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Presentation/PPT
27/08/2022
15. LO.2 Wanda is considering selling two personal use assets that she owns. One has appreciated in value by $20,000, and the other has declined in value by $17,000. Wanda believes that she should sell both assets in the same tax year so that the loss of $17,000 can offset the gain of $20,000.a. Advise Wanda regarding the tax consequences of her plan.b. Could Wanda achieve better tax results by selling the assets in different tax years?Explain.31. LO.1 Norm is negotiating the sale of a tract of his land to Pat. Use the following classification scheme to classify each of the items contained in the proposed sales contract:LegendDARN = Decreases amount realized by NormIARN = Increases amount realized by NormDABN = Decreases adjusted basis to NormIABN = Increases adjusted basis to NormDABP = Decreases adjusted basis to PatIABP = Increases adjusted basis to Pata. Norm is to receive cash of $50,000.b. Norm is to receive Pat’s note payable for $25,000, payable in three years.c. Pat assumes Norm’s mortgage of $5,000 on the land.d. Pat agrees to pay the realtor’s sales commission of $8,000.e. Pat agrees to pay the property taxes on the land for the entire year. If each party paid his or her respective share, Norm’s share would be $1,000 and Pat’s share would be $3,000.f. Pat pays legal fees of $500.g. Norm pays legal fees of $750.25. LO.4 Arnold, who is single, sold his principal residence on April 10, 2013, and excluded the realized gain under § 121 (exclusion on the sale of a principal residence).On April 12, 2013, he purchased another principal residence, which he sells on January 12,2014, for a realized gain of $80,000. Can Arnold exclude the $80,000 realized gain on theJanuary 2014 sale if his reason for selling was:a. His noisy neighbors? Explain.b. A job transfer to another city? Explain.41. Determine the realized, recognized, and postponed gain or loss and the new basis for each of the following like-kind exchanges:Adjusted Basis Of Old Machine Boots Given Fair Market ValueOf New Asset Boot Received a. $7,000 $-0- $12,000 $4,000b. 14,000 2,000 15,000 -0-c. 3,000 7,000 8,000 500d. 15,000 -0- 29,000 -0-e. 10,000 -0- 11,000 1,000f. 17,000 -0- 14,000 -0-16. LO.5 After netting all of her short-term and long-term capital gains and losses, Misty has a net short-term capital loss and a net long-term capital loss. Can she net these against each other? Why or why not?18. LO.2, 5, 7 Near the end of 2013, Byron realizes that he has a net short-term capital loss of $13,000 for the year. Byron has taxable income (not including the loss) of $123,000 and is single. He owns numerous stocks that could be sold for a long-term capital gain. What should he do before the end of 2013?22. LO.2, 4 Barbella purchased a wedding ring for $15 at a yard sale in May. She thought the ring was costume jewelry, but it turned out to be a real diamond ring. She is not in the business of buying and selling anything. She researched the ring on the Internet and discovered that it was worth at least $1,000. She sold it on an Internet auction site for $1,100 in July. Was the ring a capital asset? What were the amount and nature of the gain or loss from its sale by Barbella?
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