Elvin, a single taxpayer 45 years of age, sells his residence in 2016. He receives $35,000 in cash, and the buyer assumes his $100,000 mortgage. Elvin also pays $8,100 in commissions and transfer costs.

If an amount is zero, enter "0". If no taxable gain /loss, select "No taxable gain or loss: from the dropdown.

a. Calculate the amount realized on the sale. $

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b. If the residence was acquired in 1986, and its adjusted basis is $75,000, calculate the amount and nature of the taxable gain on the sale (assuming he does not purchase a new residence).

An office machine used by Josie in her accounting business was completely destroyed by fire. The adjusted basis of the machine was $8,000 (original basis of $14,000 less accumulated depreciation of $6,000). The machine was not insured.

Calculate the amount and nature of Josie's gain or loss as a result of this casualty. (Assume this is the taxpayer's only casualty gain or loss.)

Amount of gain or loss: