User Account

All Pages

What is the proceeds of disposition

Assignment Help Accounting Basics
Reference no: EM133134974

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?

Reference no: EM133134974

Questions Cloud

Assignment on grievance and arbitration : Northern Timber Company operates lumber cutting sites in remote areas of the province. Employees are flown in for 14 workdays and then flown out for 14 days off
Address a divisional concern from the crime analyst : Your Inspector has called you in to address a Divisional concern from the crime analyst.
Describe steps to improve project management effectiveness : Describe Steps To Improve Project Management Effectiveness
What does it take to be a successful company : What does it take to be a successful company using business & social analytics? What is IT's role in helping build this competence for the enterprise?
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
Explain the reliable selection process : Apply THREE {3) selection methods that you would recommend to create a more valid and reliable selection process for at! three roles in the scenario.
Final summary statement answering the question : Background: This assignment is designed to help you further appreciate bonds, stock markets and share pricing. These are very important topics in finance. Pr
Industrial revolution in egypt labor market : A research paper required for " the impact of fourth industrial revolution in Egypt labor market". I need to write down the research hypotheses evidenced with d
What is the amount of depreciation for the second full year : A machine with a cost of $120,000 has an estimated residual value of $15,000. What is the amount of depreciation for the second full year

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the amount of guaranteed payments

This year, the Tastee Partnership reported income before guaranteed payments of $92,000. What is the amount of guaranteed payments

  How much tax expense will mcgonigal save if it changes

How much tax expense will McGonigal save if it changes its transfer price with respect to sales to the foreign sub

  Determine the expense related to the franchise

Determine the expense related to the franchise (excluding the interest expense on the note payable) shall be recognized in 2019?

  Is the accounting equation true for any business entity

Do you envision any circumstances under which this equation would ever become imbalanced?Is the Accounting Equation, by definition, true

  Discuss the components and use of financial analysis

Explain the impact of accounting transactions in financial statements. Describe the elements and purpose of each financial statement. Discuss the components

  List six events that place doubt on going concern assumption

List six events and conditions (indicators) that place doubt on the going concern assumption. For each client, an auditor will use their professional judgement

  What is the total amount of dividends which should be paid

There are ?1500 cumulative, $7? dividend, preferred shares outstanding. What is the total amount of dividends which should be paid

  Find what are the debits and credits

Find What are the Debits and Credits, and the increases and decreases associated with these accounts? Loss on sale of equity affiliated

  Please explain cost allocation for operational assets

please explain cost allocation for operational assets. explain the various time-based and activity-based methods

  Prepare a bond amortization schedule

On January 1, 2020, Flint Company purchased 10% bonds having a maturity value of $420,000, for $453,537.42. Prepare a bond amortization schedule

  Calculate the earnings per share

Required - Use the information provided to calculate the earnings per share (EPS) and the net profit margin. Show all calculations

  Financial reporting and tax purposes

Prior knows that depreciation is a major expense for Beeler. The company currently uses the double-declining-balance method for both financial reporting and tax purposes, and he's thinking of selling equipment that, given its age, is primarily use..

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