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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