Nadia Shalom has the following transactions during the year: Sale of office equipment on March 15 that

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Nadia Shalom has the following transactions during the year: Sale of office equipment on March 15 that cost $19,000 when purchased on July 1, 2016. Nadia has claimed $3,000 in depreciation and sells the asset for $13,000 with no selling costs. Sale of land on April 19 for $124,000. The land cost $132,000 when purchased on February 1, 2007. Nadia’s selling costs are $6,000. Assume there were no capital improvements on either business asset sold. Nadia’s Social Security number is 924­56­5783. Complete Form 4797 on Pages 8­45 and 8­46 to report the above gains or losses. 

4797 Sales of Business Property (Also Involuntary Conversions and Recapture Amounts Under Šections 179 and 280F(b)(2))

Part II Ordinary Gains and Losses (see instructions) 10 Ordinary gains and losses not included on lines 11 through 16 (i

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Income Tax Fundamentals 2019

ISBN: 9781337703062

37th Edition

Authors: Gerald E. Whittenburg, Steven Gill

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