Business, 22.05.2020 00:02 2337911726
Hart, an individual, bought an asset for $500,000 and has claimed $100,000 of depreciation deductions against the asset. Hart has a marginal tax rate of 32 percent. Answer the questions presented in the following alternative scenarios (assume Hart had no property transactions other than those described in the problem): (Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable.)(a) What effect does the sale have on Hart’s tax liability for the year?(b) What is the amount and character of Hart’s recognized gain if the asset is tangible personal property sold for $550,000? What effect does the sale have on Hart’s tax liability for the year?(c) What is the amount and character of Hart’s recognized gain if the asset is tangible personal property sold for $350,000? What effect does the sale have on Hart’s tax liability for the year?(d) What is the amount and character of Hart’s recognized gain if the asset is a nonresidential building sold for $450,000? What effect does the sale have on Hart’s tax liability for the year?(e) Now assume that Hart is a corporation. What is the amount and character of its recognized gain if the asset is a nonresidential building sold for $450,000? What effect does the sale have on Hart’s tax liability for the year (assume the same 30 percent marginal tax rate)?(f) Now assuming that the asset is real property, which entity type should be used to minimize the taxes paid on real estate gains?
Answers: 1
Business, 21.06.2019 13:40
Ida sidha karya company is a family-owned company located in the village of gianyar on the island of bali in indonesia. the company produces a handcrafted balinese musical instrument called a gamelan that is similar to a xylophone. the gamelans are sold for $850. selected data for the company’s operations last year follow: units in beginning inventory 0 units produced 250 units sold 225 units in ending inventory
Answers: 2
Business, 22.06.2019 07:30
Which of the following is an example of an unsought good? a. cameron purchases a new bike. b. jordan buys paper towels. c. taylor buys cupcakes from her favorite bakery. d. riley buys new windshield wipers for her car.
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Business, 22.06.2019 10:30
The card shoppe needs to maintain 21 percent of its sales in net working capital. currently, the store is considering a four-year project that will increase sales from its current level of $349,000 to $408,000 the first year and to $414,000 a year for the following three years of the project. what amount should be included in the project analysis for net working capital in year 4 of the project?
Answers: 3
Business, 22.06.2019 11:30
Chuck, a single taxpayer, earns $80,750 in taxable income and $30,750 in interest from an investment in city of heflin bonds. (use the u.s. tax rate schedule.) (do not round intermediate calculations. round your answers to 2 decimal places.)
Answers: 2
Hart, an individual, bought an asset for $500,000 and has claimed $100,000 of depreciation deduction...
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