Scenario : Depreciation Recapture: The NittyGritty
Sole proprietor sells several items of business equipment, each with these details:
Item A: Orig. Cost $ Accum. Deprec. $ Sold for: $
Item B: Orig. Cost $ Accum. Deprec. $ Sold for: $
Item C: Orig Cost $ Accum. Deprec. $ Sold for: $
Net Business Income excluding these sales: $
Interest and Dividend Income: $
Itemized Deductions: $
Allowable deduction for selfemployment tax: $
Calculate:
The type of gainloss ordinary capital, Sec. and amount for each item.
AGI, Taxable Income, and Total Tax Liability
