complete moab inc form 4797 for the year

Comprehensive Problem 11-71 (LO 11-1, LO 11-2, LO 11-3, LO 11-4, LO 11-5, LO 11-6) The following information applies to the questions displayed below) Moab inc manufactures and distributes high-tech biking gadgets. It has decided to streamline some of its operations so that it will be able to be more productive and efficient. Because of this decision it has entered into several transactions during the year. (Do not round intermediate computations.) a Moab Inc, sold a machine that it used to make computerized gadgets for $27,300 cash It originally bought the machine for $19.200 three years ago and has taken $8,000 in depreciation b. Moab Inc. held stock in ABC Corp., which had a value of $12,000 at the beginning of the year. That same stock had a value of $15,230 at the end of the year. c. Moab Inc sold some of its inventory for $7.000 cash. This inventory had a basis of $5,000. d Moab Inc, disposed of an office building with a fair market value of $75,000 for another office building with a fair market value of $55,000 and $20,000 in cash. It originally bought the office building seven years ago for $62,000 and nas taken $15,000 in depreciation e. Moab Inc, sold some land held for investment for $28,000. It originally bought the land for $32,000 two years ago f. Moab Inc sold another machine for a note payable in four annual installments of $12,000. The first payment was received in the current year. It originally bought the machine two years ago for $32,000 and has claimed $9.000 in depreciation expense against the machine. g Moab Inc. sold stock it held for eight years for $2750. It originally purchased the stock for $2,100 Moab Inc. sold another machine for $7,300. It originally purchased this machine six months ago for $9,000 and has claimed $830 in depreciation expense against the asset Form 4797 Sales of Business Property OMB No 15450184 (Also involuntary Conversions and Recapture Amounts Department of the Treasury Under Sections 179 and 280F(b)(2)) 2019 Internal Revenue Service Altach to your tax return Go to wwels goedForm 787 for instructions and the latest information Aachment Sequence 27 Name(s) shown on return Identifying number (Enter as 1 Enter the gross proceeds from sales or exchanges reported to you for 2019 on Form 1098-8 or top $ (or subtle statement that you care including on line 2. 10. 2000 Instructions Parti Sales or Exchanges of Property Used in a Trade or Business and involuntary Conversions From Other Than Casualty or Theft-Most Property Held More Than 1 Year(see instructions) Le Depreciation Cost or her Janom a Description of b) Date acquired (mo Date soldimo (d) Goes sales price lowed or w plus improvements and Suboth property day yo # B ) since acquisto fidandel Experts 3 Gain far from Form468439 4 Section 1231 gain from installment sales from Form 6252 26 37 5 Section 1231 gain or loss from kind exchanges from Form 3824 (a) Description of property (b) Date acquired (mo da. VT) (c) Date sold mo day, we (e) Depreciation Cost or other basis (d) Gross sales price allowedot allowable plus improvements and since acquisition expense of sale Gar) Subtractibus umid and 3 Gain if any, from Form 4634 line 39 4 Section 1231 gain from installment sales from Form 6352 line 26 of 37 5 Section 123 gain or doss) from like kind exchanges from Form 6024 & Gain any from line 32 from other than casualty or the 7 Combine ines2 through 6 Enter the gain or 0) here and on the appropriate line as follows Partnerships and corporations Report the gain or loss) following the instructions for Form 1065 Schedule Kline 10, or Form 1120-5. Schedule K line 9 Skip lines 8,11 and 12 below Individuals partners Scorporation shareholders and all others fine 7 is zero ora los enter the amount tomline 7 on line I below and skip lines 8 and 9 of line 75 again and you didn't have any prior your section 123Tlouses or they were recaptured in your enter gain from line 7 as a long term capital gain on the schedule bed with your mom and skip line 3.11 and 12 below 8 Nonrecaptured net section 1231 losses from prior years. de instructions Subtract line from line for or less enteroline D is zero enter the gamton Tonino 12 below is more than enolete amount from line 8 on line 12 below and enter the gain from les long-ton capital gain on the schedule Died with your returne Instructions Part II Ordinary Gains and Losses (see instructions) 10 Ordinary gains and losses not included on lines 11 through 16 (include property held 1 year or loss 11 121 15 11 Loss