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Required information The following information applies to the questions displayed below.) Russell Corporation sold a parcel of land valued at $647,500. Its basis in the land was $472.675. For the land, Russell received $58.500 In cash In year 0 and a note providing that Russell will receive $227,000 in year 1 and $362,000 in year 2 from the buyer. (Do not round Intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. What Is Russell's realized gain on the transaction? Realized gain $ 61,290 Required Information The following information applies to the questions displayed below] In year 0, Canon purchased a machine to use In Its business for $56.000. In year 3. Canon sold the machine for $42.000. Between the date of the purchase and the date of the sale. Canon depreciated the machine by $32,000. (LOSS amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) b. What is the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a corporation? Amount Description Total Gain (Loss) Recognized Character of Recognized Gain (Loss): Ordinary Gain/Loss) $1231 gain (loss) Required information (The following information applies to the questions displayed below.) In year 0, Canon purchased a machine to use in its business for $56.000. In year 3. Canon sold the machine for $42.000. Between the date of the purchase and the date of the sale, Canon depreciated the machine by $32,000. (LOSS amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) d. What is the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a corporation and the sale proceeds were decreased to $20,000? Amount Description Total Gain (Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/Loss) $1231 gain (loss) Required information The following information applies to the questions displayed below. Kase, an Individual, purchased some property In Potomac, Maryland, for $158.000 approximately 10 years ago. Kase is approached by a real estate agent representing a client who would like to exchange a parcel of land in North Carolina for Kase's Maryland property. Kase agrees to the exchange. What is Kase's realized gain or loss, recognized gain or loss, and basis in the North Carolina property In each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. The transaction qualifies as a like-kind exchange and the fair market value of each property is $740,000. Adjusted basis in new property Required information The following information applies to the questions displayed below] Kase, an Individual, purchased some property In Potomac, Maryland, for $158.000 approximately 10 years ago. Kase is approached by a real estate agent representing a client who would like to exchange a parcel of land in North Carolina for Kase's Maryland property. Kase agrees to the exchange. What Is Kase's realized gain or loss, recognized gain or loss, and basis in the North Carolina property In each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) b. The transaction qualifies as a like-kind exchange and the fair market value of each property is $119.000. Adjusted basis in new property Required Information (The following information applies to the questions displayed below.] On August 1 of year 0. Dirksen purchased a machine for $41,250 to use In Its business. On December 4 of year O, Dirksen sold the machine for $35,500. Use MACRS Table. (Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) a. What is the amount and character of the gain or loss Dirksen will recognize on the sale? Amount Description Total Gain/ Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/ Loss) $1231 gain (loss) Required Information The following Information applies to the questions displayed below.] On August 1 of year 0. Dirksen purchased a machine for $41,250 to use in its business. On December 4 of year o. Dirksen sold the machine for $35,500. Use MACRS Table. (Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) b. What is the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 Instead? Amount Description Total Gain/Loss) Recognized Character of Recognized Gain (Loss): Ordinary Gain/(Loss) $1231 gain (loss) Required information The following information applies to the questions displayed below.) Russell Corporation sold a parcel of land valued at $647,500. Its basis in the land was $472.675. For the land, Russell received $58.500 In cash In year 0 and a note providing that Russell will receive $227,000 in year 1 and $362,000 in year 2 from the buyer. (Do not round Intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. What Is Russell's realized gain on the transaction? Realized gain $ 61,290 Required Information The following information applies to the questions displayed below] In year 0, Canon purchased a machine to use In Its business for $56.000. In year 3. Canon sold the machine for $42.000. Between the date of the purchase and the date of the sale. Canon depreciated the machine by $32,000. (LOSS amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) b. What is the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a corporation? Amount Description Total Gain (Loss) Recognized Character of Recognized Gain (Loss): Ordinary Gain/Loss) $1231 gain (loss) Required information (The following information applies to the questions displayed below.) In year 0, Canon purchased a machine to use in its business for $56.000. In year 3. Canon sold the machine for $42.000. Between the date of the purchase and the date of the sale, Canon depreciated the machine by $32,000. (LOSS amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) d. What is the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a corporation and the sale proceeds were decreased to $20,000? Amount Description Total Gain (Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/Loss) $1231 gain (loss) Required information The following information applies to the questions displayed below. Kase, an Individual, purchased some property In Potomac, Maryland, for $158.000 approximately 10 years ago. Kase is approached by a real estate agent representing a client who would like to exchange a parcel of land in North Carolina for Kase's Maryland property. Kase agrees to the exchange. What is Kase's realized gain or loss, recognized gain or loss, and basis in the North Carolina property In each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. The transaction qualifies as a like-kind exchange and the fair market value of each property is $740,000. Adjusted basis in new property Required information The following information applies to the questions displayed below] Kase, an Individual, purchased some property In Potomac, Maryland, for $158.000 approximately 10 years ago. Kase is approached by a real estate agent representing a client who would like to exchange a parcel of land in North Carolina for Kase's Maryland property. Kase agrees to the exchange. What Is Kase's realized gain or loss, recognized gain or loss, and basis in the North Carolina property In each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) b. The transaction qualifies as a like-kind exchange and the fair market value of each property is $119.000. Adjusted basis in new property Required Information (The following information applies to the questions displayed below.] On August 1 of year 0. Dirksen purchased a machine for $41,250 to use In Its business. On December 4 of year O, Dirksen sold the machine for $35,500. Use MACRS Table. (Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) a. What is the amount and character of the gain or loss Dirksen will recognize on the sale? Amount Description Total Gain/ Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/ Loss) $1231 gain (loss) Required Information The following Information applies to the questions displayed below.] On August 1 of year 0. Dirksen purchased a machine for $41,250 to use in its business. On December 4 of year o. Dirksen sold the machine for $35,500. Use MACRS Table. (Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) b. What is the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 Instead? Amount Description Total Gain/Loss) Recognized Character of Recognized Gain (Loss): Ordinary Gain/(Loss) $1231 gain (loss)