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Please help with d-h: I was able to complete a-c but I am not getting the last few parts. Problem 14-77 (LO. 8, 9, 10)
Please help with d-h: I was able to complete a-c but I am not getting the last few parts.
Problem 14-77 (LO. 8, 9, 10) Larry is the sole proprietor of a trampoline shop. During 2020, the following transactions occurred. For each transaction, what are the amount and nature of recognized gain or loss? If an amount is zero, enter "O". a. Unimproved land adjacent to the store was condemned by the city on February 1. The condemnation proceeds were $15,000. The land, acquired in 1987, had an allocable basis of $40,000. Larry has additional parking across the street and plans to use the condemnation proceeds to build his inventory. There is a loss of $ 25,000 that is treated as 1231 loss V. Feedback Check My Work Generally, 1245 property includes all depreciable personal property (e.g., machinery and equipment), including livestock. Buildings and their structural components generally are not 1245 property. Generally, 1250 property is depreciable real property (principally buildings and their structural components) that is not subject to 1245. Intangible real property, such as leaseholds of 1250 property, is also included. b. A truck used to deliver trampolines was sold on January 2, 2020 for $3,500. The truck was purchased on January 2, 2016, for $6,000. On the date of sale, the adjusted basis was zero. There is a gain of $ 3,500 that is treated as ordinary income under $ 1245 V. c. Larry sold an antique rowing machine at an auction. Net proceeds were $4,900. The rowing machine was purchased as used equipment 17 years ago for $5,200 and is fully depreciated. There is a gain of $ 4,900 that is treated as ordinary income under 1245 . Feedback Check My Work Correct d. Larry sold an apartment building for $300,000 on September 1. The rental property was purchased on September 1, 2017, for $150,000 and was being depreciated over a 27.5-year life using the straight-line method. At the date of sale, the adjusted basis was $124,783. There is an overall of $ How much 1250 recapture is recognized? $ What is the amount of unrecaptured 1250? $ Feedback Check My Work Incorrect e. Larry's personal yacht was stolen on September 5. The yacht had been purchased in August at a cost of $25,000. The fair market value immediately preceding the theft was $19,600. Larry was insured for 50% of the original cost, and he received $12,500 on December 1. There is a tax (before any AGI limitations) of $ that is treated as Feedback Check My Work Incorrect f. Larry sold a Buick on May 1 for $9,600. The vehicle had been used exclusively for personal purposes. It was purchased on September 1, 2016, for $20,800. There is a of $ that is treated as g. Larry's trampoline stretching machine (owned two years) was stolen on May 5, but the business's insurance company will not pay any of the machine's value because Larry failed to pay the insurance premium. The machine had a fair market value of $8,000 and an adjusted basis of $6,000 at the time of theft. There is a tax of $ that is treated as Feedback Check My Work Incorrect h. Assume Larry had AGI of $102,000 from sources other than those described above. He also has no nonrecaptured 1231 lookback losses. What is Larry's 2019 AGI? Larry's 2020 AGI is $ Feedback Check My Work Incorrect Feedback Check My Work Partially correctStep by Step Solution
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