Reference no: EM133116200
Questions -
Q1. Taxpayer owns a building, which he purchased for $100,000 in 20X1.
During 20X2, he built her an additional floor for $40,000.
In 20X3, Taxpayer sells the building to Buyer, who paid Taxpayer $135,000 and gave him a car with a market value of $10,000. The building has a market value of $150,000 at the time of sale. Taxpayer incurred $6,000 in selling expenses.
What is the amount realized and the realized gain or loss?
a. Amount realized $150,000, profit realized $10,000.
b. Realized amount $135,000, realized loss $5,000.
c. Realized amount $139,000, realized loss $1,000.
d. Amount realized $145,000, profit realized $5,000.
Q2. During 20X1, Taxpayer obtained the following results with various transactions related to its properties:
Short-term capital gain of $18,000
Short-term capital loss of $10,000
Long-term capital gain of $15,000
What is the tax treatment for the transactions carried out by the Taxpayer in 20X1?
a. Net long-term capital gain of $23,000.
b. Net long-term capital gain of $33,000; short-term loss of $10,000.
c. Ordinary Income $8,000; long-term capital gain of $15,000.
d. Net long-term capital gain of $15,000.
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