?? concepts n federal tax Chegg Study l Guided Solut Taxation Question Please H ? Income Problems LoudClo 9 Business Problems LoudCl + v KO /ewer.gcu.edu/TTRY9X 100 % 610 of 912 COMPREHENSIVE PROBLEM During the current year, the Harlow Corporation, which specializes in commercial construction, has the following property transactions: a. In April a tornado damages a crane and a dump truck at one of its construc 73. tion sites. The crane was acquired in 2010 for $120,000 and has an adjusted basis of $39,650. The dump truck was acquired in 2008 for $70,000 and has an adjusted basis of $33,880. The insurance company reimburses Harlow $35,000 for the crane and $42,000 for the dump truck. The company decides not to replace the dump truck and uses the insurance proceeds to purchase a new crane for $110,000 The company trades a road grader with a fair market value of $72,000 for a bulldozer worth $60,000. Harlow receives $12,000 in the exchange. The road grader originally cost $90,000 and has an adjusted basis of $50,000. The bull dozer cost $85,000, and its adjusted basis is $37,000. A fire destroys the company's supply warchouse. The warchouse originally cost $300,000 and has an adjusted basis of $200,000. Its fair market valuc before the fire was $250,000. ?.he insurance it uses to acquire a warchouse costing $280,000 b. c. company pays Harlow $230,000, which d. The city of PeaceDale condemns land that Harlow had acquired in 1979 for $22,000 and held as an investment. The city pays Harlow the S195,000 fair market value of the land. Harlow uses the procceds to acquire a commercial oflice park for $350,000 Harlow sells an automobile used by its president for business purposes for $10,000 to a local car dealership. The car originally cost $32,000, and its adjusted basis is $15,000. The company had an agreement to replace the auto- mobile with a customized four-whecl-drive vchicle from cializes in custom cars. However, the day the company sells the automobile, it is informed that the custom car company will not be able to deliver the vehicle for at least 10 weeks. Harlow terminates its contract with the custom car com- pany and buys a new automobile from the local car dealership for $55,000. e. a company that spe Determine the realized and recognized gain or loss on cach of Harlow's property transactions and the basis of any property acquired in each transaction 1:20 PM O Type here to search 7/17/2018 ?? concepts n federal tax Chegg Study l Guided Solut Taxation Question Please H ? Income Problems LoudClo 9 Business Problems LoudCl + v KO /ewer.gcu.edu/TTRY9X 100 % 610 of 912 COMPREHENSIVE PROBLEM During the current year, the Harlow Corporation, which specializes in commercial construction, has the following property transactions: a. In April a tornado damages a crane and a dump truck at one of its construc 73. tion sites. The crane was acquired in 2010 for $120,000 and has an adjusted basis of $39,650. The dump truck was acquired in 2008 for $70,000 and has an adjusted basis of $33,880. The insurance company reimburses Harlow $35,000 for the crane and $42,000 for the dump truck. The company decides not to replace the dump truck and uses the insurance proceeds to purchase a new crane for $110,000 The company trades a road grader with a fair market value of $72,000 for a bulldozer worth $60,000. Harlow receives $12,000 in the exchange. The road grader originally cost $90,000 and has an adjusted basis of $50,000. The bull dozer cost $85,000, and its adjusted basis is $37,000. A fire destroys the company's supply warchouse. The warchouse originally cost $300,000 and has an adjusted basis of $200,000. Its fair market valuc before the fire was $250,000. ?.he insurance it uses to acquire a warchouse costing $280,000 b. c. company pays Harlow $230,000, which d. The city of PeaceDale condemns land that Harlow had acquired in 1979 for $22,000 and held as an investment. The city pays Harlow the S195,000 fair market value of the land. Harlow uses the procceds to acquire a commercial oflice park for $350,000 Harlow sells an automobile used by its president for business purposes for $10,000 to a local car dealership. The car originally cost $32,000, and its adjusted basis is $15,000. The company had an agreement to replace the auto- mobile with a customized four-whecl-drive vchicle from cializes in custom cars. However, the day the company sells the automobile, it is informed that the custom car company will not be able to deliver the vehicle for at least 10 weeks. Harlow terminates its contract with the custom car com- pany and buys a new automobile from the local car dealership for $55,000. e. a company that spe Determine the realized and recognized gain or loss on cach of Harlow's property transactions and the basis of any property acquired in each transaction 1:20 PM O Type here to search 7/17/2018