Siena Industries (a sole proprietorship) sold three § 1231 assets during 2014. Data on these property dispositions
Question:
a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset.
b. Assuming that Siena has no nonrecaptured net § 1231 losses from prior years, how much of the 2014 recognized gains is treated as capital gains?
Transcribed Image Text:
Asset Cost Acquired Depreciation Sold for Sold orn Rack $100,000 10/10/10 $62,000 $85,000 10/10/14 Forklift 35,000 10/16/11 Bin 23,000 34,000 ,000 10/10/14 60,000 10/10/14 87,000 03/12/13
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a Siena has 54000 47000 7000 of ordinary income due to 1245 recapture and 7000 of 1231 los...View the full answer
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Related Book For
South Western Federal Taxation 2015
ISBN: 9781305310810
38th Edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
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