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south western federal taxation

Questions and Answers of South Western Federal Taxation

Using the IRS Tax Statistics that can be found at www.irs.gov/ statistics, based on adjusted gross income for the most recent year available, determine the amount of net long-term capital gain
Your supervisor at your CPA firm has questioned whether the depreciation taken on a building under § I68(k) is subject to § 1250 depreciation recapture. Find a discussion in the Form 4797
Your client. Alternate Fuel, Inc. (a regular corporation), owns three sandwich shops in the Philadelphia area. In 2015, the year Alternate Fuel incorporated, it acquired land on the outskirts of
Clyde had worked for many years as the chief executive of Red Industries, Inc., and had been a major shareholder. Clyde and the company had a falling out, and Clyde was terminated. Clyde and Red
Siva Nathaniel owns various plots of land in Fulton County, Georgia. He acquired the land at various times during the last 20 years. About every fourth year, Siva subdivides into lots one of the
Justin Stone was an employee of DataCare Services, Inc. His salary was $45,000 through November 10, 2018, when he was laid off. DataCare Services provided medical insurance for Justin and his family
Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security Tax Computation Problem number Ls 123-45-6789. Ashley Ls single and has a 20-year-old son. Bill. His Social Security
Jasmine owned rental real estate that she sold to her tenant in an installment sale. Jasmine acquired the property in 2006 for $400,000; took $178,000 of depreciation on it; and sold it for $210,000,
Tan Corporation purchased depreciable tangible personal property for $100,000 in 2016 and immediately expensed the entire cost under § 179- In 2018, when the property was worth $80,000, Tan
Dedriea contributes to her wholly owned corporation some tangible personal property she had used in her sole proprietorship business and depreciated. She had acquired the property for $566,000 and
Miguel receives tangible personal property as an inheritance in 2016. The property was depreciated by die deceased (Miguel’s fadier), and Miguel will also depreciate it. At the dale of the
Anna received tangible personal property with a fair market value of $65,000 as a gift in 2016. The donor had purchased the property for $77,000 and had taken $77,000 of depreciation. Anna used the
Joanne is in the 24% tax bracket and owns depreciable business equipment that she purchased several years ago for $135,000. She has taken $100,000 of depreciation on the equipment, and it is worth
On January 1, 2009, Stephanie Bridges acquired depreciable real property for $50,000. She used straight-line depreciation to compute the asset's cost recovery. The asset was sold for $96,000 on
Larry is the sole proprietor of a trampoline shop. During 2018, the following transactions occurred:Unimproved land adjacent to the store was condemned by the city on February 1. The condemnation
On May 2, 1988, Hannah Weather (Social Security number: 111-22- 3333) acquired residential real estate for $450,000. Of the cost, $100,000 was allocated to the land and $350,000 to the building. On
On June 1, 2014, Skylark Enterprises (not a corporation) acquired a retail store building for $500,000 (with $100,000 being allocated to the land). The store building was 39-year real property, and
On December 1, 2016, Lavender Manufacturing Company (a corporation) purchased another company's assets, including a patent. The patent was used in Lavender s manufacturing operations; $49,500 was
Copper Industries (a sole proprietorship) sold three § 1231 assets during 2018. Data on these property dispositions are as follows:a. Determine the amount and the character of the recognized gain or
Siena Industries (a sole proprietorship) sold three § 1231 assets during 2018. Data on these property dispositions are as follows:a. Determine the amount and the character of the recognized gain or
Jinjie owns two parcels of business land (§ 1231 assets). One parcel can be sold at a loss of $60,000, and the other parcel can be sold at a gain of $70,000. Jinjie has no non-recaptured § 1231
Keshara has the following net § 1231 results for each of the years shown. What would be the nature of the net gains in 2017 and 2018? Net §1231 Gain Tax Year Net § 1231 Loss $18,000 2013 2014
Gray, Inc., a C corporation, has taxable income from operations of $1,452,000 for 2018. It also has a net long-term capital loss of $355,000 from the sale of a subsidiary’s stock. The year 2018 is
Asok’s AGI for 2018 is $133,050. Included in this AGI is a $45,000 25% longterm capital gain and a $13,000 0%/15%/20% long-term capital gain. Asok is single and uses the standard deduction. Compute
For 2018, Wilma has properly determined taxable income of $36,000, including $3,000 of unrecaptured § 1250 gain and $8,200 of 0%/15%/20% gain. Wilma qualifies for head-of-household filing status.
