Hans runs
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Hans runs a sole proprietorship. Hans has reported the following net §1231 gains and losses since he began business. Net §1231 gains shown are before the look-back rule.
Note: Leave no answers blank. Enter zero if applicable.
Year | Net §1231 Gains/(Losses) |
---|---|
Year 1 | $ (68,000) |
Year 2 | 16,500 |
Year 3 | 0 |
Year 4 | 0 |
Year 5 | 11,200 |
Year 6 | 0 |
Year 7 (current year) | 51,500 |
a. What amount, if any, of the year 7 (current year) $51,500 net §1231 gain is treated as ordinary income?
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- Hans runs a sole proprietorship. Hans has reported the following net §1231 gains and losses since he began business. Net §1231 gains shown are before the look-back rule. (Leave no answer blank. Enter zero if applicable.) Net §1231 Year Gains/(Losses) Year 1 $(68,000) Year 2 16,500 Year 3 0 Year 4 0 Year 5 11,200 Year 6 0 Year 7 (current year) 51,500 a. What amount, if any, of the year 7 (current year) $51,500 net §1231 gain is treated as ordinary income?Hans runs a sole proprietorship. Hans has reported the following net §1231 gains and losses since he began business. Net §1231 gains shown are before the look-back rule. Note: Leave no answers blank. Enter zero if applicable. Year Net §1231 Gains/(Losses) Year 1 $ (68,000) Year 2 16,500 Year 3 0 Year 4 0 Year 5 11,200 Year 6 0 Year 7 (current year) 51,500 b. Assume that the $51,500 net §1231 gain occurs in year 6 instead of year 7. What amount of the gain would be treated as ordinary income in year 6?Hans runs a sole proprietorship. Hans has reported the following net §1231 gains and losses since he began business. Net §1231 gains shown are before the look-back rule. (Leave no answers blank. Enter zero if applicable.) Net §1231 Year Gains/(Losses) Year 1 $(74,000) Year 2 19,500 Year 3 0 Year 4 0 Year 5 13,600 Year 6 0 Year 7 (current year) 54,500 b. Assume that the $54,500 net §1231 gain occurs in year 6 instead of year 7. What amount of the gain would be treated as ordinary income in year 6?
- Required information [The following information applies to the questions displayed below.] Hans runs a sole proprietorship. Hans has reported the following net $1231 gains and losses since he began business. Net $1231 gains shown are before the look-back rule. (Leave no answers blank. Enter zero if applicable.) Net §1231 Gains/(Losses) $ (67,000) Year Year 1 Year 2 16,000 Year 3 Year 4 Year 5 10,800 Year 6 Year 7 (current year) 51,000 b. Assume that the $51,000 net §1231 gain occurs in year 6 instead of year 7. What amount of the gain would be treated as ordinary income in year 6? Ordinary income. Mang Juan, a sole proprietor, died on July 31, 2020. The following summarizes the taxable income of the business left by Mang Juan: Period Taxable Income P560,000 January 1 to July 31, 2020 August 1 to December 31, 2020 610,000 Total P1,170,000 Which of the following is a correct statement? a. The total taxable income of P1,170,000 shall be reported by the estate of Mang Juan. b. Mang Juan's 2020 income tax return shall report the total taxable income of P1,170,000. c. Mang Juan's 2020 income tax return shall report the taxable income of P560,000 while the estate of Mang Juan shall report a taxable income of P610,000 for the year 2020. d. Mang Juan's 2020 income tax return shall report the taxable income of P560,000 while the heirs of Mang Juan shall report a taxable income of P610,000 for the year 2020.alculate his taxable income for the year. Assume that Blake has a non-capital loss carryforward from last year of $5,000. Problem 4 ITA: 3, 111 The following information has been provided by your client, Mr. Stanley Norman: Employment income Property income (loss) Capital gains (CG) Capital losses (CL) (excluding BIL). Business investment loss (BIL) 2020 2021 $75,000 2022 $80,000 $ 90,000 (4,000) 3,000 (6,000) 144,000 160,000 18,000 22,500 80,000 36,000 54,000 Additional Information (1) The above capital gains do not include capital gains from qualified farm property or qualified small business corporation shares. (2) Mr. Norman had a $21,000 net capital loss which was realized in 2017. (3) Mr. Norman did not have a capital gain prior to 2020. Dealing with each item line-by-line across the years, rather than one year at a time: (A) determine Mr. Norman's income from the sources indicated for 2020 to 2022 according to the ordering rules in section 3, and (B) determine Mr. Norman's…