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Author Question: Cassie owns equipment ($45,000 basis and $30,000 FMV) and a building ($152,000 basis and $158,000 ... (Read 52 times)

nautica902

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on: Sep 13, 2020
Cassie owns equipment ($45,000 basis and $30,000 FMV) and a building ($152,000 basis and $158,000 FMV), which are used in Cassie's business. Cassie has used straight-line depreciation for both assets, which were acquired two years ago. Both the equipment and the building are destroyed in a fire, and Cassie collects insurance proceeds equal to the assets' FMV. The tax result to Cassie for this transaction is a
◦ $15,000 Sec. 1231 loss and a $6,000 ordinary gain.
◦ $15,000 ordinary loss and a $6,000 ordinary gain.
◦ $15,000 ordinary loss and a $6,000 Sec. 1231 gain.
◦ $15,000 Sec. 1231 loss and a $6,000 Sec. 1231 gain.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by nautica902 on Sep 13, 2020

owenfalvey

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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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nautica902

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Reply 2 on: Sep 13, 2020
:D TYSM

Joy Chen

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

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