On May 20, 2020, Jessica purchased land for $105,647 to use in a business. Jessica sold it
Question:
On May 20, 2020, Jessica purchased land for $105,647 to use in a business. Jessica sold it on May 21, 2021 for $102,595. What are the amount and type of loss on this sale if Jessica does not have any other sales from a trade or business?
a. $3,052 deferred loss.
b. $3,052 long-term capital loss.
c. $3,052 ordinary loss.
d. $3,052 § 1231 loss.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
c 30...View the full answer
Answered By
Caroline Kinuthia
Taking care of the smaller details in life has a larger impact in our general well being, and that is what i believe in. My name is Carol. Writing is my passion. To me, doing a task is one thing, and delivering results from the task is another thing. I am a perfectionist who always take things seriously and deliver to the best of my knowledge.
4.90+
1934+ Reviews
4273+ Question Solved
Related Book For
Fundamentals Of Taxation 2022
ISBN: 9781264209408
15th
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander
Question Posted:
Students also viewed these Business questions
-
Multiple Choice Questions 1. Jim sells a parcel of land for $70,000 cash and the buyer assumes Jims liability of $10,000 on the land. Jims basis is $62,000. What is the gain or loss on the sale? a....
-
1. In 2005, Matthew purchased land for $97,000 for use in his business. He sold it in 2015 for $103,000. What are the amount and type of gain on this sale, before netting of any other gains and/or...
-
On May 20, 2016, Jessica purchased land for $105,647 to use in her business. She sold it on May 21, 2017 for $102,595. What are the amount and type of loss on this sale if Jessica does not have any...
-
ABC Company acquired 60,000 shares of DEF Incorporated's 200,000 ordinary shares on January 2, 2019 for P 4,000,000 when the net assets of DEF Incorporated was P 12,000,000. The excess of acquisition...
-
The file P11.34.xlsx contains data on the top 40 golfers in 2008. This was the year when Tiger Woods won the U.S. Open in June and then had year-ending surgery directly afterward. Using all 40...
-
Nonverbal signals can be more influential than spoken language because. a. Body language is difficult to control and therefore difficult to fake, so listeners often put more trust in nonverbal cues...
-
The assumption of most investment formulas is that: a. What you get is what you pay for. b. What you get is more than what you pay for. c. What you get is less than what you pay for. d. Stocks and...
-
Imex Services Co, offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted or March 31, the end of the fiscal year, the following balances...
-
A survey organization sampled 58 households in a community and found that the mean number of TV sets per household was 3.55. The standard deviation is 1.5. Can you conclude that the mean number of TV...
-
Imagine that you work for the law firm Dewey, Wright, and Howe as an intern. With a team of employees, you are working on an orientation program for new interns. Part of your plan is to have interns...
-
In 2007, Duncan purchased 2,000 shares of stock for $50,000 in a midsize local company with gross assets of $15,000,000. In2021, Duncan sold the stock for $68,000. How is the gain treated for tax...
-
In 2018 Grant purchased land for $103,000 for use in a business. Grant sold it in 2021 for $114,000. What are the amount and type of gain on this sale, before netting of any other gains and/or...
-
With aging, body fat increases and muscle mass declines. The line graphs show the percent body fat in adult women and men as they age from 25 to 75 years. Use the graphs to solve Exercises 99106. For...
-
You receive an invoice dated September 21, 2009 in the amount of $1500 with terms of 2/15 net 30. If you pay $500 toward the invoice on September 30, what is the amount that is credited and what do...
-
An object moves in a circular motion that is not uniform. The c rclude it describes has a radius of 1 2 meters. The speed of the object is given by in = 3 . 6 + 1 . 5 ???? 2 with in in meters per...
-
Approximate the depth of the water (in ft) in the given tank if the fluid force on the vertical side is one-half as great as when the tank is full. (The weight-density of water is 62.4 pounds per...
-
A family has two cars. The first car has a fuel efficiency of 35 miles per gallon of gas and the second has a fuel efficiency of 25 miles per gallon of gas. During one particular week, the two cars...
-
The density of salt water is = 1030 kg/m. What is the absolute pressure at a depth of h = 179 m below the ocean's surface? Give your answer in kPa ( = 1000 Pa) to three significant figures.
-
Suggest how you would convert trans-4-methylcyclohexanol to (a) Trans-1-chloro-4-methylcyclohexane? (b) Cis-1-chloro-4-methlcycloexane?
-
Write an essay describing the differing approaches of nursing leaders and managers to issues in practice. To complete this assignment, do the following: 1. Select an issue from the following list:...
-
In 2012 Gerald loaned Main Street Bakery $55,000. In 2013, he learned that he would probably receive only $6,400 of the loan. In 2014 Gerald received $3,000 in final settlement of the loan. Calculate...
-
Charles, a self-employed real estate agent, attended a conference on the impact of some new building codes on real estate investments. His unreimbursed expenses were as follows: Airfare $480 Lodging...
-
Betsy acquired a new network system on June 5, 2014 (5-year class property) for $75,000. She expects taxable income from the business will always be about $175,000 without regard to the 179 election....
-
Delta Company produces a single product. The cost of producing and selling a single unit of this product at the company's normal activity level of 108,000 units per year is: Direct materials Direct...
-
Explain to Khalid 1. When consolidation entry "G is prepared? 2. Give two reasons why is consolidation entry "G prepared? Assume an upstream intra-entity transfer. Khalid did not give an answer.
-
! Required information [The following information applies to the questions displayed below.] The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it...
Study smarter with the SolutionInn App