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ACCT 323 Homework 5 Answers

ACCT 323 Homework 5 Answers

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ACCT 323 Homework 5 Answers

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ACCT 323 Homework 5 Answers

1. Umair sold some equipment he used in his business on August 29, 2014, that

was originally purchased for $70,000 on November 21, 2013. The equipment

was depreciated using the 7-year MACRS method for a total of $18,574.

Assume there is no additional netting of gains and losses for this taxpayer.

a. Assume Umair sold the equipment for $50,000:

(1) What is the amount of realized gain or loss on the sale of the

equipment?

(2) Is the nature of the gain or loss considered ordinary or long-term?

b. Assume Umair sold the equipment for $60,000:

(1) What is the amount of realized gain or loss realized on the sale of the

equipment?

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