Recognized gain or allowable loss, Taxation

Assignment Help:
I need help determining the character of the recognized gain or allowable loss in each of the cases listed below. In each case, these are all of the tax payer realized gains or losses for the year. No assets are held for sale to customers in the ordinary course of business or subject to depreciation recapture. Unless otherwise indicated, assume that tax payer had held each asset for more than one year and that §1033 does not apply to any involuntary conversion.

1. $10,000 gain on condemnation of land used in business. How would your answer differ if tax payer had held the land for only 8 months?
2. $10,000 loss on condemnation of land used in business. How would your answer differ if tax payer held the land for only 8 months?
3. $10,000 gain on condemnation of tax payer’s vacation home.
4. $10,000 loss on condemnation of tax payer’s vacation home.
5. $10,000 loss on sale of land held for use in business and $5,000 gain on condemnation of land held for investment, and tax payer:
a. Made a timely reinvestment of the entire condemnation proceeds under § 1033
b. Did not make a timely reinvestment under §1033
6. $10,000 gain on the sale of land used in business and $5,000 loss on destruction by fire of business equipment
7. $10,000 gain on the sale of a business building, $10,000 gain on destruction by fire of a business building, and $5,000 loss on hurricane damage

Related Discussions:- Recognized gain or allowable loss

Digressive tax, what is the dis advantage of digressive tax?

what is the dis advantage of digressive tax?

Prepare the journal entries necessary at december 31, The Diamond Glitter C...

The Diamond Glitter Company is in the process of preparing its financial statements for 2012. Assume that no entries for depreciation have been recorded in 2012. The following info

Tax, evaluate the importance of the principal issue litigated in the case i...

evaluate the importance of the principal issue litigated in the case in question using the tax research steps outlined in Appendix A of your text.

Compute cecil''s 2013 federal income tax payable, Pension from former emplo...

Pension from former employer $39,850, Interest income from Alto Nationl Bank 5,500, Interest income on City of Alto bonds 4,500, Dividends received from IBM 2,000, Collection

Individual income taxation, John Alan Kelly and Rosalyn Elaine Kelly, a mar...

John Alan Kelly and Rosalyn Elaine Kelly, a married couple, live at 3822 Robin Lane Houston, Texas 77049-7236.  Their home telephone number is (713) 468-9721, home fax number is (7

Interest and taxes, Revenue: Revenue is how much a company receives in inco...

Revenue: Revenue is how much a company receives in income when making sales. Revenue increased from 2011 to 2012 by 14.5%. This is great considering poor economic conditions. Gr

Determine net operating loss carryover, Good Health Company Inc. began busi...

Good Health Company Inc. began business in 2007 and has operating results as listed below. In 2009 & 2010 it generated net operating losses of $75,000 and $120,000 respectively. Th

Cgt provisions, In relation to the CGT provisions, which of the following s...

In relation to the CGT provisions, which of the following statements are correct? Explain your answer citing the relevant law. (a) When disposal of property (CGT event A1) is by

Determine dividends per equity share, Provide at least 4 reasons why a firm...

Provide at least 4 reasons why a firm may prefer to repurchase stock than to pay out dividends. What factors have influenced the strong growth in repurchase over the last two decad

Write Your Message!

Captcha
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!

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