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Comprehensive Problem $11-71($LO $11-1,$ LO $11-2,$ LO $11-3,$ LO $11-4,$ LO $11-5,$ LO $11-6)($Algo$)$

$[$The following information applies to the questions displayed below$]$

Moab Incorporated manufactures and distributes high$-$tech biking gadgets. It has decided to streamline some of its

operations so that it will be able to be more productive and efficient. Because of this decision it has entered into several

transactions during the year.

a$.$ Moab Incorporated sold a machine that it used to make computerized gadgets for $$31,800$ cash. It originally bought the

machine for $$22,200$ three years ago and has taken $$8,000$ in depreciation.

b$.$ Moab Incorporated held stock in ABC Corporation, which had a value of $$27,000$ at the beginning of the year. That

same stock had a value of $$30,230$ at the end of the year.

c$.$ Moab Incorporated sold some of its inventory for $$10,000$ cash. This inventory had a basis of $$5,000$

d$.$ Moab Incorporated disposed of an office building with a fair market value of $$90,000$ for another office building with a

fair market value of $$67,000$ and $$23,000$ in cash. It originally bought the office building seven years ago for $$77,000$

e$.$ Moab Incorporated sold some land held tor $$15,000$ in depreciation.

e$.$ Moab Incorporated sold some land held for investment for $$35,000.$ It originally bought the land for $$40,800$ two years ago.

f$.$ Moab Incorporated sold another machine for a note payable in four annual installments of $$19,500.$ The first payment

was received in the current year. It originally bought the machine two years ago for $$62,000$ and has claimed $$10,500$

in depreciation expense against the machine.

g$.$ Moab Incorporated sold stock it held for eight years for $$4,250.$ It originally purchased the stock for $$2,850$

h$.$ Moab Incorporated sold another machine for $$10,300.$ It originally purchased this machine six months ago for $$11,000$

and has claimed $$530$ in depreciation expense against the asset.

Determine the gain$/$loss realized and recognized in the current year for each of these events provided above. Also determine

whether the gain$/$loss recognized will be $51231,$ capital, or ordinary

From the recognized gains$/$losses determined in part $1,$ determine the net $$1231$ gain$/$oss$,$ the net ordinary gain$/$loss$,$ and the net

capital gain$/$loss Moab will recognize on its tax return. Moab incorporated also has $$5,000$ of nonrecaptured net $$1231$ losses from

previous years.

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