For this year, Jane had the following Rental Financial Information for Income Tax Purposes. choose the best and most accurate answers.

Furniture, Class 8-20%, UCC was $5,000. Furniture Sold (Proceeds was $10,000; Cost was $2,000); Furniture, Class 8 was Closed, this year.

Building, Class 1-4%, UCC was $200,000

Rent Revenue	$40,000
Property Tax Expense	$5,000
Insurance and Maintenance Expense	$17,000

		For this year and based on the financial information given, Minimum Line 12600 is $7,000 And The Taxable Capital Gain is $4,000
		For this year and based on the financial information given, Minimum Line 126000 is $15,000 And The Taxable Capital Gain is $8,000
		For this year and based on the financial information given, The Terminal Loss is $3,000 And The Capital Gain is $1,500
		For this year and based on the financial information given, Minimum Line 12600 is $9,000 And The Capital Gain is $4,000

Answer rating: 100% (QA)

Answers Option A is correct Fo... View the full answer