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What is the amount and character of Harts recognized gain

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Reference no: EM132490298

Question - Hart, an individual, bought an asset for $500,000 and has claimed $100,000 of depreciation deductions against the asset. Hart has a marginal tax rate of 32 percent.

Answer the questions presented in the following alternative scenarios (assume Hart had no property transactions other than those described in the problem -

1a. What is the amount and character of Hart's recognized gain or loss if the asset is tangible personal property sold for $450,000?

1b. Due to this sale, what tax effect does Hart have for the year?

2a. What is the amount and character of Hart's recognized gain or loss if the asset is tangible personal property sold for $550,000?

2b. Due to this sale, what tax effect does Hart have for the year?

3a. What is the amount and character of Hart's recognized gain or loss if the asset is tangible personal property sold for $350,000?

3b. Due to this sale, what tax effect does Hart have for the year?

Reference no: EM132490298

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