Recognized gain or allowable loss, Taxation

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
Posted Date: 11/10/2012 8:11:42 PM | Location : United States







Related Discussions:- Recognized gain or allowable loss, Assignment Help, Ask Question on Recognized gain or allowable loss, Get Answer, Expert's Help, Recognized gain or allowable loss Discussions

Write discussion on Recognized gain or allowable loss
Your posts are moderated
Related Questions
A1 Evaluate the accuracy of the term "New South" in describing the post-Civil War South, and discuss ways in which the term was and was not appropriate. A2 What was the Indian "

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

Bass River Furniture operates a manufacturing business in Bass River, Nova Scotia. On June 8, 2010, Bass River purchased an asset for an invoice price before HST of $1,800,000.  Th

31 VAT WAS FIRST INTRODUCED AS A TAX IN WHICH YEAR AND IN WHICH COUNTRY?

Caroline is a 55-year-old Australian resident. She  is the chief marketing officer based in Sydney for XYZ Limited (XYZ), a public company listed on the Australian Securities Excha

Deferred tax asset; taxable income given; valuation allowance. At the end of 2012, Payne Industries had a deferred tax asset account with a balance of $30 million attributable to a

what is the rule of travelling allowance of 2013-14

You have been offered a unique investment opportunity today; you will receive $500 one year from now. If you invest $10,000 today, you will receive $500 one year from now, $1500 tw

Sue, Scarlett and Sally are in a partnership together providing accounting services.  The partnership uses the cash basis to account for income tax.  Under the partnership agreemen

In an effort to reduce alcohol consumption, the government is considering a $1 tax on each gallon of liquor sold (the tax is levied on producers). Suppose that the supply curve for