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kaplan AC507 week 5 assignment 1 and assignment 2




Question;Problem;Assignments22. Lab Kennels, Inc. and Wolman;Developers have agreed to exchange two parcels of land and each will assume the;other?s mortgage on the parcel acquired. Lab owns 500 acres within city limits;that has a value of $750,000 and a basis of $300,000. It is encumbered by;$200,000 mortgage. Wolman?s property is raw land outside the city that has a;value of $900,000, a basis of $400,000, and is encumbered by a $350,000;mortgage.a. What are Lab Kennels, Inc. and;Wolman Developer?s realized and recognized gains or losses on the exchange?b. What are their deferred gains or;losses?;c. What are their bases in the land;acquired?25.A tornado destroyed part of the offices;of Heywood Corporation. The building had a fair market value of $500,000 before;and $200,000 after the tornado. The basis of the building is $320,000.a. What;is Heywood?s casualty loss from the tornado?b. What;is its remaining basis in the property, assuming it deducts its loss?c. What;is Heywood?s gain or loss if it receives $250,000 from its insurance company as;compensation for its loss?;d. What;is its basis in the property if it spends $150,000 to repair the property?64. Locate and;print Form 4684. Enter the following information and complete the form to the;extent possible: Howser Corporation, a calendar-year corporation discovered in;January that its bookkeeper (who was fired late last year) had embezzled;$45,000 from the company. The theft was not covered by insurance. In October, a;hurricane damaged its warehouse building in the Florida Keys that it had used;for several years. The building?s fair market values before and after the;hurricane were $425,000 and $150,000, respectively. The basis of the building;at the time of the damage was $235,000. Howser received only $200,000 from its;insurance company due to its limited hurricane coverage.="msonormal">="msonormal">="msonormal"> Problem;Assignments;23.Whitlaw;Corporation has $150,000 of gross profit on sales, operating expenses of;$60,000, $4,000 dividend income from a 1 percent owned corporation, a $10,000;gain and $15,000 capital loss, a $15,000 Section 179 deduction, additional tax;depreciation of $25,000 (total financial accounting depreciation is $22,000), a;$5,000 charitable contribution, and a net operating loss carryover from the;prior year of $10,000.What;are Lab Kennels, Inc. and Wolman Developer?s realized and recognized gains or;losses on the exchange?;a. What;is Whitlaw?s taxable income?;b. What;is Whitlaw's income tax?60.Go to the IRS;Web site ( and print the first page of Form 1120. Using the;following information, determine Chelsea Corporation?s tax owed or refund due;using this form if it made estimated tax payments of $15,000. Chelsea Corporation (34 Chelsea Drive;Sarasota, Florida 33456) is a calendar-year corporation, its EIN is 78-9999999;and it was incorporated on June 15, 2002. It reported the following for the;current year: Sales = $1,450,000 Pension;Contributions = $28,000 Cost of Sales = $625,000 Meals and;Entertainment = $12,000 Officers Compensation = $187,000 Utilities = $21,000 Salary and Wages = $266,000 Repairs/Maintenance =;$14,000 Rent = $48,000 Vehicle;Expenses = $34,000 Taxes = $87,000 Insurance;= $30,000;Depreciation = $34,000 Employee;Benefit Plans = $17,000 Pro="msonormal">="msonormal">="msonormal">="msonormal">


Paper#40728 | Written in 18-Jul-2015

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