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defon
3 years ago
12

Carlos bought a building for $113,000 in 2012. he added an addition to the building for $26,000. in 2016, he sold it for $212,00

0. what was his long-term capital gain (ignore depreciation)?
a. $47,000

b. $212,000

c. $73,000

d. $0

e. $99,000
Business
1 answer:
rodikova [14]3 years ago
4 0
You got to add building cost with your additional money: 113,000 + 26,000 = 139,000. Then the difference between the selling price and the "final" cost of your building equals your capital gain: 212,000 - 139,000 = 73,000 Capital Gain. So it's C! (---HINT---: Remember that this is calculated theoretically, but practically you need a calculate the appreciation or depreciation of the property!)




I hope it helped you!
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A U.S. manufacturer of adaptive devices for persons with disabilities is considering expanding internationally. It is a fairly s
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Read 2 more answers
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Answer:

$42,853

Explanation:

The computation of the allowable MACRS depreciation on Convers’s property in the current year is shown below:

<u>Assets      Place in service    Quarter   Original Basis  Rate Depreciation</u>

Machinery

(7 years)     Oct 25                   4th           $70,000         14.29%  $10,003

Computer

Equipment

(5 years)    Feb 03                   1st            $10,000         20%       $2,000

Used delivery

truck

(5 years)     Mar 17                   1st            $23,000        20%       $4,600

Furniture

(7 years)     Apr 22                  2nd         $150,000       14.29%    $21,435

Qualified

improvement

(39 years)    May 12                 2nd         $300,000     1.605%     $4,815

Total                                                        $553,000                       $42,853

Refer to the MACRS depreciation table

and we used the half year convention

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