Kevin’s gross profit or loss
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 (TCO D) In May 2016, Kevin McElwainee sells property with an adjusted basis of $55,000 for $150,000 to Josh Amico. Josh pays Kevin $15,000 cash at closing and the remaining to be paid in 5 annual installments of $27,000 beginning in May 2017. Ignore the impact of interest for this exercise.
(a) What is Kevin’s gross profit or loss on the sale?
(b) what is Kevin’s gross profit percentage?
(c) How much profit will Kevin recognize in 2016?
(d) How much profit will he recognize in the later years? (Points : 20)
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(TCO H) Chuck had a short-term capital loss of $4,000, a short-term capital gain of $3,000, a short-term capital loss carryover from 2015 of $700, a long-term capital gain of $800, and a long-term capital loss of $1,000. What is net gain (loss) for 2015? What is his recognized gain (Loss) for 2015? What is his short-term capital loss carryover (if anything) to 2016? What is his long-term capital loss carryover (if anything) to 2016? (Points : 15)
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Status NEW
Posted 21 Apr 2017 02:04 AM
My Price 7.00
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