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lilavasa [31]
3 years ago
15

A single man lived in his residence for 3 years, sold it for a gain of 185000 he is 58 years old when preparing his tax return h

e may
Business
1 answer:
svlad2 [7]3 years ago
8 0
File form 6239 for a reduced rate.
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A taxpayer, in the 25% bracket before considering the sale, sold for a gain of $10,000 a residential rental building, purchased
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Answer and Explanation:

The Residential properties are depreciated over 27.5 years

Then:

The total amount of depreciation is $15,635. We assume that the property is sold in 2015.

Therefore, depreciation will be allowed only for 5 years such that the annual depreciation will be $3127 for 5 years.

He saves $781.75 annually (0.25*$3127).

If he holds the property for 5 years and then sells it, his 5 years' worth of depreciation will have saved him $3908.75  and it a $10,000 gain taxed at a maximum of 15%

$10,000 gain taxed at a maximum of 25% (or 33% if the gain pushes the taxpayer into a higher tax bracket).

$10,000 gain taxed at a maximum of 25%

4 0
3 years ago
What is the main reason the government creates regulations? to keep control over what is bought and sold in the us to make sure
zubka84 [21]

to make sure business is conducted safely and fairly

The government creates regulations in order to make sure business is conducted safely and fairly. Without regulation the market would have to auto regolate itself, which is a thing that it does, but the cost of this autoregulations are often too much. The government can help create basic directories to ensure that the trade is safe done.

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3 years ago
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What is the main aims of forming a maize milling company ​
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2 years ago
Why would a sole proprietorship or partnership need to submit a DBA form for the company?
Feliz [49]
If you’re a sole proprietorship  or general partnership, you’ll need to file a DBA if you want your company to operate under a name that’s not your full, legal name, or your partner’s name. That’s because sole props and GPs are unincorporated, and they don’t need to file entity formation papers, and a business entity name, with the state. (Though they do still need to acquire the necessary business licenses and permits.)

So, they and their business are one in the same entity—which means they and their business have the same name, too—unless they file a DBA. 




I hope it helped you!

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3 years ago
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The adjusting entry for accrued interest on a note receivable would include a __________ to __________.
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C. The adjusting entry for accrued interest on a note receivable would include a credit to interest revenue
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