Please help me answer the adjusted basis, gain/(loss) on sale for both the book asset and tax asset along with 1245, 1250 totals and ordinary income recapture, and capital

2 Chapter 11 Homework 3 Fall 2021 4 5 6 Instructions 7 Due Date: 09.24.21 Possible Points 10 9 10 On the tab marked 'Schedule of Gains and Losses' complete the following steps. Use the depreciation schedule 1 provided to calculate the basis and accumulated depreciation for each asset disposed of. Do not edit the 2 information in the depreciation schedule tab. 3 1 For both book and tax purposes, calculate the realized gain or loss for each asset individually 2 Calcuate the total 1245 gain/(loss) and the total 1250 gain/loss) 9 3 Calculate the depreciation recapture (if any) for each asset individually 4 Calculate the book to tax difference on the total gain or loss Book Asset No. Adjusted Basis Gain/(Loss) on Sale 1 2 Asset Descriptions Building Land Computer Equipment Software Furniture & Fixtures Date of Sale Date Acquired Proceeds 07.01.21 500,000 07.01.21 750,000 07.01.21 10,000 07.01.21 5,500 07.01.21 7,500 4 5 7 Net Gain/(Loss) From Sale of Assets Tax Ordinary Income Recapture Capital Adjusted Basis Gain/(Loss) on Sale Asset No. 1 2 Asset Descriptions Building Land Computer Equipment Software Furniture & Fixtures Date of Sale Date Acquired Proceeds 07.01.21 500,000 07.01.21 750,000 07.01.21 10,000 07.01.21 5,500 07.01.21 7,500 4 5 7 Net Gain/(Loss) From Sale of Assets Total 1245 Gain/Loss Total 1250 Gain/Loss Net Gain/(Loss) From Sale of Assets HINT: The two green cells need to be the same number. 5 Book Asset No. 1 Bonus Depreciation Beginning A/D 475.000 2021 Depreciation 95,000 Ending A/D 570,000 NN Asset Description Building Land Computer Equipment Software Furniture & Fixtures Date in Service 01.01.2016 01.01.2016 02.10.2017 03.15.2018 04.15.2019 Basis 950.000 300,000 35,000 20.000 80,000 Life 10.00 N/A 10.00 10.00 10.00 14 000 6.000 16.000 3.500 2 000 8,000 17 500 8,000 24,000 511,000 1.385,000 108,500 619,500 Total Bonus Depreciation Beginning A/D 120.840 2021 Depreciation 24,358 Ending A/D 145,198 Tax Asset No. 1 2 4 5 7 Asset Description Building Land Computer Equipment Software Furniture & Fixtures Date in Service 01.01.2016 01.01.2016 02.10.2017 03.15.2018 04.15.2019 Basis 950.000 300,000 35.000 20.000 80.000 Life 39.00 N/A 5.00 3.00 7.00 2,016 17.500 20,000 80.000 31,976 20.000 80,000 33.992 20,000 80 000 3 252 816 117,500 26.374 279,190 1,385,000 Total 2 Chapter 11 Homework 3 Fall 2021 4 5 6 Instructions 7 Due Date: 09.24.21 Possible Points 10 9 10 On the tab marked 'Schedule of Gains and Losses' complete the following steps. Use the depreciation schedule 1 provided to calculate the basis and accumulated depreciation for each asset disposed of. Do not edit the 2 information in the depreciation schedule tab. 3 1 For both book and tax purposes, calculate the realized gain or loss for each asset individually 2 Calcuate the total 1245 gain/(loss) and the total 1250 gain/loss) 9 3 Calculate the depreciation recapture (if any) for each asset individually 4 Calculate the book to tax difference on the total gain or loss Book Asset No. Adjusted Basis Gain/(Loss) on Sale 1 2 Asset Descriptions Building Land Computer Equipment Software Furniture & Fixtures Date of Sale Date Acquired Proceeds 07.01.21 500,000 07.01.21 750,000 07.01.21 10,000 07.01.21 5,500 07.01.21 7,500 4 5 7 Net Gain/(Loss) From Sale of Assets Tax Ordinary Income Recapture Capital Adjusted Basis Gain/(Loss) on Sale Asset No. 1 2 Asset Descriptions Building Land Computer Equipment Software Furniture & Fixtures Date of Sale Date Acquired Proceeds 07.01.21 500,000 07.01.21 750,000 07.01.21 10,000 07.01.21 5,500 07.01.21 7,500 4 5 7 Net Gain/(Loss) From Sale of Assets Total 1245 Gain/Loss Total 1250 Gain/Loss Net Gain/(Loss) From Sale of Assets HINT: The two green cells need to be the same number. 5 Book Asset No. 1 Bonus Depreciation Beginning A/D 475.000 2021 Depreciation 95,000 Ending A/D 570,000 NN Asset Description Building Land Computer Equipment Software Furniture & Fixtures Date in Service 01.01.2016 01.01.2016 02.10.2017 03.15.2018 04.15.2019 Basis 950.000 300,000 35,000 20.000 80,000 Life 10.00 N/A 10.00 10.00 10.00 14 000 6.000 16.000 3.500 2 000 8,000 17 500 8,000 24,000 511,000 1.385,000 108,500 619,500 Total Bonus Depreciation Beginning A/D 120.840 2021 Depreciation 24,358 Ending A/D 145,198 Tax Asset No. 1 2 4 5 7 Asset Description Building Land Computer Equipment Software Furniture & Fixtures Date in Service 01.01.2016 01.01.2016 02.10.2017 03.15.2018 04.15.2019 Basis 950.000 300,000 35.000 20.000 80.000 Life 39.00 N/A 5.00 3.00 7.00 2,016 17.500 20,000 80.000 31,976 20.000 80,000 33.992 20,000 80 000 3 252 816 117,500 26.374 279,190 1,385,000 Total