Jim (age19) sold his car for $2,000. Jim bought the car 6 months ago. For personal use

Fantastic news! We've Found the answer you've been seeking!

Question:

Jim (age19) sold his car for $2,000. Jim bought the car 6 months ago. For personal use for $1,500.

What would be Jim's assessable capital gain o the sale of his car?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

See More Books

Posted Date: Jul 13, 2023 05:41 AM

See More Questions

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-7. Ivan sold the following securities during the year and received a Form 1099-B that...
You are a CPA working for Susan Partner, a partner in the tax department of a CPA firm in Kitchener, Ontario. Yesterday, Susan had her second meeting with Jim and Cathy Bowman, a married couple who...
What does the following code fragment print? String $s=$ "He11o World"; s. toUpperCase(); s. substring (6, 11); StdOut.println(s);
Derive expressions for (u/P) T and (h/v)T in terms of P, v, and T only.
Soto Corporations balance sheet indicates that the company has $300,000 invested in operating assets. During 2011, Soto earned operating income of $45,000 on $600,000 of sales. Required a. Compute...
Holze Music Co. issued 5\%, 10 -year bonds payable at 75 on December 31, 2006. At December 31, 2009, Holze reported the bonds payable as follows: Holze uses the straight-line amortization method....
On January 1, 2006 the Sato Company adopted the dollar-value LIFO method of inventory costing. The company's ending inventory records appear as follows: Required Compute the ending inventory for the...
Present an overview of Verizon's financial performance over the past few years. Include key metrics such as revenue, net income, and earnings per share. - Provide a brief analysis of Verizon's...
Monis inc. acouired 100% ofthe votng common srock of Mark Inc on January 1, 2020. The book value and fair value of Mark's accounts on that date lorior to creating the umtato a toow along with the...
Following no-fault reform, why did property distribution become the preferred way to address the economic interests/needs of divorcing spouses?
An object that is $50 \mathrm{~mm}$ tall is placed $75 \mathrm{~mm}$ in front of a converging thin lens. If the image is inverted and $100 \mathrm{~mm}$ tall, what are (a) the distance of the...
Some would argue that we have gone too far in eliminating fault as a consideration in support awards. What role do you think fault should play, if any?
Despite the gender neutrality of spousal support laws, many people express discomfort at the thought of alimony being awarded to men. Why do you think this is? What is your reaction?
If a husband and wife mutually agree that the wife will devote most of her energies to caring for the couple's home and rearing their children, should she be "compensated" for this through a spousal...
1. Krondor Co. reported book taxable income of $10,359,00 for the year ended December 31, 2022, its first year of operations. Their tax account reported that their taxable income for the year was...
What are bounds and what do companies do with them?
Ken (age 31) and Amy (age 28) Booth have brought you the following information regarding their income, expenses, and withholding for the year. They are unsure which of these items must be used to...
During the 2012 tax year, Irma incurred the following expenses: Union dues..............................................................$275 Tax return preparation...
John Williams (age 42) is a single taxpayer, and he lives at 1324 Forest Dr., Reno, NV 89501. His Social Security number is 555-94-9358. John's earnings and withholdings as the manager of a local...
Typically most large scale commercial developments require an environmental impact assessment to be undertaken as part of the planning process. While more a regulatory requirement, such an assessment...
Use the data presented in 12.13. The probability of the monthly contribution from the new product exceeding 13 500 is: (a) 24.5% (b) 30.5% (c) 63.0% (d) 92.5% 12.13: A company expects to sell 1000...
Most businesses will try to minimize risk through a combination of risk assessment, risk management and, where possible, transfer the risk to another party. For businesses, risks like theft, fire...

Jim (age19) sold his car for $2,000. Jim bought the car 6 months ago. For personal use

Question:

Expert Answer:

To calculate the assessable capital gain we subtract the ... View the full answer

Income Tax Fundamentals 2013

Students also viewed these finance questions