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Required information Moab Incorporated menufactures and distributes high - tech biking godgets. It hos decided to streamline some of its operations so that it will

Required information
Moab Incorporated menufactures and distributes high-tech biking godgets. It hos decided to streamline some of its
operations so that it will be able to be more productive and efficlent. Because of this declelon it has entered into several
tronsections during the ycer.
a. Mosb incorporated sold a machine that it used to make computerlzed gadgete for $31,900 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 530,230 at the end of the year
fair market velue of $67,000 and $23,000 in cash. It originally bought the office building severn years ago for $77,000
ond hes teken $15,000 in depreciation.
e. Moeb incorporated sold some land held for Investment for $35,000. It orlginelly bought the lend for $40,800 two years
ogo.
f. Mosb incorporsted sold another mochine tor a note pevable in tour annual inctallmente of S19,500. The first poyment
was recelved th the current year. It originally bought the mechine two yeare ago tor $62,000 and hes claimed $10,500
In depreciation expense sgeinst the machine.
g. Mosb 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 assot.
Required:
whether the gein/lose recognized will be $12%1, copital, or ordinery.
From the recognized gains/losses determined in part 1, determine the net 51231 gain/loss, 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 51231 losses from
previcus years
Complete this question by entering your answers in the tabs below.
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 $1231, capital, or ordinary.
Note: DD not round intermediate computations. LOss amounts should be indicated by a minus sign.
Complete this question by entering your answers in the tabs below.
From the recognized gains/losses determined in part 1, determine the net $1231 qain/loss, the nat ordinary gain/loss, and
the net capital gain/loes Moab will recognize on its tax return. Moab Incorporated also has $5,000 of nonrecaptured nct 51231
losses from previous years.
Note: Do not round intermediate computations. Loss amounts should be indicated by a minus sign.
Shove lemen
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