Moab Inc. manufactures and distributes high-tech biking gadgets. It has decided to streamline some of its operations so that it will be able to be more productive and efficient. Because of this decision it has entered into several transactions during the year.

1. Moab Inc. sold a machine that it used to make computerized gadgets for $29,700 cash. It originally bought the machine for $20,800 three years ago and has taken $8,000 depreciation.
2. Moab Inc. held stock in ABC Corp., which had a value of $20,000 at the beginning of the year. That same stock had a value of $23,230 at the end of the year.
3. Moab Inc. sold some of its inventory for $8,600 cash. This inventory had a basis of $5,000.
4. Moab Inc. disposed of an office building with a fair market value of $83,000 for another office building with a fair market value of $61,400 and $21,600 in cash. It originally bought the office building seven years ago for $70,000 and has taken $15,000 in depreciation.
5. Moab Inc. sold some land held for investment for $44,000. It originally bought the land for $45,800 two years ago.
6. Moab Inc. sold another machine for a note payable in four annual installments of $16,000. The first payment was received in the current year. It originally bought the machine two years ago for $48,000 and has claimed $9,800 in depreciation expense against the machine.
7. Moab Inc. sold stock it held for eight years for $3,550. It originally purchased the stock for $2,500.
8. Moab Inc. sold another machine for $8,900. It originally purchased this machine six months ago for $9,600 and has claimed $530 in depreciation expense against the asset.

Required:

1. 1. Determine the gain/loss realized and recognized in the current year for each of these events provided above. Also determine whether the gain/loss recognized is 1231, capital, or ordinary.
2. 2. From the recognized gains/losses determined in part 1, determine the net capital gain/loss, the net ordinary gain/loss, and the net capital gain/loss Moab will recognize on its tax return. Moab, Inc. also has $3,600 of nonrecaptured 1231 losses from previous years.

Required: 1. Determine the gain loss realized and recognized in the current year for each of these events provided above. Also determine whether the pair loss recognized is 31231, capital, or ordinary 2. From the recognized gains Ineses determined in part 1 determine the net capital can ass the net ordinary gair loss and the net capital gain loss Moab will recognize on its tax return. Moab.inc. also has 53,600 of nonrecaptured 31231 losses from previous Answer is not complete. Complete this question by entering your answers in the tabs below. Determine the gain/loss realized and recognized in the current year for each of these events provided above. Also determine whether the gain/ Tegnili 81231, capital, oraninary. ( l uld be inclinare by minus i .) Asset Realized Gain L055) Recognized Gain/Loss) Ordinary Ordinary Inco 1201 Gain Loss 8 .000 Urdinary Income Loss) Capital Gain Loss) 5 516,900516900S 8,000 0 0 3.500 3600 29,000 21 GOD 4,320 11.200) (1,000 9,000 1050 1170) 5 46,700 $ 41.180 3 22.120 5 (1.0001 1050 11701 3.430 Tonali 0 3 8 ,900 $ S 7501 Reg 2 > Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 From the recognized gains/losses determined in part 1, determine the net capital gain/loss, the net ordinary gain/loss, and the net capital gain/loss Moab will recognize on its tax return. Moab, Inc. also has $3,600 of nonrecaptured $1231 losses fron previous years. (Loss amounts should be indicated by a minus sign.) $1231 Notting Process $1231 gain $1231 loss Net $1231 gain Nonrecaptured $1231 losses Net $1231 gain Ordinary Income $1205 recapture $291 recapture Ordinary income Ordinary loss Ordinary income from $1231 nelting Total $ Capital Gains and Losses Capital gain Capital loss Nat capital gain