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Author Question: A corporation owns many acres of timber, which it acquired three years ago, and which has a $120,000 ... (Read 58 times)

soccerdreamer_17

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on: Sep 13, 2020
A corporation owns many acres of timber, which it acquired three years ago, and which has a $120,000 basis. The timber was cut last year for use in the corporation's business. The FMV of the timber on the first day of last year was $270,000. The corporation made the appropriate election to treat the cutting as a sale or exchange. The timber is sold for $300,000 this year. The tax result this year is
◦ recognition of capital gain of $30,000.
◦ recognition of Sec. 1231 gain of $30,000.
◦ recognition of ordinary income of $30,000.
◦ no income recognized since all recognition occurs in the year of the cutting of the timber.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by soccerdreamer_17 on Sep 13, 2020

Brummell1998

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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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soccerdreamer_17

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

irishcancer18

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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