fundamental income tax

Project Description:

qus1-elvin, 45 years of age, sells his residence in 2014. he receives $30,000 in cash, and the buyer assumes his $105,000 mortgage. elvin also pays $6,500 in commissions and transfer costs.
if an amount is zero, enter 0
a. calculate the amount realized on the sale.
$
b. if the residence was acquired in 1986, and its adjusted basis is $75,000, calculate the amount and nature of the taxable gain on the sale (assuming he does not purchase a new residence).
$

qus2-in 2014, michael has net short-term capital losses of $2,000, a net long-term capital loss of $45,000, and other ordinary taxable income of $45,000.
if an amount is zero, enter "0".
a. calculate the amount of michael's deduction for capital losses on his tax return for 2014.
$

qus3-an office machine used by josie in her accounting business was completely destroyed by fire. the adjusted basis of the machine was $7,500 (original basis of $12,500 less accumulated depreciation of $5,000). the machine was not insured. calculate the amount and nature of josie's gain or loss as a result of this casualty.
amount of gain or loss: $

qus3-teresa's manufacturing plant is destroyed by fire. the plant has an adjusted basis of $260,000, and teresa receives insurance proceeds of $400,000 for the loss. teresa reinvests $425,000 in a replacement plant.
if an amount is zero, enter "0".
a. calculate teresa's recognized gain if she elects to utilize the involuntary conversion provision.
$
b. calculate teresa's basis in the new plant.
$

qus4-on july 1, 2014, ted, age 73 and single, sells his personal residence of the last 30 years for $365,000. ted's basis in his residence is $35,000. the expenses associated with the sale of his home total $20,000. on december 15, 2014, ted purchases and occupies a new residence at a cost of $175,000. calculate ted's realized gain, recognized gain, and the adjusted basis of his new residence.
realized gain $
recognized gain $
adjusted basis of the new residence $

he tax formula for individuals, a brief overview of capital gains and losses (lo 1.3, l.o. 1.8)
in 2014, lou has a salary of $54,000 from her job. she also has interest income of $1,700. lou is single and has no dependents. during the year, lou sold silver coins held as an investment for a $7,000 loss.
click here to access the table for the standard deduction.
calculate the following amounts for lou:
a. adjusted gross income $

b. standard deduction $

c. exemption $

d. taxable income $




determine from the tax table provided the amount of the income tax for each of the following taxpayers for 2014:
taxpayer(s) filing status taxable income income tax
allen single $21,000 $

boyd mfs 24,545 $

caldwell mfj 35,784 $

dell h of h 27,450 $

evans single 45,000 $

also, question attached
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