if any, from line 7 12 Gain, if any, from line 7 of an out from line if applicable 13 Gain if any from line 31 14 Met gain or dos) from Form 4654 lines 31 and 38 15 Ordinary gain from installment sales from Form 0252, ne 25 of 35 16 Ordinary gain or loss) from Bind exchanges from Form 1024 17 Combine lines 10 through 18 18 For all except individual returns enter the amount from 17 on the appropriate line of your return and skapines and before returns completenes a and below a If the loss on line 17 includes a foss from Form 4664 line 15 column wintermat part of the lossere Enter the loss born producing property on Schedule A Form 1040 or Form 1040-SR) line 10 Do not include any loss on property used as a campos dentity fron Form 4797 line 1.See instructions Redetermine the pain or on line 17 excluding the loss of any on line 18 Enterree and on Schium 1040 104052 Partline For Paperwork Reduction Act Notice, se separate instructions Cos 100 THIS FORMISA SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORMITSELF DO NOT USE THIS FOR FOR Form 4797 (2019) Page 2 Part III Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, and 1255 (see instructions) 19 (a) Description of section 1245, 1250, 1252, 1254, or 1255 property (b) Date acquired (cDate sold wy) OW A D These columns relate to the properties on lines 19A through 190 Property A Property B Property C Property D 20 21 22 23 24 20 Gross sales price (Note: See line 1 before completing 21 Cost or other basis plus expense of sale 22 Depreciation for depletion allowed or allowable 23 Adjusted basis Subtract line 22 from line 21 4 Total gain Subtract line 23 from line 20 section 1245 property Depreciation allowed or allowable from line 22 Enter the Smafor one 24 or 25a 28 Section 1250 property If straight line depreciation was used oferon line 269, except for a corporation subject to section 291 de ideal deprecation after 1975 see instructions Upplicable percentage multiplied by the smaller of 24 of the 28: See Instructions 25 250 200 26 25 250 280 25 261 200 26 If section 1250 property. If straight line depreciation was used, enter - on line 269, except for a corporation subject to section 291 a Additional depreciation after 1975. see instructions b Applicable percentage multiplied by the smaller of line 24 or line 26a See Instructions c Subtract line 26a from line 24. If residential rental property or line 24 isn't more than line 26a, skip lines 26 and 26 & Additional depreciation after 1969 and before 1976 e Enter the smaller of line 26c o 26d 1 Section 291 amount (corporations only) 9 Add lines 26b 200 and 20 27 of section 1252 property Skip this section if you didn't dispose of farmland or if this form is being completed for a partnership Soll water and land clearing expenses Line a multiplied by applicable percentage. See Instructions c Enter the smaller of line 24 or 27 28 section 1254 property a Intangible drilling and development costs expenditures for development of mines and other natural deposits mining exploration costs and depletion See Instructions 6 Enter the smaller of line 24 or 283 29 section 1255 property a Applicable percentage of payments excluded from income under section 126. See instructions Enter the smaller of line 24 of 253 See Instructions 27a 270 270 280 250 203 mining exploration costs, and depletion See Instructions 28a b Enter the smaller of line 24 or 28a 28b 29. section 1255 property Applicable percentage of payments excluded from income under section 126. See instructions 29a b Enter the smaller of line 24 or 29a See instructions 29b Summary of Part III Gains. Complete property columns A through through line 29b before going to line 30 30 Total gains for all properties. Add property columns A through D line 24 30 31 Add properly columns A through D. lines 25b, 269, 270, 286, and 29. Enter here and on line 13 31 32 Subtract line 31 from line 30. Enter the portion from casualty or theft on Form 4684, line 33. Enter the portion from other than casualty or theft on Form 4797, line 6 32 Recapture Amounts Under Sections 179 and 280F(b)(2) When Business Use Drops to 50% or Less (see Part IV instructions) a) Section 179 Section 280FDX23 33 Section 179 expense deduction or depreciation allowable in prior years 30 34 Recomputed depreciation See instructions 34 35 Recapture amount Subtract line 34 from line 33 See the instructions for where to report 35 UYA Fanm 2012 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORMIT SELF DO NOT USE THES FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2020 