User Account

All Pages

What is the proceeds of disposition

Assignment Help Accounting Basics
Reference no: EM133131742

Question - Sharon bought a house in 2003 for $500,000 and rented it to a third party until May 2014. The following month she moved into the house and filed a no-change-of- use-election under ITA 45(3). In, 2021 Sharon sold the house for $950,000.

1. What is the proceeds of disposition?

2. What is the ACB?

3. Therefore the Capital Gain is:

4. How many years was actually inhabited by the owner?

5. If she filed an election designating the house as her principal residence for the additional 4 years, then the total number of years of principal residence is:

6. What would be the principal residence exemption portion of the capital gain to be reported?

7. What would be the taxable capital gain that would be reported?

8. If she chose to ignore or forgot to apply the special election, what would be her taxable capital gain?

9. How does the Federal Income Tax Act view Income from a sole proprietorship and partnership income?

Reference no: EM133131742

Questions Cloud

Relationship between mp and ap : The relationship between MP and AP are crucial concept in business.
What are the advantages of having a mixed economy : What are the advantages of having a mixed economy?
High government deficit and excessive household : "The Fed has kept interest rates low for a substantial amount of time. As a result, other alternatives have been employed to keep economic activity robust in th
Discuss how it related to comparative advantage : 100 units of resources available / takes 10 units to produce a ton of wheat / takes 4 units to produce a ton of tea
What is the proceeds of disposition : Sharon bought a house in 2003 for $500,000 and rented it to a third party until May 2014. What is the proceeds of disposition
Draw an income-leisure graph : Problem 1. Overemployment and overtime One institutional constraint that workers face in the labour market is being required by their employers to work a ?xed n
Collective programming of the mind : Culture is defined as "the collective programming of the mind" by Hofstede. Analyzing this statement in combination with the course content we can conclude that
What is the total amount jose will pay for the stereo : Jose wants to buy a stereo for $650 and pay for it using a credit card that has an APR of 19.85%. What is the total amount Jose will pay for the stereo
Characteristics of a perfect competition : This class is principals of basic economics. The focus is efficiency of markets. What are the characteristics of a perfect competition?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd