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    Harvard university
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Category > Accounting Posted 21 Apr 2017 My Price 8.00

Problem 1 Sec. 1245.

Problem 1 Sec. 1245. Elizabeth owns equipment that cost $500,000 and has an adjusted basis of $2
the straight-line method of depreciation had been used, the adjusted basis would be $30
a. What is the maximum selling price that she could sell the equipment for without havin
recognize Sec. 1245 ordinary income?
b. If she sold the equipment and had to recognize $61,000 of Sec. 1245 ordinary income
the selling price? The solutions must be presented in excel and should include details to indicate how you
each answer. Problem 2 Unrecaptured Sec. 1250 Gain and 1231. Mr. Briggs purchased an apartment complex on J
2014, for $2 million with 10% of the price allocated to land. He sells the com- plex on Oct
2016, for $2.5 million. Assume that 10% of the $2.5 million selling price is allocated to lan
is allocated to the building.
a. How much depreciation was allowed for 2014?
b. How much depreciation is allowed for 2016?
c. Will any of the gain be ordinary income?
d. What is the amount of gain and the character of the gain on the sale of the building?
e. What is the amount of gain and the character of the gain on the sale of the land? f. Wi
gain be taxed at 25%?
The solutions must be presented in excel and should include details to indicate how you
each answer an adjusted basis of $230,000. If
ted basis would be $300,000.
ment for without having to
1245 ordinary income, what was ls to indicate how you arrived at partment complex on January 10,
s the com- plex on October 22,
price is allocated to land and 90% sale of the building?
sale of the land? f. Will any of the s to indicate how you arrived at

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SuperTutor
(15)
Status NEW Posted 21 Apr 2017 02:04 AM My Price 8.00

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