Jane and Blair are married taxpayers filing jointly and have 2018 taxable income of $107,000. The taxable income includes $5,000 of gain from a capital asset held five years, $2,100 of gain from a
For 2018, Ashley has gross income of $38,350 and a $5,000 long-term capital loss. She claims the standard deduction. Ashley is 35 years old and unmarried with two dependent children. How much of
Helena has die following long-term capital gains and losses for 2018: $65,000 28% gain, $53,000 28% loss, $28,000 25% gain, and $24,000 0%/15%/20% loss. She also has a $33,000 short-term loss and a
Paul has the following long-term capital gains and losses for 2018: $62,000 28% gain, $21,000 28% loss, $18,000 25% gain, and $64,000 0%/15%/20% gain. He also has a $53,000 short-term loss and a
Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent children. Susan has wages of $34,000 in 2017. Phil does not work due to a disability, but he is a
In 2018, Bertha Jarow had a $28,000 loss from the sale of a personal residence. She also purchased a patent on a rubber bonding process from an individual inventor for $7,000 (and resold it in two
Maria meets all of die requirements of § 1237 (subdivided realty). In 2018, she begins selling lots and sells four separate lots to four different purchasers. She also sells two contiguous lots to
Elaine Case (single with no dependents) has the following transactions in 2018:AGI (exclusive of capital gains and losses) ..............................$240,000Long-term capital gain
Dennis sells short 100 shares of ARC stock at $20 per share on January 15, 2018. He buys 200 shares of ARC stock on April 1, 2018, at $25 per share. On May 2, 2018, he closes the short sale by
Roger inherited 100 shares of Periwinkle stock when his mother, Emily, died. Emily had acquired the stock for a total of $60,000 on November 15, 2014. She died on August 10, 2018, and the shares were
Maria held vacant land that qualified as an investment asset. She purchased the vacant land on April 10, 2014. She exchanged the vacant land for a rental house in a qualifying like-kind exchange on
Consuela was a tenant in a campus apartment. She is a student at State University. Her lease began on August 1, 2018, and was due to expire on July 31, 2019- However, her landlord sold the building,
Hilde purchased all of the rights to a patent on a new garden tool developed by a friend of hers who is an amateur inventor. The inventor obtained the patent rights, set up a manufacturing company to
Carla was the owner of vacant land that she was holding for investment. She paid $2 million for the land in 2016. Raymond was an investor in vacant land. He thought Carla’s land might be the site
Fred is an investor in vacant land. When he thinks he has identified property that would be a good investment, he approaches the landowner, pays the landowner for a “right of first refusal" to
Benny purchased $400,000 of Peach Corporation face value bonds for $320,000 on November 13, 2017. The bonds had been issued with $80,000 of original issue discount because Peach was in financial
Melaney has had a bad year with her investments. She lent a friend $8,000; the friend did not repay the loan when it was due and then declared bankruptcy. The loan is totally uncollectible. Melaney
George is the owner of numerous classic automobiles. His intention is to hold the automobiles until they increase in value and then sell them. He rents the automobiles for use in various events
During the year, Eugene had the four property transactions summarized on the next page. Eugene is a collector of antique glassware and occasionally sells a piece to get funds to buy another. What are
Enzo is a single taxpayer with the following gains and losses for 2018:$2,100 short-term capital loss.$24,000 long-term capital gain from sale of stock.$14,000 § 1231 gain that is all unrecaptured
An apartment building was acquired in 2009. The depreciation taken on the building was $123,000, and the building was sold for a $34,000 gain. What is the maximum amount of 25% gain?
Sissie owns two items of business equipment. Both were purchased in 2014 for $100,000, both have a 7-year MACRS recovery period, and both have an adjusted basis of $37,490. Sissie is considering
Jacob purchased business equipment for $56,000 in 2015 and has taken $35,000 of regular MACRS depreciation. Jacob sells the equipment in 2018 for $26,000. What is the amount and character of
Renata Corporation purchased equipment in 2016 for $180,000 and has taken $83,000 of regular MACRS depreciation. Renata Corporation sells the equipment in 2018 for $110,000. What is the amount and
Elliott has the following capital gain and loss transactions for 2018.Short-term capital gain .............................$ 1,500Short-term capital loss
Coline has the following capital gain and loss transactions for 2018.Short-term capital gain ..........................................$ 5,000Short-term capital loss
Shen purchased corporate stock for $20,000 on April 10, 2016. On July 14, 2018, when die stock was worth $12,000, Shen died and his son, Mijo, inherited the stock. Mijo sold the stock for $14,200 on
On May 9, 2018, Glenna purchases 500 shares of Ignaz Company stock for $7,500. On June 30, 2018, she writes a call option on the stock, giving the grantee the right to buy the stock for $9,000 during
Thomas receives tangible personal property as an inheritance from a decedent who died in 2018. The property was depreciated by the deceased, and Thomas will also depreciate it. At the date of the
If depreciable equipment used in a business is sold at a recognized gain on July 10, 2018, and it was purchased on August 21, 2017, does § 1245 depreciation recapture apply to the asset? Explain.
