Reference no: EM132083115
Question: Victor E Husky owns and operates Husky Ice Arena and Pro Shop as a sole proprietor. During 2016, the following transactions occurred:
- Unimproved land (which is considered a business use asset) adjacent to the Ice Arena was sold for $15,000 on 2/1/16. This land had been purchased on 11/28/96 for $40,000.
- A delivery truck used in the business was sold on 1/2/16 for $3,500. The truck had been purchased on 1/2/11 for $6,000. The asset was fully depreciated.
- Victor sold a rowing machine used by the athletes on 6/5/16 for $4,900. The rowing machine was purchased 7/29/08 for $5,200. The asset was fully depreciated.
- Victor sold an apartment building on 9/1/16 for $300,000. The rental property had been purchased on 9/1/13 for $150,000. As of the date of the sale, the adjusted basis is $124,783.
- A Zamboni used in the business was sold on 10/10/16 for $85,000. The Zamboni had been purchased on 10/10/12 for $100,000. As of the date of sale, the accumulated depreciation was $62,000.
- Ice equipment used in the business was sold on 10/14/16 for $5,000. The ice equipment had been purchased on 10/16/13 for $35,000. As of the date of the sale, accumulated depreciation was $23,000.
- Machinery used in the business was sold on 11/1/16 for $60,000. The machinery had been purchased on 3/12/15 for $87,000. As of the date of the sale, accumulated depreciation was $34,000.
- Victor sold his collection of signed hockey pucks for $12,000 on 6/3/16. He purchased the pucks at various times for a total purchase price of $6,200. All of the pucks were held more than 365 days.
- Victor sold his Honda on 5/1/16 for $9,600. The car had been used exclusively for personal use. It was purchased on 9/5/12 for $20,800.
• Victor has not nonrecaptured § 1231 lookback losses.
• For each transaction, what are the amount and nature of recognized gain/loss?
• What is Victor's 2016 AGI?
• For each transaction, what are the amount and nature of recognized gain/loss?
• What is Larry's 2016 AGI?
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