Question 1 O out of 0.5 points The current tax year is 2020. The following 1231 transactions occurred: 2013 - Sold property for $17,000. Tax basis of $23,000. 2016 - Sold property for $34,000. Tax basis of $50,000. 2020 - Sold property for $100,000. Tax basis of $70,000. How much of the 1231 gain is considered capital in the current year? Selected Answer: $30,000 Answers: $30,000 $14,000 $16,000 $0 $8,000 Question 2 O out of 0.5 points You sell a machine with an adjusted tax basis of $200,000 for $225,000. The original purchase price was $215,000. This means we have $15,000 in accumulated depreciation. The machine never had any capital additions applied to it. How much X 1245 recapture will need to be reported as ordinary income? Selected Answer: $25,000 Answers: $25,000 $15,000 $10,000 $0 Question 3 O out of 0.5 points You signed a contract 5 years ago to sell all the timber on your land for $500,000. In 2020, you cut your timber. You have a total tax basis of $120,000 in the timber. On Jan 1 2020 FMV for timber is $450,000. How much of the gain is considered X ordinary income? Selected Answer: $380,000 Answers: $450,000 $330,000 $380,000 $50,000 Remaining Time: 1 hour, 17 minutes, 25 seconds. Question Completion Status: The current tax year is 2020. The following 1231 transactions accurred: 2013 - Sold property for $17,000. Tax basis of $23,000 2016 - Sold property for $34.000. Tax basis of 550,000 2020 - Sold property for $100,000 Tax basis of $70,000 How much of the 1231 gain is considered capital in the current year? 50 S8,000 $30,000 516,000 514,000 QUESTION 2 You sell a machine with an adjusted tax basis of $200,000 for $225,000. The original purchase price was 5215,000. This means we have $15,000 accumulated depreciation. The machine never had any capital additions applied to it. How much 1245 recapture will need to be reported as ordinary income? $15.000 SO O $25.000 $10,000 Click Save and Submit to me and submit. Click Save All Angers to see all amor Question 1 O out of 0.5 points The current tax year is 2020. The following 1231 transactions occurred: 2013 - Sold property for $17,000. Tax basis of $23,000. 2016 - Sold property for $34,000. Tax basis of $50,000. 2020 - Sold property for $100,000. Tax basis of $70,000. How much of the 1231 gain is considered capital in the current year? Selected Answer: $30,000 Answers: $30,000 $14,000 $16,000 $0 $8,000 Question 2 O out of 0.5 points You sell a machine with an adjusted tax basis of $200,000 for $225,000. The original purchase price was $215,000. This means we have $15,000 in accumulated depreciation. The machine never had any capital additions applied to it. How much X 1245 recapture will need to be reported as ordinary income? Selected Answer: $25,000 Answers: $25,000 $15,000 $10,000 $0 Question 3 O out of 0.5 points You signed a contract 5 years ago to sell all the timber on your land for $500,000. In 2020, you cut your timber. You have a total tax basis of $120,000 in the timber. On Jan 1 2020 FMV for timber is $450,000. How much of the gain is considered X ordinary income? Selected Answer: $380,000 Answers: $450,000 $330,000 $380,000 $50,000 Remaining Time: 1 hour, 17 minutes, 25 seconds. Question Completion Status: The current tax year is 2020. The following 1231 transactions accurred: 2013 - Sold property for $17,000. Tax basis of $23,000 2016 - Sold property for $34.000. Tax basis of 550,000 2020 - Sold property for $100,000 Tax basis of $70,000 How much of the 1231 gain is considered capital in the current year? 50 S8,000 $30,000 516,000 514,000 QUESTION 2 You sell a machine with an adjusted tax basis of $200,000 for $225,000. The original purchase price was 5215,000. This means we have $15,000 accumulated depreciation. The machine never had any capital additions applied to it. How much 1245 recapture will need to be reported as ordinary income? $15.000 SO O $25.000 $10,000 Click Save and Submit to me and submit. Click Save All Angers to see all amor