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A taxpayer whose fi ling status is married fi ling separately recognizes a $5,000 net short-term capital loss and a $1,000 net long-term capital gain during the year. If the taxpayer's only other it
These are Rick's only property transactions during the year. Once the netting process is complete, on his tax return Rick's gains and losses will be treated as:
Which of the following is not an example of carryover basis property? a. Stock acquired in a wash sale b. Property inherited from a decendent dying in 2013 c. A nontaxable stock dividend
An individual purchased an apartment building for use in a business for $300,000 in 2005. Th e building was sold for $350,000 in October 2013. Depreciation taken was $84,000. If there is no other Se
A single taxpayer sells 3,000 shares of Section 1244 stock ("small business corporation" stock) at a loss of $125,000. How will this loss be treated on the tax return?
Which of the following properties is a capital asset? a. Artwork displayed in the taxpayer's home b. Inventory
Prepare journal entries to record Ming's 2010 and 2011 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system. Round your
Batista Corporation acquired new computer equipment on March 13, 2013, for $40,000. Batista did not elect immediate expensing under Section 179. Batista also elects not to take the additional first-
Iris was a professional basketball player before a career-ending injury caused by a grossly negligent driver. Iris sued the driver and collected $4 million as compensation for lost estimated future
Sherika and her daughter (Xiomara) attended the concert. How much gross income should Sherika report as a result of the tickets?
Assume the facts stated in the prior two questions. Assume further that for 2013 Satsuki will offset his wages (with any deduction related to the debt) to the maximum extent permitted by law. What i
On January 1, 2014, Alicia Masingale established Leopard Realty, which completed the following transactions during the month: Alicia Masingale transferred cash from a personal bank account to an accou
How should Satsuki treat the loss relating to this debt (assume that the debt is a nonbusiness debt that is a bona fide debt that arose from a debtor-creditor relationship)?
On the date of the contribution, Sascha's basis in the common stock was $12,000 and the fair market value was $5,000. What is the amount of charitable contribution allowed (before considering any po
Sandy and Teddy formed a partnership. Sand received a 50% interest in partnership capital and profits in exchange for contributing land with a basis of $180,000 and a FMV of $300,000 of cash.
Ovidiu incurred the following expenses during 2013. Which expense is Ovidiu LEAST likely to deduct as a medical expense (assume Ovidiu itemizes and that Ovidiu's medical expenses will exceed 10.0% o
Jackel, Inc. has the following information for the current tax year. Gross sales $350,000 Cost of goods sold 50,000 Dividends received(10%)40,000 Operating expenses 30,000 Charitable contributions
What was Shala's 2013 Net Operating Loss amount assuming that she had the following items listed on her income tax return?
Lass Corporation reports a $25,000 net capital loss this year. The corporation reports the following net capital gains during the past three years.
Which of the following items most resembles an interest free loan from the U.S. government?
Mazihel contributed some inventory from his sole proprietorship to a public charity for its use. On the date of the contribution, Mazihel's basis in the inventory was $15,000 and the fair market val
Sophie is a cash-basis taxpayer. Which doctrine will most likely limit Sophie's ability to choose the year in which to recognize income?
During 2013, 7-year MACRS property was placed in service by Stenley, a calendar-year taxpayer. Assume that Stenley does NOT make a Section 179 election or take any bonus depreciation. The property w
Compute the largest tax deduction possible in 2013 for the equipment (consider the Section 179 election, Bonus Depreciation, and MACRS, if applicable):
Under the annuity, Kimberly will receive payments of $370 for each month of annuity's life. What amount of the annuity payments may be excluded from Kimberly's Gross Income for 2013 (assume all 12 m