I sol my property for $5,000,000. I purchased the property for $4,900,000 with partial sale of $100,000 and $$47,950 of cumulative cost recovery. What is my adjusted basis?
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I sol my property for $5,000,000. I purchased the property for $4,900,000 with partial sale of $100,000 and $$47,950 of cumulative cost recovery. What is my adjusted basis?
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- TP was gifted vacant land with a basis of $22,000and a FMV at the time of the gift of $20,000. Sold it 3 years later for $25,000. What is the recognized gain?Would you please explain how to find the minimum taxable capital gain to be reported in Year 2? sold capital property in Year 1 for net proceeds of $500,000. The property has an adjusted cost base of $100,000. C received $200,000 at the time of the sale and a note for the balance to be paid in equal annual instalments over the following three years. What is the minimum taxable capital gain to be reported in Year 2?1. Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $75,000, the building’s fair value is $60,000, and the equipment’s fair value is $15,000. Journalize the lump-sum purchase of the three assets for a total cost of $140,000. Assume you sign a note payable for this amount. Show all steps please.
- H6. A business sells real property for $950,000, with $600,000 of this amount being allocated to the building and the remaining $350,000 allocated to the land. The building, the only asset in its Class, had a capital cost of $800,000 and a UCC of $650,000. The adjusted cost base of the land was $250,000. What are the tax consequences of this disposition? A capital gain of $50,000 and a terminal loss of $50,000 © A capital gain of $100,000 and a capital loss of $50,000 C A capital gain of $50,000 and a terminal loss of nil © A capital gain of $100,000 and a terminal loss of $50,000 Please give accurate response Show proper step by step calculationUse the following information to answer the "fill in the blanks" question: Jimmy Fallon acquired 3 rental properties in 2020 as follows: Building $40,000 42,000 70,000 Land Property 1 Property 2 Property 3 $10,000 12,000 30,000 Total $ 50,000 54,000 100,000 In 2020, the rent revenue before expenses for all three properties was $42,000. The expenses, not including CCA, for all three properties were $32,000 (property taxes, insurance, interest and maintenance). What is the minimum amount of net rental income to be reported in 2020? A What is the UCC balance for each class of rental properties at December 31, 2020? A What is the maximum amount of CCA that can be deducted in 2020 if the net rental income before CCA was $7,000?Jane purchased an office building for the total acquisition price of $1,000,000.00. The value of the land was $250,000.00. The value of the personal property was $100,000.00. The value of the mortgage was $500,000.00. The value of the leasehold was $850,000.00. What is her depreciable basis for the real estate? Please don't provide solution in an image format thanku
- Calculate and allocate basis for the following problems. 1. A property is acquired for a purchase price of $230,000 cash plus acquisition costs of $20,000. The tax assessment for this property is as follows: Assessed Value Land Improvements Total assessments $40,000 160,000 $200,000 a. What is the acquisition basis for this property? b. What is the allocation for land? c. What is the allocation for improvements?If I have a machine that I purchased for $50,000. I'be recorded depreciation of $28,000. I sell the machine for $25,000. how would I record the sale? How would MY entry change if I sold the machine for $15,000 rather than $25,000?On October 1, you purchased a residential home in which lo locale your professional office for $180,000. The appraisal is divided into $30,000 for the land and $150,000 for the building.(a) In your first year of ownership, how much can you deduct for depreciationfor tax purposes?(b) Suppose that you sold the property at $197,000 at the end of the fourth year of ownership. What is the book value of the property?
- Rachel Weitzman's basis in investment-use land was $15,000. She received a gross condemnation award of $17,500. Her net condemnation award was $12,250. She purchased replacement property at a cost of $18,000. What is Rachel's basis in the replacement property? $2,500 $15,000 $15,500 $18,000If Ivanhoe paid $20,000 to a real estate broker on January 1, 2025, as a fee for finding the lessor, what is the initial measuremen of the right-of-use asset? (Round answers to O decimal places, e.g. 5,275.) Right-of-use asset $ 941786 years ago, your company purchased a lot of land for $769203 . You received an offer to purchase the land for $1131668. If you sell it at this price, what is the implied return?
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