1 In the current year, Alan reported a $104,850 net 1231 gain and a $4,000 net capital loss Assuming Alan reported $52,000 of nonrecaptured 1231 losses during the prior 5 years, what amount of Alan's net 1231 gain for the current year, if any, is treated as ordinary income 2 Convers Corporation (calendar year end) acquired and placed in service the following assets during the current tax year Machinery original basis $84,000 placed in service on October 25 Computer equipment original basis $24,000 placed in service on February 3 Used delivery truck original basis $37,000 placed in service on March 17 Furniture original basis $164,000 placed in service on December 22 The delivery truck is not a luxury automobile What is the applicable depreciation convention for the assets Convers placed in service this year assuming Convers elects out of bonus depreciation and does not take 179 expense 3 Marin operates a manufacturing business, and this year the three year old van she used in the business was destroyed in a fire The van was originally purchased for $23,400 and the adjusted basis was $5,375 at the time of the accident Although the van was worth $6,340 at the time of accident, insurance only paid Marin $1,625 for the loss What is the amount of Marin's casualty loss deduction

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1. In the current year, Alan reported a $104,850 net 1231 gain and a $4,000 net capital loss. Assuming Alan reported $52,000 of nonrecaptured 1231

1. In the current year, Alan reported a $104,850 net 1231 gain and a $4,000 net capital loss. Assuming Alan reported $52,000 of nonrecaptured 1231 losses during the prior 5 years, what amount of Alan's net 1231 gain for the current year, if any, is treated as ordinary income?

2. Convers Corporation (calendar-year-end) acquired and placed in service the following assets during the current tax year:

Machinery: original basis = $84,000; placed in service on October 25
Computer equipment: original basis = $24,000; placed in service on February 3
Used delivery truck*: original basis = $37,000; placed in service on March 17
Furniture: original basis = $164,000; placed in service on December 22

*The delivery truck is not a luxury automobile.

What is the applicable depreciation convention for the assets Convers placed in service this year assuming Convers elects out of bonus depreciation and does not take 179 expense?

3. Marin operates a manufacturing business, and this year the three-year-old van she used in the business was destroyed in a fire. The van was originally purchased for $23,400 and the adjusted basis was $5,375 at the time of the accident. Although the van was worth $6,340 at the time of accident, insurance only paid Marin $1,625 for the loss. What is the amount of Marin's casualty loss deduction?