PI:5-36 (similar to) Question Help Brogan received 700 shares of Denver Corporation stock from his unde as a gift on July 20, 2017, when the stock had a $175,000 FMV. His uncle paid $112.000 for the stock on April 12, 2002. The table gift was $175.000, because his uncle made another gift to Brogan for $22.000 in January and used the annual exclusion The uncle paid a gift tax of $17.500. Without considering the transactions below. Brogan's AGI is $80,000 in 2018. No other transactions involving capital assets occur during the year Read the requirement AG! prior to sale of stock 80,000 80,000 80,000 - Gain (loss) on sale of stock 63.700 (1.000) 54,700 AGI 143,700 70,000 134,700 wa Question Help Tony was a house that she has been living in foreight years. She purchased the house for 3220,000 and the FMV today is $100.000. She is moving into her friend's house and has decided to convert her residence to rental property. Assume 30% of the property's value is located to land. Requirements - X What is the basis of the house for depreciation? b. she is depreciation of $13.300 and sells the property six years later for 3250.000 (30% located to land), determine the gain on the sale of the building and gain on the sale of the land c. How much of the gain is due to depreciation? he FMV is 3245.000 when she converts the house to rental property instead of $120.000, what is the basis of the house for depreciation? d Prin Done Bobroeived 100 shares of Jackson Corporation stock from his uncle as a gift on July 20, 2017, when the stock had a $28.000 FMV. His uncle paid $22.600 for the On Apr 12, 2002. The table gift was $28.000, because his uncle made another gift to Bob for $40,000 in January and used the annual exclusion. The uncle padm ax of 4.200. Without considering the transactions below. Bob's AGI is $80,000 in 2018. No other transactions involving plasses cour during the year AGI prior to sale of stock + Gain (loss on sale of stock Enter any number in the edit fields and then click Check Answer. All parts showing Check Answer Rupert Anderson Federal Tacation 2019 Individuals 32e Tory own house that she has been living in foreight years. She purchased the house for $220,000 and the FMV today is $100.000. She is moving into her friend's house and has decided to convert her residence to rental property. Assume 30% of the property's value is allocated to land. Requirements a. What is the basis of the house for depreciation? b. she claims depreciation of $13,300 and sells the property six years later for $200,000 (30% allocated to land), determine the gain on the sale of the building and gain on the sale of the land e. How much of the pain is due to depreciation? d. If the FMV is $245,000 when she converts the house to rental property instead of $100,000, what is the basis of the house for depreciation? Print Done Enter any number in the edit fields and then click Check Answer 3 parts Clear All Check Answer remaining pert/Anderson: Federal Taxation 2019 Individuals 32e
