i need help tax return to decrease the profit on the contract for that year 19. Which
Get step-by-step solutions with AI-powered insights and expert guidance to help you understand core concepts.
Question:
i need help
tax return to decrease the profit on the contract for that year 19. Which of the following statements regarding a 52-53 week tax year is not correct? a. Some tax years will include more than 366 calendar days b. Whether the particular tax year includes 52 weeks or 53 weeks is not elective c. The year-end must be the same day of the week in all years. d. All of these are correct. 20. Janice bought her house years ago for $395,000. Since then, she has deducted $70,000 in depreciation associated with her home office and has spent $45.000 replacing all the old pipes and plumbing. She sells the house on July 1. this year. Her realtor charged $34.700 in commissions. Prior to listing the house with the realtor, she spent $300 advertising in the local newspaper. Don buys the house for $500,000 in cash and assumes her mortgage of 5194,000. What is Janice's adjusted basis at the date of the sale and the amount realized? a. $370,000 adjusted basis: $661,400 amount realized. b. $370,000 adjusted basis: $659,000 amount realized. c. $370,000 adjusted basis; 5665,200 amount realized. d. $325,000 adjusted basis: 5663,200 amount realized. 21. Abby sold her unincorporated business that consisted of equipment and goodwill. The equipment had an original cost of $200.000 and Abby had claimed $120,000 in depreciation (adjusted basis - 580,000). Abby had a zero basis in the goodwill. The sales price for the business was $250,000, with $150,000 for the equipment and $100,000 for the goodwill. The buyer agreed to pay $120,000 on June 30, 2021, and $130,000 (plus interest at the Federal rate) in two years. Abby's gain to be reported in 2021 (exclusive of interest) is: a. $40,000 b. $51.000. c. $102,000. d. $118,000 22. In determining the basis of like-kind property received, postponed losses are: a. Added to the basis of the old property b. Subtracted from the basis of the old property c. Added to the fair market value of the like-kind property received d. Subtracted from the fair market value of the like-kind property received. 23. Lynn purchases a house for $52,000. She converts the property to rental property when the fair market value is $115,000. After deducting depreciation (cost recovery) expense of $1,130, she sells the house for $120,000. What is her recognized gain or loss? a. $0 b. $6,130 c. $37,630 d. $69,130 ![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668e382857805_519668e3827dcae6.jpg)
Posted Date: