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Auto of $3, 500. What is the gain or loss recognized by Taxpayer on this transaction? a. $3000 gain b. $3500 gain c. $4.000 gain

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Auto of $3, 500. What is the gain or loss recognized by Taxpayer on this transaction? a. $3000 gain b. $3500 gain c. $4.000 gain d $0. In Year 9, Joan Reed exchanged commercial real estate that she owned for other commercial real estate and Joan received cash of $50,000. The following additional information pertains to this transaction: What amount of gain should be recognized in Reeds Year 9 income tax return? a. $200,000 b. $100,000 c. $50,000 d. $0 The building used in Manuel's business was condemned by the city of Mobile. Manuel received a condemnation award of $220,000, Manuel's adjusted basis in the building was $120,000, Manuel reinvests in similar property costing $200,000, and Manuel makes the proper election regarding the property. Manual's basis he new building is $102, 400 B)$121, 400 C)$120,000 D) $200,000. On January 2. year X1 Bates Corp purchased and placed into service 7-year MACRS tangible property costing $100,000. On December 31, year X3, Bates sold the property for $82,000, after having taken $46.525 in MACRS depreciation deductions. What amount of the gain should Bates recapture as ordinary income? A. $0 b. $28, 525 c. $46, 525 d. $60, 525 An individual had AGI $100,000 for the current year, before considering the following: What is her adjusted gross income for the current year? a. $95,000 b. $96,000 c. $97.000 d. $93,000 e. $94,000. Barbara had these net Section 123 gains and losses How will Barbara treat the $15.000 gain in year 4? a. $5,000 $10,000 b. $10,000 $5,000 c. $0 $15,000 d. $15,000 $0 Which statement is correct? A) Tax credits reduce tax liability on a dollar-for-dollar basis. B) Tax deductions reduce tax liability on a dollar-for-dollar basis. C) The benefit of a tax credit depends on the taxpayers marginal tax rate

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