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Accounting
| Part 2 | |||||||||
| The following transactions and events occurred during the current year for Alex Broom. Beside each item describe | |||||||||
| the treatment and then complete the required. | |||||||||
| Gain/Loss | Description tax treatment of gain or loss | ||||||||
| Theft loss on gun collection owned 15 years; Basis $765 | -$765 | ||||||||
| Casualty gain on accident involving personal auto held 18 months | $965 | ||||||||
| Gain on sale of depreciable personalty held two years | |||||||||
| (Depreciation allowed = $1,200; Cost = $2,400) | $800 | ||||||||
| Loss on sale of depreciable asset held four years | |||||||||
| (Cost = $10,000; Basis = $8,000) | -$2,000 | ||||||||
| Gain on sale of depreciable building held three years (Cost = $15,000; | |||||||||
| Depreciation = $6,000; Straight-line = $4,000) | $5,000 | ||||||||
| Gain on sale of land held three years (Cost = $10,000) | $3,000 | ||||||||
| Loss on sale of common stock held for 16 months (Basis = $4,200) | -$1,200 | ||||||||
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