Accounting 208: income tax

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Question description

43. LO 7-4 Haneen has taxable income of $115,000 without consideration of capital gain or loss transactions.  She has a short-term capital gain of $15,000, a long-term capital loss of $7,000, and a short-term capital gain of $4,000.  Assume none of the gains or losses arise from collectibles or unrecaptured §1250 property, and Haneen is in the 25% tax bracket.

  a. What is the total short term gain or loss?  $

  b. What is the total long term gain or loss?  $

  c. What is the carryover amount?  $

d. Is the gain or loss after netting taxed at the ordinary or capital rate?  Answer - Type of Rate:

46. LO 7-5  Jake purchased a $205,000 crane for his construction business.  He sold the crane for $150,000 after taking $115,000 of depreciation.  Assume Jake is in the 33% tax rate bracket.

  a. On what form would the gain or loss originally be reported?   Form

  b. What is the amount of gain or loss on the sale?  $

  c. What amount of the gain or loss is subject to ordinary tax rates?  $

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