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Author Question: Emma owns a small building ($120,000 basis and $123,000 FMV) and equipment ($35,000 basis and ... (Read 24 times)

viki

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on: Sep 13, 2020
Emma owns a small building ($120,000 basis and $123,000 FMV) and equipment ($35,000 basis and $22,000 FMV). Both assets were acquired three years ago, are used in Emma's business, and are depreciated using straight-line depreciation. Both are destroyed by fire. Insurance proceeds were equal to their FMVs. Only one other transfer of an asset occurs during the year, and a $3,000 LTCL is recognized. After considering all transactions, the tax result to Emma is a
◦ $13,000 NLTCL.
◦ $13,000 ordinary loss.
◦ $3,000 LTCG; $3,000 LTCL; and $13,000 ordinary loss.
◦ $10,000 net ordinary loss and a $3,000 NLTCL.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by viki on Sep 13, 2020

C.mcnichol98

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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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viki

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Reply 2 on: Sep 13, 2020
Excellent

chereeb

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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