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Leo Gallagher is a traveling comedian musician, and phosapher in September of 2019, a truck he had uns For series to transport watermelons for his business was totally destroved in sudden cedent. Hun Redures in 6.000 for the truck, which had adjusted basis of $5.000 F 59.00 addos be desposed or the following assets during 2015 and thes atl were sotely used in the trade or business Awet Purchase Sledge Hammer Osice Furniture EQUR For each asset/transaction, list BOTH the amounts) and the characterisof any gaints) or losses). Rod Kimble is a self-employed businessman. He had the following net $1231 gains and losses for the prior five years, and before that he did not have any net $1231 ans and lose Yea 2018 net $1231 gain or loss cach year (7 800) 10,000 5.000 2017 2016 2015 2014 (12.000) A What amount of unrecaptured 51231 losses does he have from these prior years (ie, subject to "lookback" rules)? (7 pts) In the current year, Noman Rambis, a single taxpayer, has $50.000 of ordinary income, a Net Short Term Capital Loss of $10.000, a Net Long Term Capital Gain (0/15 20) of $2.800 a $4.000 loss on the sale of a highly collectible Art Wyeth painting held for 14 years, and an unrecaptured $1250 gain of $8,000. What is the amount and character of Norman's gain(s) loss(es) that he will report to the IRS after completing the netting process? it might help you (and will make it easier to give partial credit) if you use a a table like this in your answer LT1520 Ordinary Leo Gallagher is a traveling comedian, musician, and philosopher In September of 2019, a truck he had used for several years to transport watermelons for his business was totally destroyed in a sudden accident. His insurance reimbursed him $6,000 for the truck, which had adjusted basis of 55,000 and FMV of 59,000. In addition, he disposed of the following assets during 2019, and they all were solely used in the trade or business Ant Purchased Sold Cost Sale Price Accumulated Depreciation $1.000 Sledge Hammer $6.000 Office Furniture 3/10/2016 7:18 2015 10/14/2017 06:17/2019 02.02.2019 1030/2019 $3.000 5.20 000 $230,000 500 56 000 Equipment 51100 5250 000 For each asset/transaction, list BOTH the amount(s) and the character(s) of any gain(s) or loss(es). TT T Arial . 3112pt) - T.E.E. . QUESTION 37 In the current year. Norman Rambis. a single taxpayer, has 550.000 of ordinary income, a Net Short Term Capital Loss of $10.000. a Net Long Term Capital Gain (0/15/20) of 52.800. a $4.000 loss on the sale of a highly collectible Art Wyeth painting held for 14 years, and an unrecaptured $1250 gain of $8.000. What is the amount and character of Norman's gain(y loss(es) that he will report to the IRS after completing the netting process? It might help you (and will make it easier to give partial credit) if you use a a table like this in your answer LTO 15.20 For the toolbar, press ALT-F10 [PC) or ALT-FN-F10 (Mac). TTT 1147+1 = Leo Gallagher is a traveling comedian musician, and phosapher in September of 2019, a truck he had uns For series to transport watermelons for his business was totally destroved in sudden cedent. Hun Redures in 6.000 for the truck, which had adjusted basis of $5.000 F 59.00 addos be desposed or the following assets during 2015 and thes atl were sotely used in the trade or business Awet Purchase Sledge Hammer Osice Furniture EQUR For each asset/transaction, list BOTH the amounts) and the characterisof any gaints) or losses). Rod Kimble is a self-employed businessman. He had the following net $1231 gains and losses for the prior five years, and before that he did not have any net $1231 ans and lose Yea 2018 net $1231 gain or loss cach year (7 800) 10,000 5.000 2017 2016 2015 2014 (12.000) A What amount of unrecaptured 51231 losses does he have from these prior years (ie, subject to "lookback" rules)? (7 pts) In the current year, Noman Rambis, a single taxpayer, has $50.000 of ordinary income, a Net Short Term Capital Loss of $10.000, a Net Long Term Capital Gain (0/15 20) of $2.800 a $4.000 loss on the sale of a highly collectible Art Wyeth painting held for 14 years, and an unrecaptured $1250 gain of $8,000. What is the amount and character of Norman's gain(s) loss(es) that he will report to the IRS after completing the netting process? it might help you (and will make it easier to give partial credit) if you use a a table like this in your answer LT1520 Ordinary Leo Gallagher is a traveling comedian, musician, and philosopher In September of 2019, a truck he had used for several years to transport watermelons for his business was totally destroyed in a sudden accident. His insurance reimbursed him $6,000 for the truck, which had adjusted basis of 55,000 and FMV of 59,000. In addition, he disposed of the following assets during 2019, and they all were solely used in the trade or business Ant Purchased Sold Cost Sale Price Accumulated Depreciation $1.000 Sledge Hammer $6.000 Office Furniture 3/10/2016 7:18 2015 10/14/2017 06:17/2019 02.02.2019 1030/2019 $3.000 5.20 000 $230,000 500 56 000 Equipment 51100 5250 000 For each asset/transaction, list BOTH the amount(s) and the character(s) of any gain(s) or loss(es). TT T Arial . 3112pt) - T.E.E. . QUESTION 37 In the current year. Norman Rambis. a single taxpayer, has 550.000 of ordinary income, a Net Short Term Capital Loss of $10.000. a Net Long Term Capital Gain (0/15/20) of 52.800. a $4.000 loss on the sale of a highly collectible Art Wyeth painting held for 14 years, and an unrecaptured $1250 gain of $8.000. What is the amount and character of Norman's gain(y loss(es) that he will report to the IRS after completing the netting process? It might help you (and will make it easier to give partial credit) if you use a a table like this in your answer LTO 15.20 For the toolbar, press ALT-F10 [PC) or ALT-FN-F10 (Mac). TTT 1147+1 =Get Answers to Unlimited Questions
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