an ind
Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 31CE
Related questions
Question
100%
Roger, an individual, owns a proprietorship called Green Thing. In the current year, Roger has the following items:
| Business income $200,000 |
| Business expense $150,000 |
|
Loss on a completely destroyed business machine. The machine had an adjusted basis of $25,000 and a fair market value of $20,000 before destroyed. The machine was not insured. |
| Loss on a business truck. The truck had an adjusted basis of $8,000. The repairs to fix the truck cost $10,000. He did not claim the loss from insurance company. |
Determine Roger's net business income.
∙
- A.
$47,000
- B.
$30,000
- C.
$22,000
- D.
$17,000
- E. $15,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT