Determining the realized gain

Assignment Help Accounting Basics
Reference no: EM13136563

Anne sold her home for 290,000 in 2010. Selling expenses were $17,400. She had purchased it in 2003 for $290,000. During the period of ownership. Anne had done the following:

1) Deducted $50,500 office-in-home expenses, which included $4500 in depreciation.

2) Deducted casualty loss in 2006 for residential trees destroyed by a hurricane. the total loss was $19000(after the $100 floor and the 10% of AGI floor), and Annes insurance company reimbursed her for $13,500

3) Paid street paving assessment of $7000 and added sidewalks for $8000

4) Installed an elevator for medical reasons. the total cost was $20000 and anne deducted $13000 as medical expenses

what is annes realized gain?

Reference no: EM13136563

Questions Cloud

Planning process and compounded interest decisions : Nathan Company earns 11% on an investment that pays back $220,000 at the end of each of the next 5 years. Nathan's finance department has the following values related to the time value of money to help in its planning process and compounded intere..
National critical infrastructure : What are five national critical infrastructure segments where any future attacks will result in catastrophic events. Name the CI segment and explain what the catastrophic events might be because of an attack. Provide the reasoning for your conclus..
Briefly describe four types of demands customers : attention to customers is necessary for success. Briefly describe four types of demands customers are currently placing on organizational performance.
Create a left-sided power curve using increments : Find the β risk and power assuming that the true mean is really 380 square feet per gallon. (b) Construct a left-sided power curve, using increments of 5 square feet (400, 395).
Determining the realized gain : Anne sold her home for 290,000 in 2010. Selling expenses were $17,400. She had purchased it in 2003 for $290,000. During the period of ownership. Anne had done the following:
What volume of pure o2(g), collected : What volume of pure O2(g), collected at 27°C and 746 torr, would be generated by decomposition of 128 g of a 50.0% by mass hydrogen peroxide solution?
How large sample is needed to get desired noise levels : If the standard deviation is 4.09, how large a sample is needed to get the desired information to be accurate within 0.53 decibels? Show all work.
What is corporation total tax liability : its taxable income for determining the accumulated earnings tax is $230,000. What is corporation total tax liability?
How many atoms of hydrogen does it contain : A sample of glucose, C6H12O6, contains 1.265 x 1021 carbon atoms. (a) How many atoms of hydrogen does it contain?

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  What amount should moon report as interest expense

On January 1, 2001, Moon Co. sold $500,000 of its 10-year, 10% bonds for $450,650. Interest is payable semiannually on January 1 and July 1. Using the effective interest method, what amount should Moon report as interest expense for the six month..

  Job cost according to the accounting system

What price would have been charged to the customer if the job required $3,200 in materials and $4,200 in direct labor cost, and the company priced its jobs at 40% above the job's cost according to the accounting system?

  Create an analogy or metaphor

Determine which step in estimating a cost function using quality analysis is the most likely to present the greatest challenge and how you would address that challenge.

  Debit memo for an nsf check

Accompanying the bank statement was a debit memo for an NSF check received from a customer. What entry is required in the company's accounts?

  Adjusting entry for uncollectibles

Wecker Company's year-end unadjusted trial balance shows accounts receivable of $89,000, allowance for doubtful accounts of $500 (credit), and sales of $270,000. Uncollectibles are estimated to be 1.5% of accounts receivable. a) Prepare the Decemb..

  Explain what is meant by the test data approach

Explain what is meant by the test data approach. What are the major difficulties with using this approach? Define parallel simulation with audit software and provide an example of how it can be used to test a client's payroll system.

  Amount of withdrawal after tax considerations

What amount of the withdrawal, after tax considerations, will Brooklyn have available to purchase the car?

  Predetermined overhead application rate

What is the predetermined overhead application rate for the maintenance department? What is the additional cost to the maintenance department of providing another hour of maintenance?

  Determining total manufacturing costs

Horatio Ltd. uses job order costing to measure and track product costs. Horatio has determined that machine hours drive its manufacturing overhead costs. During the month of June, the following data were available for Product #80:

  Sample selection-evaluation description in business

Describe the process of selecting and evaluating a sample. Why is sampling important to business? Are there situations in business where sampling would not be effective?

  Present value of gold mine

How much should Mr. Graff pay for a gold mine expected to yield an annual return of $20,000 and to have a life expectancy of 20 years, if he wants to have a 15% annual return on his investment and he can set up a sinking fund that earns 10% a year..

  Managerial and financial accounting concepts

Explain the two (2) basic types of analysis that are used to compare accounting information. In addition to above posted explain how Managerial Accounting differs from Financial Accounting (GAAP).

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