Business, 08.12.2020 16:30 karsynraine8224

owns an office building and land that are used in his trade or business. The office building and land were acquired in 1978 for

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Answer from: JoshuaXYP9978

The question is incomplete, so I looked for a similar one online and found this one:

Chad owns an office building and land that are used in his trade or business. The office building and land were acquired in 1978 for $1,200,000 and $450,000 respectively. During the current year, the properties are sold for $1,650,000 with 35% of the selling price being allocated to the land. The assets as shown on the taxpayer's books before their sale are as follows:

Building $1,200,000

Accumulated depreciation $1,125,000

Land $450,000

a.What is the recognized gain due to the sale of the building?

b. What is the character of the recognized gain due to the sale of the building?

c. What is the recognized gain and character of the gain due to the sale of the land?

a) recognized gain = sales price - book value = ($1,650,000 x 65%) - ($1,200,000 - $1,125,000) = $1,072,500 - $75,000 = $997,500

b) this gain should be recognized as along term capital gain since Chad owned the building and land for more than 1 year.

c) recognized gain = ($1,650,000 x 35%) - $450,000 = $577,500 - $450,000 = $127,500 ⇒ long term capital gain

land is not depreciable

Answer from: Quest

My first question is what benefits do you expect to achieve from career exploration? the benefits that i expect to achieve from career exploration. for me i think the benefits of exploring many different careers are that you get exposed to more, so it's easier for you to pick which one you like best. another benefit is that you get a more first hand view of what jobs are more likely to be needed in the future and that can be factored into your consideration. my second question is what do you expect to be the most challenging parts of your career planning process? why? the most challenging parts of my career planning process is trying to get things in order and trying to write this paragraph it is confusing and, hard work. and last but not least my third question is i think the most challenging part is taking the first step and really deciding on a career you want to pursue; there are so many options and it can be hard to choose.which jobs will allow me to make a living? ; what skills does emergency medical technician emergency medical services medical » physiology require?

Answer from: Quest

they work in some type of way

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