Siena Industries (a sole proprietorship) sold three 1231 assets during 2015. Data on these property dispositions
Question:
Siena Industries (a sole proprietorship) sold three § 1231 assets during 2015. Data on these property dispositions are as follows:
a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset.
b. Assuming that Siena has no non-recaptured net § 1231 losses from prior years, how much of the 2015 recognized gains is treated as capital gains?
Transcribed Image Text:
Asset Rack Forklift Bin 100,000 10/10/11 35,000 10/16/12 7000 03/12/14 Cost Acquired Depreciation Sold for Sold on $62,000 23,000 34,000 $85,000 10/10/15 000 10/10/15 60,000 10/10/15
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 25% (8 reviews)
a Siena has 54000 47000 7000 of ordinary income due to 1245 recapture and 7000 of 1231 los...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
South Western Federal Taxation 2016 Comprehensive
ISBN: 9781305395114
39th Edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young
Question Posted:
Students also viewed these Business Law questions
-
Copper Industries (a sole proprietorship) sold three § 1231 assets during 2014. Data on these property dispositions are as follows: a. Determine the amount and the character of the recognized...
-
Siena Industries (a sole proprietorship) sold three 1231 assets on October 10, 2014. Data on these property dispositions are as follows. a. Determine the amount and the character of the recognized...
-
Siena Industries (a sole proprietorship) sold three § 1231 assets during 2014. Data on these property dispositions are as follows: a. Determine the amount and the character of the recognized...
-
A company reports the following: Net income ............. $115,000 Preferred dividends .......... $15,000 Shares of common stock outstanding ... 20,000 Market price per share of common stock . $65.00...
-
During the 2011 annual accounting period, BSP Company completed the following transactions: (a) On January 1, 2011, purchased a patent for $28,000 cash (estimated useful life, seven years). (b) On...
-
The company had 100,000 shares of common stock outstanding on January 1. In addition, as of January 1, the company had issued 500 convertible bonds ($1,000 face value, 10%). The company has no other...
-
With Figure 1.5 in mind, how could changes in government policies affect accounting activities? All Stakeholders Financial statements Bank & agency reports Accounting System Tax returns Management &...
-
Petroleum Research, Inc. (A), and Extraction International, Inc. (B), have each developed a new extraction procedure that will remove metal and other contaminants from used automotive engine oil. The...
-
During August, the following transactions occurred:\ Aug 1 Paid August rental cost for aircraft, dockage, and dockside office, $6,800 .\ 2 Paid the insurance premium for August, $3,600 .\ Paid for...
-
In the figure for Problem 13-35, pinion 2 is to be a right-hand helical gear having a helix angle of 30, a normal pressure angle of 20, 16 teeth, and a normal diametral pitch of 6 teeth/in. A motor...
-
Keshara has the following net 1231 results for each of the years shown. What would be the nature of the net gains in 2014 and 2015? Tax Year _________ Net 1231 Loss _____ Net 1231 Gain 2010...
-
Copper Industries (a sole proprietorship) sold three 1231 assets during 2015. Data on these property dispositions are as follows: a. Determine the amount and the character of the recognized gain or...
-
Use the demand schedule for diamonds given in Problem 6. The marginal cost of producing diamonds is constant at $100. There is no fixed cost. a. If De Beers charges the monopoly price, how large is...
-
Make a brief note on the Sun microsystems commercial version of Unix-Solaris (Not more than one page) 2. Make a brief note or findings on blade servers and clustered systems (Not more than one...
-
A foreign company operates as a host company's subsidiary. The host firm monitors the foreign company's operations and ensures that it follows the Equal Employment Opportunity Commission's (EEOC)...
-
The defined benefit obligation and plan assets at the beginning of 2024 were $289,000 and $256,000, respectively. The current service cost for 2024 was $92,000 and past service cost was $15,000. The...
-
Evaluate the integral cosh z Sc (2 + 1/2)4 dz, where C is the circle {z: |2|=4}, giving your answer in Cartesian form.
-
For the compound interest loan whose terms are given below, find the future value, or the amount due at the end of the specified time. Principal: $6800 Interest rate: 3.8% Compounding: Monthly Time:...
-
A short-lived isotope of radium decays by alpha emission to radon-219. Write the nuclear equation for this decay process.
-
The financial statements of Eastern Platinum Limited (Eastplats) are presented in Appendix A at the end of this textbook. Instructions (a) Does East plats report any investments on its statement of...
-
Susan made the following purchases of ordinary shares in Semicycle plc: In January 2021, the company went into liquidation and Susan received a first distribution of 2 per share. The market value of...
-
Saeed made the following purchases of ordinary shares in Hyban plc: In June 2017, the company made a 1 for 20 rights issue at 1.50 per share and Saeed took up the shares which he was offered....
-
Suzanne acquired the following ordinary shares in Quarine plc: She made no further acquisitions and the shares were valued at 3.20 each on 31 March 1982. On 24 July 2020, Suzanne sold 1,200 shares...
-
In which one of the following lists are ALL items relevant to the determination of employment income? Employee RPP contributions; signing bonus on accepting employment; use of an employer - owned...
-
what is the shortest maturity bond issued by pfizer that is outstanding?
-
Manufacturing Company Balance Sheet Partial balance sheet data for Diesel Additives Company at August 31 are as follows: Finished goods inventory $89,400 Prepaid insurance 9,000 Accounts receivable...
Study smarter with the SolutionInn App