A6) Finance Nuno purchased five crypto coins for $1000 in October 2020. He sold two of the coins for $375 in May 2021. He later sold the remaining three coins for $720 in September 2021. What is his net gain or loss on the coins? a: $25 short term loss. b: $95 short term gain. c: $120 short term gain. d: $145 short term gain.

A6) Finance Nuno purchased five crypto coins for $1000 in October 2020. He sold two of the coins for $375 in May 2021. He later sold the remaining three coins for $720 in September 2021. What is his net gain or loss on the coins? a: $25 short term loss. b: $95 short term gain. c: $120 short term gain. d: $145 short term gain.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 37P

See similar textbooks

Similar questions

On October 12, 2021, Max purchased one Bitcoin for $57,322. On December 19, 2021, he sold the Bitcoin for $46,503. On December 29, 2021, he bought another Bitcoin for $48,119. These were his only transactions during the year involving virtual currency. When Max files his 2021 return, the sale of the Bitcoin should be reported as a: $0 capital gain or loss, after making the adjustment for a disallowed wash sale loss. $10,819 adjustment to income on Schedule 1, Additional Income and Adjustments to Income. $10,819 foreign currency loss under Section 988 of the Internal Revenue Code. $10,819 short-term capital loss.
Augustino augustino purchased 5 crypto coins for $1300 in October of 2020 one, he sold 2 of the coins for 650 in May of 2022. He later sold the remaining 3 coins for 695 in September of 2022. What is net gain or loss on the coins?
H6. Fiona purchased a crypto coin in May 2021 for $6,500. In September 2022, she bought a used car with the coin. At the time, the fair market value (FMV) of the coin was $5,750. What is Fiona's basis in the car? 1. $0 2. $750 3. $5,750 4. $6,500 Show proper calculation
1 John and Mary had the following transactions for 2020. Calulate net capital gain/loss, how much to deduct in 2020 and any carryford to 2021 Short Term capital loss (8,000) Long term capital gain 24,000 Long term capital loss (30,000) 2 John purchased an office building in 2010 for $450,000. In 2020 he sells the building for $950.000. John's remaining mortgage on the building was $150,000. The buyer paid $650,000 and assumed the remainig debt on the building. John had taken $100,000 depreciation on the building. Calculate a -Adjusted basis in the building b- Any realized gain or loss on the building
5) Your priceless art collection is stolen (the Gregcasso!), you paid $10,000 for it (sorry no insurance) next you sold your Mutual funds for $3,700 and your ACB was $2,250 with no outlays and expenses. Calculate the combined effect of both Dispositions and what is your Capital gain or loss. 6) You purchased 1,000 units of Mutual funds for 10,000 total in 2015. In 2016 you purchased another 500 units at $9.50 a unit, In 2017 another 600 units at $10.50 a unit were purchased and in 2019 400 units at $11 a unit were added. Calculate the average cost base that you would have per unit for the Mutual funds at the end of 2020.
Harvey acquired shares in Macquarie Bank in December 2019 for $90,000. He needed cash quickly and so sold the shares in March 2020 for $120,000. What amount must Harvey include in his assessable income for the year ended 30 June 2020? a. $100,000 b. $35,000 c. $50,000 d. $30,000
A pair of twins were given $20,000 on their birthday in 2020. One twin purchased a car for $20,000 with a expected life of 7 years and residual value of $3,000. The other twin bought one Bitcoin. Assume straight line depreciation. If Bitcoin is now worth $60,000, how much is the difference between the book value of twin 1's car and the twin 2's bitcoin? Hint: $60,000-book value. Assume this is the end of year two for the car.
Q1: Hansen bought his primary residence on 1/1/2010 for $400,000. He put $50,000 of his own money as the down payment, and borrowed $350,000 from a bank for the remainder of the purchase price. On 1/1/2021, he was laid off from his job, and he could not make his mortgage payments. On 3/30/2021, the bank foreclosed on the house, and took the house back from Hansen. On 3/30/2021, the house was worth $150,000, and he owed $300,000 to the bank. The bank sold the house for $150,000 which the bank used to pay off half of the $300,000 that Hansen owed. The bank forgave the remaining $150,000 that Hansen owed the bank, pursuant to the foreclosure. In 2021, how much taxable income does Hansen recognize from the bank forgiving the home loan to Hansen? a. $0 b.$150,000 c. $300,000 d. $400,000 Q2. Diamelle purchased a life insurance policy on her life, and named Eric, her husband, as the beneficiary. Diamelle paid $50,000 for the life insurance policy. Upon Diamelle’s death, the life insurance…
Consider the decision of whether to hold wealth as money or as an interest-earning asset that pays a nominal rate of 6%. If you hold wealth as an interest-earning asset, you will have (1000/1060/1030/970) in wealth at the end of the year. If you hold the wealth as money, you will have (1000/1060/1030/970) in wealth at the end of the year. Holding wealth as an interest-earning asset therefore gives you (6%/ 3%) more purchasing power than you would have if you held the wealth as money. This illustrates that the relevant interest rate for calculating opportunity cost of holding wealth as money is the (real/nominal) interest rate. Now consider the decision of whether to spend your wealth today or hold it as an interest-earning asset to spend in a year. Again, assuming inflation is stable at 3%, the purchasing power of €1,000 held as an asset with a nominal rate of 6% will be (1000/1060/1030/970) in one year, compared to the (1000/1060/1030/970) in purchasing power you…
1 Suppose the taxpayer originally purchased the machinery by paying $12,000 in cash and giving the seller a note for $12,000. When she sold it she received $38,000 in cash and the buyer assumed the $12.000 note. a. What is the amount realized? b. What is the adijusted basis of the machinery? c. What is the gain on the sale of the machinery?
02a) Why is wealth maximization considered as a better measure than profit maximization? b) You are going to deposit in saving account Tk. 3,00,000 today. You will receive Tk.4,80,000 from the bank at the end of year 7. What will be the rate of interest of yourdeposit? c) Mr. Kobir has been offered to deposit of Tk. 10000 today with an interest rate of 12%.Calculate the value on this opportunity after 5 years, if the interest rate is:(i) Compounded Semi-Annually.(ii) Compounded Monthly. d) Gabrielle just won Tk. 10,00,000 in the state lottery. She is given the option of receivingeither alternative A or B shown in the following table at the end of each of the next 5years. She decides to choose the payment alternative—annuity or the mixed stream ofpayments— that provides the higher future value at the end of 5 years. If Gabrielle canearn 5% annually on her investments, which option should she take? End of year Cash flow stream…
Jimmy transfers a building with an adjusted basis of $50,000 and a fair-market value of $150,000 to XYZ Inc. in return for 100% of its stock. The building is subject to a $100,000 mortgage, which XYZ Inc. assumes. Please calculate the amount of any gain that Jimmy will report. Please also calculate Jimmy's basis in the stock. Show all of your work.