Donald sold four capital assets in the current year: Purchase Date 03/15/Year 7 04/05/Year 8 06/08/Year 9 09/15/Year 10 Sale Date 08/14/Year 10 10/31/Year 10 02/14/Year 10 12/28/Year 10 Cost $5,200 $6,600 $4,500 $9,600 Sales Proceeds $7,700 $2,900 $5,000 $7,000 If Donald's AGI before the capital transactions was $127,700, what is Donald's AGI after the capital transactions?
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- Edward sold four capital assets in the current year: Purchase Date 03/15/Year 7 04/05/Year 8 06/08/Year 9 09/15/Year 10 Sale Date AGI $ Cost 08/14/Year 10 $4,700 10/31/Year 10 $6,500 02/14/Year 10 $4,400 12/28/Year 10 $10,300 Sales Proceeds $7,800 $3,000 $4,700 $6,800 if Edward's AGI before the capital transactions was $120,400, what is Edward's AGI after the capital transactions?11 For 100.000 $ land is purchased with a $20, 000 down payment and the execution of an $80, 000 promissory note. How does this purchase affect the accounting equation? a) O assets increase $100, 000; liabilities decrease $100, 000 b) O assets increase $80, 000; liabilities decrease $20, 000 c)O assets increase $80, 000; owner's equity increases $80, 000 d) O assets increase $80, 000; liabilities increase $80, 000 O Boş bırak KÖnceki 11/20 Sonraki> Карat VSinavı Bitir Ce Herhangi bir sey arak 1 nces Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/19 Original Basis 3/23/20 $ 100,000 117,000 56,000 9/17/21 10/11/22 316,800 10/11/23 116,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck* (5-ear) Machinery (7-year) Computer (5-year) Date Sold 7/15/23 3/15/23 3/13/23 8/11/23 12/15/23 Depreciation deduction Convention HY MQ HY MQ HY Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2023 depreciation deduction (ignore $179 expense and bonus depreciation for this problem). (Use MACRS Table 1 Table 2, and Exhibit 10-6.) ***** Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.
- Parent purchases the net assets of Sub for P3,168,000. What is the total assets of Parent after the combination? A. 7,254,000 B. 9,181,600 C. 8,113,600 D. 7,354,000ing of year $50,000 $0 $20,000 $... In each of the following independent situations, indicate taxable distribution and Accumulated Beginning of year $50,000 $0 $20,000 $50,000 -$20,000 Current Year End E&P Distribution $0 $40,000 $40,000 $80,000 $10,000 $40,000 -$10,000 $60,000 $60,000 $60,000 E Taxable Return of Amount CapitalAsset Date Acquired Way Corporation disposed of the following tangible personal property assets in the current year. Original Basis Date Sold Furniture (7-year) 5/12/19 7/15/23 Convention HY $ 82,500 Machinery (7-year) 3/23/20 3/15/23 MQ 99,500 Delivery truck* (5-year) 9/17/21 3/13/23 HY 42,000 pped Machinery (7-year) 10/11/22 8/11/23 MQ 298,600 Computer (5-year) 10/11/23 12/15/23 HY 102,000 Book *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2023 depreciation deduction (ignore §179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount. Depreciation deduction
- Item Nos. 19 to 21 are based on the following information: Partners Bruce, Charlie, and Demi share profits and losses in the ratio of 5:3:2, respectively. At the end of a very unprofitable year, they decided to liquidate the firm. The partners' capital account balances at this time were as follows: 000.000 9 Bruce- -- P 22,000 Charlie --- 24,900 Demi- 15,000 11 SC s blo2 97 The liabilities accumulated to P 30,000, including a loan of P 10,000 from Bruce. The cash balance was P 6,000. All the partners are personally solvent. The partnership plans to sell the assets on installment basis. ich didA SE company has on its books for its proved property: P/P- tangible assets $50,000 Well and E&F $220,000 Accumulated DD&A $32,000 If the entire proved property is sold for $220,000, what will be any gain or loss? Accouinting18 Chaz Corporation has taxable income in 2023 of $1,313,150 for purposes of computing the $179 expense and acquired the following assets during the year: 0.31 points Asset office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total September 12 Placed in Service Basis $ 826,000 976,000 February 10 August 21 September 30 eBook Print 114,000 1,545,000 $ 3,461,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023? (Use MACRS Table 1 Table 2. Table 3, Table 4, and Table 5.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. References Maximum total depreciation deduction Check my work Activate Windows Go to Settings to activate Windows Graw
- Question list O Question 1 O Question 2 O Question 3 O Question 4 Show Transcribed Text Question list Question 1 Question 2 Question 3 O Question 4 Show Transcribed Text O Question list O Question 1 Question 2 O Question 3 O Question 4 O Question 5 K You are provided with the following information related to class 8 assets for the current year: • Undepreciated Capital Cost (UCC) Beginning Balance: $74,000 • Cost of additions: $8,000 • Dispositions (i.e. reduction for disposals): $21,000 K The class 8 rate is 20%. Using only this information, what is the maximum capital cost allowance (CCA) deduction for the current year for class 8? Choose the correct answer. O A. $15,600 O B. $10,600 OC. $12,200 O D. $11,400 K ACB Company has the following information related to class 10 assets for the current year: Beginning Balance: $152,000 cost of additions: $20,000 Dispositions, proceeds: $40,000 (original cost = $70,000) C The class 10 rate is 30%. Using only this information, what is the…C-Corporation A acquires C-Corporation B in a taxable stock acquisition. In the process of completing the transaction, A incurs $27 million of transaction costs, consisting of the following: 15 $5 million pre-brightline due diligence $10 million post-brightline due diligence $12 million inherently facilitative costs How much can A deduct and how much must A capitalize? a. Deduct $5 million; capitalize $22 million b. Deduct $15 million; capitalize $12 million c. Deduct all; capitalize none d. Deduct none; capitalize allQuestion 8.1.25 The following information relates to the sale of a piece of land in the current taxation year: Adjusted cost base of land: $275,000 Total proceeds of disposition: $500,000 In the current year, the seller received $200,000 of the proceeds of disposition in cash and a note payable for the remainder ($300,000). What is the maximum ITA40(1)(a)(iii) capital gains reserve that can be claimed by the seller in the current year. OA. $135,000 O B. $0 OC. $225,000 OD. $180,000