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Davidson Industries, a sole proprietorship, sold the following assets In 2019: Asset Warehouse Truck Computer Cost Acquired $125,eee 10/10/2012 17,eee 01/15/2018 2e,eee 07/31/2018 Depreciation $
Davidson Industries, a sole proprietorship, sold the following assets In 2019: Asset Warehouse Truck Computer Cost Acquired $125,eee 10/10/2012 17,eee 01/15/2018 2e,eee 07/31/2018 Depreciation $ 21, see 6, 120 5,300 Sale Price $146,250 15,750 11.ee Sale Date 23/15/2019 01/13/2019 08/31/2019 Required: a. The following questions relate to the sale of the warehouse: (1) What is the adjusted basis of the warehouse? (2) What is the realized gain on the warehouse? (3) What amount of the gain is taxed according to $ 1250 rules? (4) What amount is considered a 1231 gain before netting? b. The following questions relate to the sale of the truck: (1) What is the adjusted basis of the truck? (2) What is the realized gain on the truck? (3) What amount of the gain is taxed according to $ 1245 rules? (4) What amount of the gain is taxed as ordinary Income? c. The following questions relate to the sale of the computer: (1) What is the adjusted basis of the computer? (2) What is the realized gain or loss on the sale? (3) Which IRC section code applies to this asset? Complete this question by entering your answers in the tabs below. Required A Required B Required c (1) What is the adjusted basis of the warehouse? (2) What is the realized gain on the warehouse? (3) What amount of the gain is taxed according to $ 1250 rules? (4) What amount is considered a 5 1231 gain before netting? Show less Amounts (1) Adjusted basis (2) Realized gain (3) S 1250 Realized gain (4) S 1231 Realized gain
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