McGraw Hill Education Comprehensive Problem 11-71 (LO 11-1, LO 11-2, LO 11-3, LO 11-4, LO 11-5, LO 11-6) The following information applies to the questions displayed below) Moab inc manufactures and distributes high-tech biking gadgets. It has decided to streamline some of its operations so that it will be able to be more productive and efficient. Because of this decision it has entered into several transactions during the year. (Do not round intermediate computations.) a Moab Inc, sold a machine that it used to make computerized gadgets for $27,300 cash It originally bought the machine for $19.200 three years ago and has taken $8,000 in depreciation b. Moab Inc. held stock in ABC Corp., which had a value of $12,000 at the beginning of the year. That same stock had a value of $15,230 at the end of the year. c. Moab Inc sold some of its inventory for $7.000 cash. This inventory had a basis of $5,000. d Moab Inc, disposed of an office building with a fair market value of $75,000 for another office building with a fair market value of $55,000 and $20,000 in cash. It originally bought the office building seven years ago for $62,000 and nas taken $15,000 in depreciation e. Moab Inc, sold some land held for investment for $28,000. It originally bought the land for $32,000 two years ago f. Moab Inc sold another machine for a note payable in four annual installments of $12,000. The first payment was received in the current year. It originally bought the machine two years ago for $32,000 and has claimed $9.000 in depreciation expense against the machine. g Moab Inc. sold stock it held for eight years for $2750. It originally purchased the stock for $2,100 Moab Inc. sold another machine for $7,300. It originally purchased this machine six months ago for $9,000 and has claimed $830 in depreciation expense against the asset Form 4797 Sales of Business Property OMB No 15450184 (Also involuntary Conversions and Recapture Amounts Department of the Treasury Under Sections 179 and 280F(b)(2)) 2019 Internal Revenue Service Altach to your tax return Go to wwels goedForm 787 for instructions and the latest information Aachment Sequence 27 Name(s) shown on return Identifying number (Enter as 1 Enter the gross proceeds from sales or exchanges reported to you for 2019 on Form 1098-8 or top $ (or subtle statement that you care including on line 2. 10. 2000 Instructions Parti Sales or Exchanges of Property Used in a Trade or Business and involuntary Conversions From Other Than Casualty or Theft-Most Property Held More Than 1 Year(see instructions) Le Depreciation Cost or her Janom a Description of b) Date acquired (mo Date soldimo (d) Goes sales price lowed or w plus improvements and Suboth property day yo # B ) since acquisto fidandel Experts 3 Gain far from Form468439 4 Section 1231 gain from installment sales from Form 6252 26 37 5 Section 1231 gain or loss from kind exchanges from Form 3824 (a) Description of property (b) Date acquired (mo da. VT) (c) Date sold mo day, we (e) Depreciation Cost or other basis (d) Gross sales price allowedot allowable plus improvements and since acquisition expense of sale Gar) Subtractibus umid and 3 Gain if any, from Form 4634 line 39 4 Section 1231 gain from installment sales from Form 6352 line 26 of 37 5 Section 123 gain or doss) from like kind exchanges from Form 6024 & Gain any from line 32 from other than casualty or the 7 Combine ines2 through 6 Enter the gain or 0) here and on the appropriate line as follows Partnerships and corporations Report the gain or loss) following the instructions for Form 1065 Schedule Kline 10, or Form 1120-5. Schedule K line 9 Skip lines 8,11 and 12 below Individuals partners Scorporation shareholders and all others fine 7 is zero ora los enter the amount tomline 7 on line I below and skip lines 8 and 9 of line 75 again and you didn't have any prior your section 123Tlouses or they were recaptured in your enter gain from line 7 as a long term capital gain on the schedule bed with your mom and skip line 3.11 and 12 below 8 Nonrecaptured net section 1231 losses from prior years. de instructions Subtract line from line for or less enteroline D is zero enter the gamton Tonino 12 below is more than enolete amount from line 8 on line 12 below and enter the gain from les long-ton capital gain on the schedule Died with your returne Instructions Part II Ordinary Gains and Losses (see instructions) 10 Ordinary gains and losses not included on lines 11 through 16 (include property held 1 year or loss 11 121 15 11 Loss if any, from line 7 12 