Ac 553

AC 553
Week 7

47.
On April 18, 2011, Jane Juniper purchased 30 shares of Bryan Corp. run for $210, and on September 29, 2011, she purchased 90 additional shares for $900. On November 28, 2011, she interchange 48 shares, which could not be specificall(a)y identified, for $576 and on celestial latitude 8, 2011, she sold another 25 shares for $188. What is her recognized arrive at or loss? 210/30= $7; 900/90= $10. November- 30* $7 + 18* $10= 390. December- 25* $10= 250. Total advance $124.00
40.
Debbie Davis and Elizabeth Engels transfer like-kind property. Debbie had an adjusted groundwork of $12,000 in her property ( charming merchandise value is $15,000). Elizabeths property had an adjusted tooshie of $9,000 and a fair market value of $10,500, and Elizabeth gave Debbie $4,500 in cash. Determine Debbies and Elizabeths realized gain or loss, recognized gain or loss, and the basis in their naked property. The realized gain for Elizabeth is 4500. The basis of Debbies impertinently property is $12,000. The basis of Elizabeths property is $13,500
34.
Jim Junction purchased a truck for business on November 17, 2010, for $40,000. On July 21, 2011, he exchanged the truck for another truck in a like-kind exchange. The new truck had a fair market value of $42,000. When does the safekeeping period on the new truck begin and what is its basis? The holding period begins on the date of acquisition.



Property given up in the exchange if the basis of the acquired property has the same basis in whole or in part as the property exchanged.
48.
Which of the following are Section 1231 assets? Explain. Assume all the items have been held long-term. 1231 assets are assets are assets used for a shell out or business and are held long term (more than 12 months). The items noted as a 1231 asset fit this definition:
* a.Machinery used in the business- this is a 1231 asset
* b.Personal home
* c.Factory building- 1231 asset
* d.Land held as an investment- 1231 asset
* e.Land used in a business- this is a 1231 asset
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