How is loss treated for tax purposes on kelalani return

Assignment Help Accounting Basics
Reference no: EM131749109

Question: On May 1, 2015, Kelalani purchased land for $88,000 for use in her business. She sold it on May 1, 2016, for $82,000. If there are no other sales of business or trade property, how is this loss treated for tax purposes on Kelalani's return?

1- $6,000 Section 1231 loss.

2- $6,000 ordinary loss.

3- $6,000 short-term capital loss.

4- $6,000 long-term capital loss.

Reference no: EM131749109

Questions Cloud

Observation of potential causes of drop in operating income : Case - Going Postal: Analyzing Operating Income of the Wheels of Fortune. Initial observation of the potential causes of the drop in operating income
Discuss the sound system has a remote control : Jake orders a sound system from a catalogue. The catalogue description says that the sound system has a remote control
Describe the original miranda case and the statements : Describe the original Miranda case and the statements required for making a valid Miranda warning.Explain under what circumstances Miranda rights are triggered.
What is the maximum depreciation expense deduction : What is the maximum depreciation expense deduction for Year 2 (2017) for a passenger automobile, used 100 percent for qualified business use.
How is loss treated for tax purposes on kelalani return : On May 1, 2015, Kelalani purchased land for $88,000 for use in her business. She sold it on May 1, 2016, for $82,000. If there are no other sales of business.
What kind of waiver was used : Research a case where a juvenile was transferred to adult court.What kind of waiver was used?Summarize the details of the case.
Discuss what kind of information do you need in assessing : What kind of information do you need in assessing the potential risk to your cargo passing through these dangerous waters
Prepare the entry required on short books : On May 1, 2015 Short Company has an immediate need for cash and decides to factor $1,700,000 of its receivables to IBC Inc., a financial institution.
Exploring the use of the defense insanity : Write a one to two page paper exploring the use of the defense "insanity." Please use one (or more) of the following examples for you analysis.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Warehouse classification as current or fixed assets

A company purchases packaging materials, as well as a new packing and storage warehouse where these materials will be used. Should the materials and warehouse be classified as current or fixed assets?

  On january 1 2011 parent corporation acquired a controlling

on january 1 2011 parent corporation acquired a controlling interest in the voting common stock of foxboro co. at the

  Using the financial statementsof landrys restaurants

using the financial statementsof landrys restaurants located in appendix a back matterof the text fundamentals

  Acceptable on the grounds of efficiency

Some argue that insider trading brings information to the market more quickly and thus is morally acceptable on the grounds of efficiency. Do you agree with that argument? Why or why not?

  What is the maturity value of the note

Alto and sheldon both use a bankers year to calculate interest. What is the maturity value of the note

  Calculation of earnings per share

Canada Bank has $60,000 of 16% (annual interest) bonds outstanding, 1,500 shares of preferred stock paying an annual dividend of $5 per share, and 4,000 shares of common stock outstanding.

  Make a monthly cash budget showing estimated cash receipts

jake marley owner of marley wholesale is negotiating with the bank for a 200000 90 -day 12 percent loan effective july

  Imagine that you run a photography printing store your

1.explain the life cycle of an information systems2.apply the steps of the life cycle to the scenario listed

  Compute the contribution margin of welch men clothing

Mr. Welch, the owner of the store, is unhappy with the operating results. An analysis of other operating costs reveals that it includes $30,000 variable costs.

  During the year alexa rented out the condo for 134 days she

alexa owns a condominium near cocoa beach in florida. this year she incurs the following expenses in connection with

  Beginning finished goods inventory

Brown Company has $30,000 of ending finished goods inventory as of December 31, 2008. If beginning finished goods inventory was $25,000 and cost of goods sold was $40,000, how much would Brown report for cost of goods manufactured?

  Dentify depreciation methods used moyle company

dentify depreciation methods used Moyle Co. acquired a machine on January 1, 2013, at a cost of $800,000. The machine is expected to have a five year useful life, with a salvage value of $50,000.

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