principles of taxation

Ricardo acquired a warehouse for business purposes on August 30,2001 . The building cost $475,000. He took $247,000 of depreciation on the building, and then sold it for $580,000 on July 1,2020 . Required: a. What is the adjusted basis for the warehouse? b. What amount of the gain or loss is realized on the sale of the warehouse? c. What amount of the gain or loss is unrecaptured? d. At what rate is the unrecaptured gain or loss taxed? e. What amount of the gain or loss qualifies as a 1231 gain or loss? Answer is complete but not entirely correct. Haneen has taxable income of $107,500 without consideration of capital gain or loss transactions. She has a short-term capital gain of $22,700, a long-term capital loss of $11,250, and a short-term capital gain of $5,150. Assume no gains or losses are from collectibles or unrecaptured 1250 property, and Haneen is in the 24% tax bracket. Required: a. What is the total short-term gain or loss? b. What is the total long-term gain or loss? c. What is the carryover amount? d. Is the gain or loss after netting taxed at the Ordinary or Capital rate? Ordinary rate Capital rate