Gain, if any, from line 7 of an out from line if applicable 13 Gain if any from line 31 14 Met gain or dos) from Form 4654 lines 31 and 38 15 Ordinary gain from installment sales from Form 0252, ne 25 of 35 16 Ordinary gain or loss) from Bind exchanges from Form 1024 17 Combine lines 10 through 18 18 For all except individual returns enter the amount from 17 on the appropriate line of your return and skapines and before returns completenes a and below a If the loss on line 17 includes a foss from Form 4664 line 15 column wintermat part of the lossere Enter the loss born producing property on Schedule A Form 1040 or Form 1040-SR) line 10 Do not include any loss on property used as a campos dentity fron Form 4797 line 1.See instructions Redetermine the pain or on line 17 excluding the loss of any on line 18 Enterree and on Schium 1040 104052 Partline For Paperwork Reduction Act Notice, se separate instructions Cos 100 THIS FORMISA SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORMITSELF DO NOT USE THIS FOR FOR Form 4797 (2019) Page 2 Part III Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, and 1255 (see instructions) 19 (a) Description of section 1245, 1250, 1252, 1254, or 1255 property (b) Date acquired (cDate sold wy) OW A D These columns relate to the properties on lines 19A through 190 Property A Property B Property C Property D 20 21 22 23 24 20 Gross sales price (Note: See line 1 before completing 21 Cost or other basis plus expense of sale 22 Depreciation for depletion allowed or allowable 23 Adjusted basis Subtract line 22 from line 21 4 Total gain Subtract line 23 from line 20 section 1245 property Depreciation allowed or allowable from line 22 Enter the Smafor one 24 or 25a 28 Section 1250 property If straight line depreciation was used oferon line 269, except for a corporation subject to section 291 de ideal deprecation after 1975 see instructions Upplicable percentage multiplied by the smaller of 24 of the 28: See Instructions 25 250 200 26 25 250 280 25 261 200 26 If section 1250 property. If straight line depreciation was used, enter - on line 269, except for a corporation subject to section 291 a Additional depreciation after 1975. see instructions b Applicable percentage multiplied by the smaller of line 24 or line 26a See Instructions c Subtract line 26a from line 24. If residential rental property or line 24 isn't more than line 26a, skip lines 26 and 26 & Additional depreciation after 1969 and before 1976 e Enter the smaller of line 26c o 26d 1 Section 291 amount (corporations only) 9 Add lines 26b 200 and 20 27 of section 1252 property Skip this section if you didn't dispose of farmland or if this form is being completed for a partnership Soll water and land clearing expenses Line a multiplied by applicable percentage. See Instructions c Enter the smaller of line 24 or 27 28 section 1254 property a Intangible drilling and development costs expenditures for development of mines and other natural deposits mining exploration costs and depletion See Instructions 6 Enter the smaller of line 24 or 283 29 section 1255 property a Applicable percentage of payments excluded from income under section 126. See instructions Enter the smaller of line 24 of 253 See Instructions 27a 270 270 280 250 203 mining exploration costs, and depletion See Instructions 28a b Enter the smaller of line 24 or 28a 28b 29. section 1255 property Applicable percentage of payments excluded from income under section 126. See instructions 29a b Enter the smaller of line 24 or 29a See instructions 29b Summary of Part III Gains. Complete property columns A through through line 29b before going to line 30 30 Total gains for all properties. Add property columns A through D line 24 30 31 Add properly columns A through D. lines 25b, 269, 270, 286, and 29. Enter here and on line 13 31 32 Subtract line 31 from line 30. Enter the portion from casualty or theft on Form 4684, line 33. Enter the portion from other than casualty or theft on Form 4797, line 6 32 Recapture Amounts Under Sections 179 and 280F(b)(2) When Business Use Drops to 50% or Less (see Part IV instructions) a) Section 179 Section 280FDX23 33 Section 179 expense deduction or depreciation allowable in prior years 30 34 Recomputed depreciation See instructions 34 35 Recapture amount Subtract line 34 from line 33 See the instructions for where to report 35 UYA Fanm 2012 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORMIT SELF DO NOT USE THES FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2020 McGraw Hill Education