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

How much net income, Guay Corp a start up company provided services that we...

Guay Corp a start up company provided services that were acceptable to its customers and billed those customers for $350,000 in 2012. However, Guay collected only $280,000 cash in

Discussion Post, Background: Thomas and his wife Diana have operated their ...

Background: Thomas and his wife Diana have operated their own children''s daycare for the last three years. They also own the daycare facility, a building and the adjacent land lo

Compute the effective income tax rate for 2013 and 2014., The following ite...

The following items caused the only differences between pretax financial income and taxable income. • In 2013, the company collected $90,000 of rent; of this amount, $30,000 was ea

Taxation implications, 1. Shortly after he retired in November 2009, Paul M...

1. Shortly after he retired in November 2009, Paul Martyn decided to set up a coffee retail shop in leased premises close to the Camberwell where he lived.  The main products sold

Find out the medium run effects, Suppose a central bank decides to increase...

Suppose a central bank decides to increase  m  by 2.8%. What will be the medium run effects of this on g yt , u t  and  π t ?

General deductions question, Simon works as a chiropractor for a small part...

Simon works as a chiropractor for a small partnership of three other professionals who employ him to work in the office four days each week. Simon earns over $90,000 per year. Eac

Tax questions, 1.   Don and Harvey began operations as a partnership on Oct...

1.   Don and Harvey began operations as a partnership on October 3, 2010. The company spent $60,500 on organization costs that year. How much can the company deduct in 2010 relatin

Calculate the amount of fiduciary income, should be on 2012 forms and done ...

should be on 2012 forms and done in pencil. It should include a schedule that shows the fiduciary income calculation and other relevant calculations. Jack Green established the Jac

Wct, How to raise an invoice with WCT for Civil construction job

How to raise an invoice with WCT for Civil construction job

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