Exam 14: Property Transactions: Capital Gains and Losses,1231,and Recapure Provisions

Charmine,a single taxpayer with no dependents,has already incurred a $10,000 § 1231 gain in 2010 and has no § 1231 lookback losses.The taxpayer purchased a business machine for $100,000 five years ago,$70,000 of depreciation has been taken on it,and the machine is now worth $90,000.How will the net § 1231 gain or loss be affected if the taxpayer trades in the business machine for a like-kind business machine and pays an additional $12,000 in cash to obtain the replacement machine? If Charmine already has $322,000 of taxable income which does not include a $10,000 §1231 gain or any capital gains or losses,what is her taxable income?

If a capital asset is sold at a loss,the holding period is not important.

An individual has a $10,000 § 1245 gain,a $15,000 § 1231 gain,a $13,000 § 1231 loss,a $4,000 § 1231 lookback loss,and a $15,000 long-term capital gain.The net long-term capital gain is:

In 2010 Angela,a single taxpayer with no dependents,disposed of for $44,000 a business building which cost $100,000.$60,000 of depreciation had been taken on the building.Angela has a short-term capital loss of $3,000 this year.She has taxable income (not related to property transactions)of $125,000.She has no § 1231 lookback loss.What is the amount and nature of the gain or loss,what is Angela's taxable income,and what is her tax on the taxable income?