(SOLVED) Corporation Q a calendar year taxpayer has

incurred the following

Corporation Q, a calendar year taxpayer, has incurred the following Section 1231 net gains and
losses since its formation in 2012. a. In 2015, Corporation Q sold only one asset and
recognized a $4,000 Section 1231 gain. How much of this gain is treated as capital gain and
how much […]

EzTech, a calendar year accrual basis corporation, generated $994,300 ordinary income from
its business this year. It also sold the following assets, all of which were held for more than 12
months. EzTech used the straight-line method to calculate depreciation on the warehouse and
has no non-recaptured Section 1231 losses. […]

This year, Sigma Inc. generated $612,000 income from its routine business operations. In
addition, the corporation sold the following assets, all of which were held for more than 12
months. a. Compute Sigma’s taxable income assuming that it used the straight-line method to
calculate depreciation on the building and has […]

This year, QIO Company generated $192,400 income from its routine business operations. In
addition, it sold the following assets, all of which were held for more than 12 months. Compute
QIO’s taxable income.

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Firm OCS sold business equipment with a $20,000 initial cost basis and $7,315 accumulated
tax depreciation. In each of the following cases, compute OCS’s recaptured ordinary income
and Section 1231 gain or loss on sale. a. Amount realized was $10,000. b. Amount realized was
$13,000. c. Amount realized was $17,500. […]

Zeno Inc. sold two capital assets in 2015. The first sale resulted in a $53,000 capital loss, and
the second sale resulted in a $25,600 capital gain. Zeno was incorporated in 2011, and its tax
records provide the following information: a. Using a 34 percent tax rate, compute Zeno’s tax
[…]

This year, PRS Corporation generated $300,000 income from the performance of consulting
services for its clients. It sold two assets during the year, recognizing a $36,000 gain on the first
sale and a $49,000 loss on the second sale. Compute PRS’s taxable income assuming that: a.
Both the gain and […]

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