Steven established a sole proprietorship in 2012. He sold § 1231 assets at a loss in 2016 and 2017. He had only sold § 1231 assets at a gain before 2016. In 2018, he could sell a § 1231 asset at a
An individual taxpayer had a net § 1231 loss in 2018. Could any of this loss be treated as a long-term capital loss? Why or why not?
Marsha exchanged land in Florida with an FMV of $52,700 and an adjusted basis of $60,000 for land in Iowa with an FMV of $57,700. Marsha also paid $5,000 cash in the transaction. What is Marsha’s
Marsha exchanged land in Florida with an FMV of $72,700 and an adjusted basis of $40,000 for land in Iowa with an FMV of $57,700. Marsha also assumed a $5,000 liability on the land received in the
Marsha exchanged land in Florida with an FMV of $72,700 and an adjusted basis of $40,000 for land in Iowa with an FMV of $57,700. Marsha also paid $5,000 cash in the transaction and received an
Chad owned an office building that was destroyed in a tornado. The adjusted basis of the building at the time was $890,000. After the deductible, Chad received an insurance check for $950,000. He
Chad owned an office building that was destroyed in a tornado. The adjusted basis of die building at the time was $890,000. After the deductible, Chad received an insurance check for $850,000. He
John purchased a primary residence on October 15, year 2, for $240,000. On June 10, year 4, he married Karen, and she moved into the house. Karen was not added to the deed. On October 15, year 6,
Agnes sold 50 shares of ABC stock to her son, Steve, in year 4 for $42,000. She bought the stock eight years ago for $50,000. Steve sold the stock to an unrelated party in year 6 for $60,000. How
Jerry inherits an asset from his uncle, who purchased the asset five days before he died. Which of the following statements is correct?a. If Jerry sells the asset a few days after receiving it, any
Alice gifted stock to her son, Bob, in year 5. Alice bought the stock in year 1 for $8,300. Hie value of the stock on the date of gift was $6,400. Bob sold the stock in year 7 for $15,800. What is
Jasmin purchased 100 shares of Pinkstey Corporation (publicly traded company) on January 1 of year 1 for $5,000. The FMV of the shares at the end of year 1 was $6,000. On January 1 of year 4,
Ted and Marvin Brown purchased an apartment building in 2007 as equal tenants in common. After a hectic decade of co-ownership, the brothers decided that their business association should be
Wesley, who is single, listed his personal residence with a real estate agent on March 3, 2018, at a price of $390,000. He rejected several offers in the $350,000 range during the summer. Finally, on
Karl purchased his residence on January 2, 2017, for $260,000, after having lived in it during 2016 as a tenant under a lease with an option to buy clause. On August 1, 2018, Karl sells the residence
Wanda, a calendar year taxpayer, owned a building (adjusted basis of $250,000) in which she operated a bakery that was destroyed by fire in December 2018. She receives insurance proceeds of $290,000
Cabel's warehouse, which has an adjusted basis of $380,000 and a fair market Decision Making value of $490,000, is condemned by an agency of the Federal government to make way for a highway
Edith’s warehouse (adjusted basis of $450,000) is destroyed by a hurricane in October 2018. Edith, a calendar year taxpayer, receives insurance proceeds of $525,000 in January 2019- Calculate Edith
Mitchell, a calendar year taxpayer, is the sole proprietor of a fast-food restaurant. His adjusted basis for the building and the related land is $450,000. On March 12, 2018, state authorities notify
In two unrelated transactions, Laura exchanges property that qualifies for like-kind exchange treatment. In the first exchange, Laura gives up land purchased in May 2016 (adjusted basis of $20,000;
Alice J. and Bruce M. Byrd are married taxpayers who file a joint return. Their Social Security numbers are 123-45-6789 and 111-11-1112, respectively. Alice's birthday is September 21, 1971, and
Tanya Fletcher owns undeveloped land (adjusted basis of $80,000 and fair market value of $92,000) on the East Coast. On January 4, 2018, she exchanges it with Lisa Martin (an unrelated party) for
Tyneka inherited 1,000 shares of Aqua, Inc. stock from Joe. Joe's basis was $35,000, and the fair market value on July 1, 2018 (the date of death) was $45,000. The shares were distributed to Tyneka
