LO4,8,9 Thuy bought a rental house in 2003 for $75,000. In 2010, she sells it for $86,000.

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LO4,8,9 Thuy bought a rental house in 2003 for $75,000. In 2010, she sells it for

$86,000. Thuy properly deducted $22,000 in depreciation on the house before its sale.

What is the amount and character of the gain on the sale?

a. Thuy also sells the following securities: image text in transcribed

Determine the amount of tax that Thuy will pay on her capital asset transactions.
Assume that she is in the 35% marginal tax rate bracket.

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Concepts In Federal Taxation 2011

ISBN: 9780538467926

18th Edition

Authors: Kevin E. Murphy, Mark Higgins

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Question Posted: Jul 18, 2024 07:06 AM

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LO4,8,9 Thuy bought a rental house in 2003 for $75,000. In 2010, she sells it for $86,000.

Question:

Security Purchase Date Sales Date Basis Sales Price Delphi Corporation 4/13/07 4/08/10 $ 3,000 $ 7,000 Mondo, Inc. 6/11/09 7/15/10 12,000 10,000 Horace Company 4/13/10 8/13/10 14,000 19,000

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Concepts In Federal Taxation 2011

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