on the property in the year of sale, calculate the taxable gain.
b. Supposing Steve collects $5,000 (not including interest) of note principal in year following year of sale, compute the amount of income recognized under installment sale method.
Sally and Tom are married, have three dependent children, and file a joint return in 2012. If they have adjusted gross income (AGI) of $90,000 and itemized deductions of $10,000, what is their taxable income for 2012?
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The following expenditures were incurred by obermeyer company in purchasing land: cash price $68,011, accrued taxes $3,3618, attorney's fees $2,877, real estate broker's commission $1,189, and clearing and grading $4,045. What is the cost of the l..
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