Helene and Pauline are twin sisters who live in Louisiana and Mississippi, Communications respectively. Helene is married to Frank, and Pauline is married to Richard.Frank and Richard are killed in
Dan bought a hotel for $2,600,000 in January 2014. In May 2018, he died and left the hotel to Ed. While Dan owned the hotel, he deducted $289,000 of cost recovery. The fair market value in May 2018
As sole heir, Dazie receives all of Mary's property (adjusted basts of $11,400,000 and fair market value of $13,820,000). Six months after Mary’s death in 2018, the fair market value is
On September 18, 2018, Gerald received land and a building from Frank as a gift. Frank's adjusted basis and the fair market value at the date of the gift are as follows:No gift tax was paid on the
Roberto has received various gifts over the years and has decided to dispose of several of these assets. What is the recognized gain or loss from each of the following transactions, assuming that no
Rod Clooney purchases Agnes Mitchell's sole proprietorship for $990,000 on August 15, 2018. The assets of the business are as follows:a. Calculate Agnes's realized and recognized gain.b. Determine
Kevin purchases 1,000 shares of Bluebird Corporation stock on October 3, 2018, for $300,000. On December 12, 2018, Kevin purchases an additional 750 shares of Bluebird stock for $210,000. According
Karen Samuels (Social Security number 123-45-6789) makes the following purchases and sales of stock:Assuming that Karen is unable to identify the particular lots that are sold with the original
Chee purchases Tan, Inc. bonds for $108,000 on January 2, 2018. The face value of the bonds is $100,000; the maturity date is December 31, 2022; and the annual interest rate is 5%. Chee will
Kareem bought a rental house in March 2013 for $300,000, of which $50,000 is allocated to the land and $250,000 to the building. Early in 2015, he had atennis court built in the backyard at a cost of
Anne sold her home for $290,000 in 2018. Selling expenses were $17,400. She purchased it in 2012 for $200,000. During the period of ownership, Anne had done die following:Deducted $50,500
On August 31, 2017, Harvey and Margaret, who file a joint return and live in Charleston, South Carolina, sell their personal residence, which they have owned and lived in for 10 years. The realized
Gary, who is single, sells his principal residence (owned and occupied by him for seven years) in November 2018 for a realized gain of $148,000. He had purchased a more expensive new residence eight
On February 24, 2018, Allison's building, with an adjusted basis of $1.3 million (and used in her trade or business), is destroyed by fire. On March 31, 2018, she receives an insurance reimbursement
On June 5, 2018, Brown, Inc., a calendar year taxpayer, receives cash of $750,000 from the county upon condemnation of its warehouse building (adjusted basis of $500,000 and fair market value of
In June 2018, Sue exchanges a sport-utility vehicle (adjusted basis of $16,000; fair market value of $19,500) for cash of $2,000 and a pickup truck (fair market value of $17,500). Both vehicles are
On July 1, 2018, Katrina purchased tax-exempt bonds (face value of $75,000) for $82,000. The bonds mature in five years, and the annual interest rate is 6%. The market rate of interest is 2%.a. How
Sally owns real property for which the annual property taxes are $9,000. She sells the property to Kate on March 9, 2018, for $550,000. Kate pays the real property taxes for the entire year on
Bob is notified by the city public housing authority on May 3, 2018, that his apartment building is going to be condemned as part of an urban renewal project. On June 1, 2018, Carol offers to buy die
Reba, a calendar year taxpayer, owns an office building that she uses in her business. The building is involuntarily converted on November 15, 2018. On January 5, 2019, Reba receives enough proceeds
a. Mort owns 500 shares of Pear, Inc. stock with an adjusted basis of $22,000. On July 28, 2018, he sells 100 shares for $3,000. On August 16, 2018, he purchases another 100 shares for $3,400.
Thelma inherited land from Sadie on June 7, 2018. The land appreciated in value by 100% during the six months it was owned by Sadie. The value has remained stable during the three months Thelma has

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