Hello,

I mainly need help with: 4797

Redetermine the gain or (loss) on line 17 excluding the loss, if any, on line 18a. Enter here and on Form 1040, line 14.

I also need help with depreciation.

please see attachment.

ACTG 068A Homework Assignment # 3 REQUIRED: Prepare 2014 Form 4797 for ABC, Inc. from the following information: ABC, Inc. FEIN 94-998877345 is in construction business. ABC had the following transactions in 2014: Sales of Business Property 1 Personal Property Item Sold A. Truck B. Furniture C. "SuperCement" TM Formula D. Mixing Machine (see note) Sale Date 10/1/2014 Sales Price (1) 5,000 Date Placed Purchase In Service 2/1/2012 Price (2) Depreciation/ Holding Amortization Period Period (LT or Taken ST) (3) 18,000 18,000 LT 7/5/2014 $ 900 2/1/2014 $ 1,400 $ 6/15/2014 $ 10,000 3/2/1994 $ 1,000 5/5/2014 $ 500 1/1/2012 $ 3,500 $ $ - Gain Depreciation recapture LT (Loss) (1) - [ (2)-(3)] Capital (4) 5,000 LT 5,000 0 5,000 ST (500) 0 0 1,000 LT 10,000 10,000 0 10,000 (3,000) $ (3,000) $ (3,500) 500 - LT 1231 5 year look back recapture (line 8 & 12) 11,500 2 ST - ordinary (line Capital afer 31) Recapture Ordinary (5) (4) - (5) Assume ABC, Inc. had $3,000 of net unrecaptured Sec. 1231 losses in excess of Sec. 1231 gains for 5 prior years Note: (A) 15,000 Because of clerical error no depreciation was taken on Mixing Machine a 5 year MACRS property placed in service on 1/1/2012 No property was placed in service in the 4th Quarter of 2014. Hint: Depreciation "allowed or allowable" concept is tested here! ACTG068A HW 3 12,000 (3,500) - (500) 15,500 -15500 31,000 (16,000) line 9 line 18b -3000 15,000 check s/b = (A) 18,000 ACTG 068A Homework Assignment # 3 REQUIRED: Prepare 2014 Form 4797 for ABC, Inc. from the following information: ABC, Inc. FEIN 94-998877345 is in construction business. ABC had the following transactions in 2014: Sales of Business Property 1 Personal Property Item Sold A. Truck B. Furniture C. "SuperCement" TM Formula D. Mixing Machine (see note) Sale Date 10/1/2014 Sales Price (1) 5,000 Date Placed Purchase In Service 2/1/2012 Price (2) Depreciation/ Holding Amortization Period Period (LT or Taken ST) (3) 18,000 Gain Depreciation recapture LT (Loss) (1) - [ (2)-(3)] LT ST - ordinary (line Capital afer 31) Recapture Ordinary (5) (4) - (5) Capital (4) 18,000 7/5/2014 $ 900 2/1/2014 $ 1,400 $ 6/15/2014 $ 10,000 3/2/1994 $ 1,000 $ 5/5/2014 $ 500 1/1/2012 $ 3,500 $ 1,000 - 1231 5 year look back recapture (line 8 & 12) 0 (A) 2 Assume ABC, Inc. had $3,000 of net unrecaptured Sec. 1231 losses in excess of Sec. 1231 gains for 5 prior years Note: Because of clerical error no depreciation was taken on Mixing Machine a 5 year MACRS property placed in service on 1/1/2012 No property was placed in service in the 4th Quarter of 2014. Hint: Depreciation "allowed or allowable" concept is tested here! ACTG068A HW 3 - - line 9 line 18b check s/b = (A)