What are u.s. tax consequences of hans u.s. activities

Reference no: EM13324629

Hans, a citizen and resident of Argentina, is a retired bank executive. Hans does not hold a green card. At the start of Year 1, Hans paid $2.5 million for a 20-unit apartment complex located in the suburbs of Washington, D.C. Hans does not actively manage the building, but rather leases it to an unrelated property management company that subleases the building to the tenants. During Year 1, Hans had rental income of $300,000 and operating expenses (depreciation, interest, insurance, etc.) of $220,000. On the advice of his accountant, Hans made a Code Sec. 871(d) election in Year 1.

At the start of Year 2, Hans sold the building for $350,000. Hans' adjusted basis in the building at that time was $290,000. What are the U.S. tax consequences of Hans' U.S. activities?

Reference no: EM13324629

Questions Cloud

Write a function playnovice : Write a function userPlay(marbles) that asks the user for the number of marbles that he or she would like to take and returns that number. The function should keep asking the user for the number of marbles if he or she takes more than half of the ..

How far from the base of the cliff does the car land : A stunt man drives a car at a speed of 20 m/s off a 24-m-high cliff. The road leading to the cliff is inclined upward at an angle of 20? How far from the base of the cliff does the car land

Find out the minimum concentration of koh : Potassium hydroxide is used to precipitate each of the cations from their respective solution. Determine the minimum concentration of KOH required for precipitation to begin in each case. A - 1.4*10^-2 M CaCl2 B - 2.8*10^-3 M Fe(NO3)2 C - 1.6*10^-..

What is the smallest value can have before the string breaks : A small sphere of mass m= 7.60 g and a charge q1 = 29.9 nC is attracted to the end of a string, what is the smallest value d can have before the string breaks

What are u.s. tax consequences of hans u.s. activities : During Year 1, Hans had rental income of $300,000 and operating expenses (depreciation, interest, insurance, etc.) of $220,000. On the advice of his accountant, Hans made a Code Sec. 871(d) election in Year 1.

Compare and contrast the methods of extraction : Compare and contrast these methods of extraction- Solid phase extraction, liquid liquid extraction, Supercritical fluid extraction, Derivatization, and solid-phase microextraction

What is the angle between the vector and the axis : A vector has components of 7.0 units along the x axis and 9.0 units along the y axis. What is the angle between the vector and the x axis

How fast would the drops be moving : Raindrops fall 1500 m from a cloud to the ground. If they were not slowed by air resistance, how fast would the drops be moving

Find how far does the second bearing fall in that time : A ball bearing is dropped from rest at a point A. At the instant it passes a mark 4.5 m below A, How far does the second bearing fall in that time

User Account

All Pages