In 2011 tim sells section 1245 property for 28000 that he

Reference no: EM13596813

1) Owen owns 60 percent of the Big Time partnership. He sells to the partnership a machine for $70,000 that has a $45,000 basis. What would the taxable income be for Owen and what is the partnership's basis in the machine?
a. $25,000; $45,000
b. $0; $45,000
c. $25,000; $70,000
d. None of the above is correct.

2) In 2011, Tim sells Section 1245 property for $28,000 that he had purchased in 2007. Tim has claimed $5,000 in depreciation on the property and originally purchased it for $15,000. How much of the gain is taxable as ordinary income?
a. $5,000
b. $8,000
c. $18,000
d. $13,000
e. None of the above is correct.

Reference no: EM13596813

Questions Cloud

Which of these ground-state gaseous ions has the largest : which of these ground-state gaseous ions has the largest number of unpaired electrons?a v2b cr 2c fe 3d co 2e ni

The payroll register includes sections for recordingboth : 1 the payroll register includes sections for recording a assets liabilities equity revenues and expenses. b gross pay

If overhead is applied on the basis of dlhs what : blaine corp. makes floats for mardi gras in new orleans. the companys fiscal year ends on march 31. on january 1 2010

At a particular temperature the first-order gas-phase : at a particular temperature the first-order gas-phase reaction n2o5 -----gt 2no2 12o2 has a half-life for the

In 2011 tim sells section 1245 property for 28000 that he : 1 owen owns 60 percent of the big time partnership. he sells to the partnership a machine for 70000 that has a 45000

Apex chemicals company acquires a delivery truck at a cost : apex chemicals company acquires a delivery truck at a cost of 29564 on january 1 2010. the truck is expected to have a

Ivans capital account was credited for 120000 the partners : ivans capital account was credited for 120000. the partners agreed further that the current fair values of the net

When acetaldehyde at a pressure of 364 mmhg is introduced : when acetaldehyde at a pressure of 364 mmhg is introduced into an evacuated 500. ml flask at 518degc the half-life for

Cater right with total assets of 50000 borrows 15000 from : 1 anytime an owner removes any asset for personal use it is recorded as a a withdrawal. b payment of a liability. c an

User Account

All Pages