What is John\'s recognized gain? a. $363,280 b. $477,275 c. $347,725 d. $175,000

Question

What is John's recognized gain? a. $363,280 b. $477,275 c. $347,725 d. $175,000 e. None of the above 23. On November 03, 2017, Tim sold 1,000 shares of Citigroup stock (adjusted basih i Toup $45,000) for $28,000. On December 01, 2017, Tim purchased 1,200 share d stock for $ $27,500. What is Tim's recognized loss for 2017? a. $3,000 b. $17,000 d. $500 e. None of the above 24. Nancy, a single taxpayer paid $18,000 in medical expenses in 2016. Her AGl in 2016 was $100,000. Nancy filed a claim for reimbursement of medical expenses insurance company in 2016 but did not receive reimbursement Nancy paid no other expenses in 2016. Assuming medical expenses have a the standard deduction in 2016 is $6,300, how much of the medical expense reimbursement must Nancy include in gross in 2017 if she receives a reimbursement of with her until May 15, 2017 10% floor and $18,000? a. $6,300 b. $18,000 c. $1,700 d. $8,000 e. None of the above Question 25 through 29 Robert and Frank entered into an agreement where Robert exchanges his office building for Frank's farmhouse. The office building has a FMV of $480,000. Robert purchased the building in 2004 for $275,000 and has taken $65,000 of depreciation. Also, Robert has a mortgage on the building of $80,000, which Frank has agreed to assume. In exchange for the Robert's building Frank will transfer his farmhouse (FMV $350,000/adjusted basis $225,000) plus equipment with a FMV of $50,000 and an A/B of $85,000. 25. What is the amount realized by Robert on the exchange of his building? a. $480,000 b. $430,000 c. $400,000 d. $350,000 e. None of the above

Explanation / Answer

Solution for 23:-

Solution for 24

Computation of Tam's Recognized Loss for 2017 Sold 1000 Share (1) $28,000 Purchase 1200 Share $27,500 Purchase cost for 1000 Share (2) $22,917 ($27500/1200 Share*1000 Share) Gain to be recognized (1-2) $5,083 Hence, e) Non of the above.

Solution for 24

Allowable itemised deduction in 2015 (18000-(100000*10%) itemised deduction is more than standard deductio, hence itemised deduction would be considered Hence, d), Itemised Deduction

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