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Federal income taxation assignment




Question;1.Lowes Company sold a machine to a dealer for $25,000. Lowes bought the machine for $55,000 and has claimed $15,000 of depreciation expense on the machine. What gain or loss does Lowes realize on the transaction?2.Elizabeth has recently retired;and now wants to pursue her life-long dream of owning a sailboat. To come up;with the necessary cash, she sells the following investments;Stock;Market Value;Basis;Holding Period;Bradbury;$ 40,000;$ 5,000;Short-term;Zappos;$ 20,000;$ 30,000;Short-term;Longhorn Tech;$ 20,000;$ 12,000;Long-term;Stanley Corp.;$ 17,000;$ 28,000;Long-term;What is Elizabeth?s net capital gain/loss for the;year?3.Jonathan and Dianna are a married couple and have the following;capital stock transactions during the year. What is the couple?s net capital;gain/loss for the year?;Capital Gain/Loss;Amount;Short-term capital gain;$ 9,000;Long-term capital loss;6,000;Short-term capital loss;2,000;Long-term capital gain;15,000;4. For 2014, Joey;has a short-term loss of $2,500 and a long-term loss of $4,750.;a. How much loss can Joey deduct in;2014?;b. How much loss will Joey;carryover to 2015, and what is the character of the loss carryover?


Paper#39941 | Written in 18-Jul-2015

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