Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. long term capital gain on the sale of investment r

Long Term Capital Gain on the sale of investment real estate acquired 2 years ago...

60.1K

Verified Solution

Question

Accounting

image
Long Term Capital Gain on the sale of investment real estate acquired 2 years ago will be taxed at a maximum 25% rate to the extent it includes prior un-recaptured depreciation, and 20% on the balance of the gain True False QUESTION 44 Sydney sells the factory building for $1 million, when it had an adjusted basis of $400,000, on the installment method, He receives $100,000 cash in the year a sale. relief from a $200,000 mortgage, and 14 notes of $50,000 each payable annually starting one year after the sale. As result he reports Sale: income in the year of 575.000 $100,000 $300,000 5600,000 None of the above QUESTION 45 Sydney's factory is destroyed by fire causing a $10,000 loss. In the same year he sells a long-term trade or business asset for a $90,000 gain. There is no depreciation recapture potential on any of the transactions, and there have been no other dispositions during the past five year. As a result Sydney will report $10,000 ordinary loss, 90,000 long-term capital gain 10,000 long-term capital loss and 90,000 long-term capital gain $10,000 ordinary loss and 90,000 ordinary gain Zero gain or loss None of the above Save AIA Click Save and Submit to save and submit. Click Save All Answers to see all answers. 16

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students