Carlos bought a building for $110,000 in 2017. He added an addition to the building for $26,000 in 2018. In 2021, he sold it for $209,000. What was his long-term capital gain (ignore depreciation)? a.$76,000 b.$73,000 c.$26,000 d.$0 e.$102,000

Q: Harvey Caseman died on July 15, 2020. At the time of his death, he owned the following assets: Cost…

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A: Answer:

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Q: Alphonso purchased an office building in 2010 for $650,000 and machinery (7-year property) in…

A: Solution- Step(1)-Alphonos purchased office building in 2010=$60000Machinery in september of…

Q: Mark purchased an Audi car on 1 February 2020 for $87,000. On 14 May 2020, Mark sold the car for…

A: Formula: Gain = Selling price - Purchase price.

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A: Section 1231 is formulated for the real and depreciable business properties. Section 1231…

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A: Amount of the realized gain or loss on the sale = selling price + Mortgage value -purchase price

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A: calculation of adjusted basis of building and realized gain are as follows

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A:

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A: Comment - Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

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