Questions from General Taxation

Q: Umair sold some equipment he used in his business on August 29

Umair sold some equipment he used in his business on August 29, 2019, that was originally purchased for $65,000 on November 21, 2018. The equipment was depreciated using the 7-year MACRS method for a...

Q: Lois purchased the following blocks of Westgate stock: /

Lois purchased the following blocks of Westgate stock: Lois sold 1,600 shares of the stock on November 20, 2019, for $5.00 per share for a total of $8,000. Using the first-in, first-out method, deter...

Q: During 2019 Roberto sold 830 shares of Casual Investor Mutual Fund for

During 2019 Roberto sold 830 shares of Casual Investor Mutual Fund for $8.875 per share. The shares were purchased on the following dates: Calculate the gain (loss) on the sale under the following as...

Q: Suzette inherited property from her father on April 19, 2019.

Suzette inherited property from her father on April 19, 2019. The FMV at the date of death was $40,000. The property was worth $35,000 six months later and had a basis to her father of $25,000. a. Wha...

Q: Using the following independent situations, answer the following questions:

Using the following independent situations, answer the following questions: Situation 1 Clara received from her Aunt Sona property with an FMV at the date of the gift of $40,000. Aunt Sona had purchas...

Q: Amna owns undeveloped land with an adjusted basis of $350,

Amna owns undeveloped land with an adjusted basis of $350,000. She sells the property to George for $405,000. a. What is Amna’s realized and recognized gain? b. To what IRC section does the gain on th...

Q: Haneen has taxable income of $115,000 without consideration of

Haneen has taxable income of $115,000 without consideration of capital gain or loss transactions. She has a short-term capital gain of $18,000, a long-term capital loss of $10,000, and a short-term ca...

Q: Respond to the following independent situations: a. Jacob is

Respond to the following independent situations: a. Jacob is a single taxpayer who has net investment income consisting of $10,000 interest on a certificate of deposit, $5,000 from dividends from a mu...

Q: Respond to the following independent situations: a. Masa and

Respond to the following independent situations: a. Masa and Haiming, husband and wife, filing jointly, earn $275,000 in salaries and do not have any net investment income. (1) How much in surtax will...

Q: Antoine sold the following stock in 2019. ABC, Inc.,

Antoine sold the following stock in 2019. ABC, Inc., is a § 1202 qualified small business (QSB). a. Complete this chart. b. After netting, what is the total gain or loss? c....