MULTIPLE CHOICE 2 points 1) Michelle purchased her home for $150,000, 1000. The

Question

MULTIPLE CHOICE 2 points 1) Michelle purchased her home for $150,000, 1000. The adjusted basis in the home is 5151,0oo sseised One yeur gift from ber grandfather. At the time of the gih, the ld ad a FMV of land as a later, Kathleen solkd the land for SITo,000, What was her gain en wther did not have y sin ) (3 5,000) D) $25,000 ?All ofthe following are capital assets mitteosminor stock held for investment D) a Rembrandt painting held in a private collection. 4) Coretta sold the following securities during 2017: C) equipment used in a trade or business he re- 0-1-2017 15-20176-21-2017 4-2-2014 12-29-2017 $ 9, $14,000 $15,0 After th What is Coretta's net capital gain or loss result for the year? A) NSTCL of $3,000 and NLTCG of $15,000 B) $9,000 ANCG C) so D) $12,000 ANCG 5) Rita died on January 1, 2017 owning an asset with a FMV of $730,000 that she purchased in 2010 for 000 on August 20, 2017, he A)STCG of $70,000 ) LTCG of $70,000. C) STCG of $200,000 ) LTCG of $200,000. Deductions for adjusted gross income include all of the following excent contributions to certain retirement plan arrangements. alimony xpenses attributable to production of rental income.

Explanation / Answer

Answer:

1.C.$180000

$150000 + $25000 + $5000 = $180000

2.D.$25000

$110000 - $85000 = $25000

3.C.equipment used in a trade or business

4.B.$9000 ANCG

Sale of Security A results in a $6000 LTCL

Sale of Security B results in a $7000 STCL

Sale of Security C results in a $1000 STCG

Sale of Security D results in a $21000 LTCG

NSTCL of $6000 and NLTCG of $15000 net to attain $9000 adjusted net capital gain.

5.B.LTCG of $70000

$800000 - $730000 = $70000

Related Questions

Navigate

• Browse (All)
• Browse M
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.