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Author Question: Hoyt rented office space two years ago to Harris, receiving the first and last months' rent plus a ... (Read 44 times)

fox

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on: Sep 13, 2020

Question 1

Homer Corporation's office building was destroyed by fire. Homer collected insurance of $250,000, which equaled the building's basis, and $150,000 for profits lost during the time the company was rebuilding the office building. What is the amount taxable this year?
◦ $0
◦ $150,000
◦ $250,000
◦ $400,000

Question 2

Hoyt rented office space two years ago to Harris, receiving the first and last months' rent plus a security deposit of $1,000. In early January of this year, Harris moves and Hoyt refunds $250 of the deposit and keeps the remainder to cover $500 which is spent for repairs to the office space and one week of unpaid rent that amounts to $250. How would this information be reflected on Hoyt's tax return this year?
◦ $750 income and $500 deduction
◦ $750 income and no deduction
◦ $250 income and $500 deduction
◦ No income is recognized, but a $250 deduction is allowed.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by fox on Sep 13, 2020

mohan

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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fox

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)

lkanara2

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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