Reference no: EM131916126
1a. Elvin, a single taxpayer 45 years of age, sells his residence in 2016. He receives $35,000 in cash, and the buyer assumes his $100,000 mortgage. Elvin also pays $8,100 in commissions and transfer costs.
a. Calculate the amount realized on the sale. $____________________________
b. If the residence was acquired in 1986, and its adjusted basis is $75,000, calculate the amount and nature of the TAXABLE gain on the sale (assuming he does not purchase a new residence). $____________
1b. In 2016, Michael has net short-term capital losses of $1,500, a net long-term capital loss of $27,000, and other ordinary taxable income of $45,000.
a. Calculate the amount of Michael's deduction for capital losses for 2016 $___________
b. Calculate the amount of his capital loss carryforward. $___________
c. For how long may Michael carry forward the unused loss?___________
Determine how many withholding allowances should phan claim
: Phan files as the Head of Household. Follow the steps in Form W-4 to determine how many withholding allowances should Phan claim.
|
What happens to your consumption of the second good
: Name related goods consume which have positive price elasticity. What happens to your consumption of the second good if the price of the first good increases?
|
What is the discounted payback period for the project
: What is the discounted payback period for the project assuming a discount rate of 10 percent?
|
How much did jeremy borrow
: Jeremy Fenloch borrowed some money from his friend and promised to repay him $1,300, $1,380, $1,540, $1,600, and $1,640 over the next five years.
|
Calculate the amount of his capital loss carryforward
: Elvin, a single taxpayer 45 years of age, sells his residence in 2016. He receives $35,000 in cash, and the buyer assumes his $100,000 mortgage.
|
Which will have a more price-elastic supply over six months
: Which will have a more price-elastic supply over six months: real estate in downtown Manhattan or real estate in rural Oklahoma? Explain your reasoning.
|
What is the amount of keiths moving expense deduction
: Keith is not reimbursed for any of these expenses by his employer. What is the amount of Keith's moving expense deduction?
|
Explain why the price elasticity of demand might be elastic
: Explain why the price elasticity of demand for math tutoring might be elastic. Then explain why price elasticity of demand for math tutoring might be inelastic.
|
What are the respective rent increases from last year
: Broker/owner Johnson of ABC Realty Inc, is weighing the financial merits of remaining in the office premises that consists of 3,250 square feet.
|