Knight Corporation, a C Corp, disposed of the following assets, all Sec 1231 property, during 2019:...
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Knight Corporation, a C Corp, disposed of the following assets, all Sec 1231 property, during 2019: Asset Deprec Method Cost Accum Deprec Adj. Basis Sale Price Equipment#1 MACRS - DDB $55,000 $40,000 $15,000 $23,000 Equipment# 2 MACRS - DDB $32,000 $11,000o $21,000 $30,000 Building MACRS - SL $110,000 $50,000 $60,000 $135,000 Land N/A $45,000 $0 $45,000 $55,000 Question A: Does Sec 1245 apply to personalty or realty? Type either personalty or realty in the blank providec Question B: How much is Knight Corporation's Sec 1250 ordinary income recapture? Question C: How much is Knight Corporation's Sec 291 ordinary income recapture? Knight Corporation, a C Corp, disposed of the following assets, all Sec 1231 property, during 2019: Asset Deprec Method Cost Accum Deprec Adj. Basis Sale Price Equipment#1 MACRS - DDB $55,000 $40,000 $15,000 $23,000 Equipment# 2 MACRS - DDB $32,000 $11,000o $21,000 $30,000 Building MACRS - SL $110,000 $50,000 $60,000 $135,000 Land N/A $45,000 $0 $45,000 $55,000 Question A: Does Sec 1245 apply to personalty or realty? Type either personalty or realty in the blank providec Question B: How much is Knight Corporation's Sec 1250 ordinary income recapture? Question C: How much is Knight Corporation's Sec 291 ordinary income recapture?
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A personalty B Section 1250 recapture rules not applicable where straight line ... View the full answer
Related Book For
Canadian Income Taxation planning and decision making
ISBN: 9781259094330
17th edition 2014-2015 version
Authors: Joan Kitunen, William Buckwold
Posted Date:
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