Accounting tax rule

  • 1. Tracy purchased land and a building for $200,000. The appraisal valued the land at $180,000 and the building at $45,000. What amounts should Tracy record as the basis for each asset?
    (Search Chapter 1)

  • 2. Jason sold the building he used in his business for $100,000 cash, a note for $50,000, and the buyer assumed the $75,000 mortgage on the property. What is Jason’s amount realized on the transaction?
    (Search Chapter 1)

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  • 3. Kyle sold a machine used in his business for $10,000. Kyle paid $100,000 for the machine plus $2,000 in transfer taxes and $5,000 to deliver the machine. He has deducted $80,000 of depreciation on the machine. What is Kyle’s realized gain or loss on the transaction?
    (Search Chapter 1)

  • 4. Three years ago, Ed converted his home to a rental property. At the date of conversion, Steve’s adjusted basis in the home was $200,000, and the FMV was $150,000. After the property was converted to rental use, Ed deducted $21,000 of depreciation on the home. What is the amount of any gain or loss for tax purposes if Ed sells the home for $240,000?
    (Search Chapter 1)

  • 5. Ian sold a machine used in his business for $250,000, paying a selling commission of $5,000. The purchaser will make five annual payments of $50,000 starting on the date of sale. In addition, the purchaser will be assessed interest of 6%. Ian paid $150,000 for the machine and has deducted $80,000 of depreciation. If Ian does not elect out of installment sale treatment, what amount should he recognize as Section 1231 gain in year 1?
    (Search Chapter 2)

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