1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
alexira [117]
2 years ago
14

Hart, an individual, bought an asset for $500,000 and has claimed $100,000 of depreciation deductions against the asset. Hart ha

s a marginal tax rate of 32 percent.
a1. What is the amount and character of Hart's recognized gain or loss if the asset is tangible personal property sold for $550,000?
a2. Due to this sale, what tax effect does Hart have for the year?
Business
1 answer:
katen-ka-za [31]2 years ago
5 0

Answer and Explanation:

The computation is shown below:

a. The amount and the character of the gain or loss is

Sale value of the property $550,000

Less: (Purchase value - depreciation) $400,000

Total gain recognized $150,000

Ordinary income recapture is $100,000

remaining 1231 gain or loss $50,000

b.

Section 1231 Gain = $50,000

, Rate of tax on $100,000 i.e. 32% = $32000

Rate of tax on $50000 i.e. 15% = $7500

So,

The Total tax liability is

= $32,000 + $7,500

= $39,500

You might be interested in
During the current year, Rulon’s toilet overflowed due to a pipe breaking during a nationally declared earthquake disaster. Rulo
sashaice [31]

Answer:

Since half of his loss would be covered by insurance and he is not filing an insurance claim, he cannot take half of the loss.

For the half he can take, 4500, he must reduce it by 100 and then by 10% of his AGI. 4,500 - 100 - 5,000 = less than zero.

So he cannot deduct any of the loss.

7 0
3 years ago
Explain why technological advance and environmental problems are sometimes connected
Jobisdone [24]
<span>Technological advances and environmental problems are sometimes connected because </span>new production technologies can have a far greater environmental impact than the ones they replace. An example is farm technologies which can cause environmental pollution.
7 0
3 years ago
Shamrock Company had net income of $34,000. The weighted-average common shares outstanding were 8,500. The company declared a $3
Leni [432]

Answer:

d) $4.00.

Explanation:

Net Income = $34,000

Common shares outstanding = 8,500 shares

Earning Per share = Net Income for the period / Common shares outstanding

Earning Per share = $34,000 / 8,500 shares

Earning Per share = $4 per share

The company's earnings per share is $4.

Divided declared has nothing to do in the calculation of Earning per share because we just measure the earning against each share which involves net income and number of outstanding shares only.

3 0
3 years ago
A nation that has a comparative advantage in producing a good or service compared to
NNADVOKAT [17]

Answer:

Opportunity cost

Explanation:

A country is said to have a comparative advantage in producing a good, if it has a lower opportunity cost of producing that good in comparison to the other country. For instance if the opportunity cost of producing Wheat in U.S is 2. While that in China is 1. It shows that China has a comparative advantage in producing wheat as compared to the U.S.

So a nation that has a comparative advantage in producing a good or service compared to the other nation can produce that good or service with a lower opportunity cost.

Efficiency, Profit and Resource cost are not directly related to comparative advantage. Although efficiency can contribute towards lower opportunity cost but it is not a scale used for international trade.

Thus, lower opportunity cost is the best alternative.

3 0
3 years ago
Choose all that apply. To avoid financial risks, you should _____. obtain health insurance
Leni [432]
I believe the answer here is B. Answer choices (A, E,F,G) Were good but you want to know how to AVOID financial risk. If you protect your personal info. you have nothing to worry about! Hope this helps :)
5 0
3 years ago
Read 2 more answers
Other questions:
  • The cash account had a normal balance of $48,000 at the beginning of the month. during the month, langdon company received cash
    8·1 answer
  • The purchasing power of money and the price level vary: Group of answer choices inversely. directly during recessions, but inver
    7·1 answer
  • A person with a poor self-concept is more likely to be hired for a position, because they are easier to “mould”.
    6·1 answer
  • Emma owns a flower shop in Tampa. She pays $3,091 per month to lease her building, $2,208 in wages, $1,887 for flowers and other
    15·1 answer
  • What happens when a price floor is imposed above the equilibrium price of a good?
    12·1 answer
  • Which of the following would be included in a properly prepared comprehensive annual financial report (CAFR), but not in the min
    6·1 answer
  • The rational-ignorance effect refers to the a. lack of incentive voters have to become well-informed about candidates and issues
    10·1 answer
  • Segmentation based on some observable actions or attitudes by prospective customers, such as what benefits they seek, as well as
    7·1 answer
  • Alpha Company is looking at two different capital​ structures, one an​ all-equity firm and the other a levered firm with ​$4.6 m
    14·1 answer
  • Alex is a member of a corporate sales team who frequently speaks in front of groups as part of sales presentations. He has now b
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!