accounting home work help

timer Asked: Nov 22nd, 2014

Question description

I want you to do it

Course Project Solutions
DescriptionProceedsCost BasisGain (Loss)Short-TermLong-TermComments
Inherited Stock  35,000  29,000Inherited - so date of death FMV
Stock  3,200  6,000
Land (1)  147,000You have to calculate the cost basis - see 1 and 1a below
Stock  1,725  1,350
Stock  9,200  10,000
Bond (2)  95,949You have to calculate the basis, see 2 below
Amount realized
Minus: basis (1a)
Gain Realized  - 
$85,000Original purchase price of property, paid by James's Uncle
$5,000Gift tax paid at time of giftInclude all of the gift tax to get your basis
$125,000FMV of property at time of gift
$115,000Amount of gift (equals the FMV of property less the exclusion amount.
Interest AmortizationInterest Basis of
Receivedof OIDIncomeBond
1/1/2009  92,777
Look at my OID example spreadsheet for assistance on how to calculate this. 
Complete this section after you have finished the top section. 
Net Short-Term Capital Gain
Net Long-Term Capital Gain
Short-term Capital Loss Carryforward  8,000(Carried forward from prior year)
Capital Gain to be Reported
Capital Loss Carryforward0

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