Question 109.An individual taxpayer has the gains and losses shown below. There are $3,000 of § 1231 lookback losses. What is the net long-term capital gain?

109.An individual taxpayer has the gains and losses shown below. There are $3,000 of § 1231 lookback losses. What is the net long-term capital gain?

110. Vanna owned an office building that had been held more than one year when it was sold for $567,000. The real estate had an adjusted basis of $45,000 for the land and $233,000 for the building. Straight-line depreciation of

$162,000 had been taken on the building. What is the amount and initial character of the gain or loss from disposition of the real estate? Is any of the gain unrecaptured § 1250 (25%) gain?

111. The chart below describes the § 1231 assets sold by the Ecru Company (a sole proprietorship) this year. Compute the gain or loss from each asset disposition and determine the net § 1231 gain treated as long­term capital gain for the year. Assume there is a § 1231 lookback loss of $4,000.

112. The chart below describes the § 1231 assets sold by the Tan Company (a sole proprietorship) this year. Compute the gain or loss from each asset disposition and determine the net § 1231 gain treated as long­term capital gain for the year. Assume there is a § 1231 lookback loss of $14,000.

113. Residential real estate was purchased in 2011 for $345,000, held as rental property, and depreciated straight-line. Assume the land cost was $45,000 and the building cost was $300,000. Depreciation totaled $34,089. The building and land were sold on June 10, 2014, for $683,000 total. What is the tax status of the property, the nature of the gain from the disposition, and is any of it § 1250 depreciation recapture gain or unrecaptured
§ 1250 gain?

114. Williams owned an office building (but not the land) that was destroyed by a fire. The building was insured and Williams has a $156,000 gain because his insurance recovery exceeded his adjusted basis for the building. Williams may replace the building. Williams had taken $145,000 of depreciation on the building, has no § 1231 lookback loss, has no other § 1231 transactions for the year, and has no Schedule D transactions for the year. What is the finalnature of Jamison’s gain for the year and what tax rate(s) apply to the gain if:

(a) He does reinvest the insurance proceeds?

(b) If he doesn’t reinvest the insurance proceeds?

115. A business machine purchased April 10, 2013, for $62,000 was fully depreciated in 2013 using § 179 immediate expensing. On August 15, 2014, the sole proprietor who owned the machine gave it to his son. On that date, the machine’s fair market value was $57,000. The son did not use the machine in business or hold it as inventory and the machine was sold on November 22, 2014, for $53,000.What is the amount and nature of the gain or loss from disposition of the machine? Where is it reported in the son’s tax return?

116. Betty, a single taxpayer with no dependents, has the gains and losses shown below. Before considering these transactions, Betty has $45,000 of other taxable income. What is the treatment of the gains and losses and what is Betty’s taxable income?

117. In 2014 Angela, a single taxpayer with no dependents, disposed of for $44,000 a business building which cost $100,000. $60,000 of depreciation had been taken on the building. Angela has a short-term capital loss of $3,000 this year. She has taxable income (not related to property transactions) of $125,000. She has no § 1231 lookback loss. What is the amount and nature of the gain or loss, what is Angela’s taxable income, and what is her tax on the taxable income?

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