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| Teaching Since: | May 2017 |
| Last Sign in: | 402 Weeks Ago, 3 Days Ago |
| Questions Answered: | 66690 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
1. Jocasta owns an apartment complex that she purchased 6 years ago for $750,000. Jocasta has made $40,000 of capital improvements on the complex, and her depreciation claimed on the building to date is $150,000. Calculate Jocasta's adjusted basis in the building.
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2. Chrissy receives 200 shares of Chevron Texaco stock as a gift from her father. The stock cost her father $8500 10 years ago and is worth $10,000 at the date of the gift.
a. If the stock is sold for $12500 calculate the amount of the gain or loss on the sale.
b. If the stock is sold for $4600 calculate the amount of the gain or loss on the sale.
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