show how u got the answer Last year, Lucy purchased, $100,000 account receivable
ID: 2503073 • Letter: S
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Last year, Lucy purchased, $100,000 account receivable for $90,000.During the current year, Luck collected $97,000 on the account. What are the tax consequences to Lucy associated with the collection of the account receivable? No subsequent collections are expected. $0. $2,000 gain. $3,000 loss. $13,000 loss. $7,000 ordinary income On September 3,2012, Able, a single individual, purchased § 1244 stock in Red Corporation for $60,000. On December 31, 2012, the stock was worth $85,000. On August 15, 2013, Able was notified that the stock was worthless. How should Able report this item on his 2013 tax return? $85,000 capital loss. $85,000 ordinary loss. $50,000 ordinary loss and $35,000 capital loss. $60,000 ordinary loss. $50,000 ordinary loss and $10,000 capital loss Norm's car, which he uses 100% for personal purposes, was completely destroyed in an accident in 2003.The car's adjusted basis at the time of the accident was $13,000. Its fair market value was $10,000. The cat was covered by a $2,000 deductible insurance policy. Norm did not file a claim against the insurance policy because of a fear that reporting the accident would result in a substantial increase in his insurance tales. His adjusted gross income was $14,000 (before considering the loss). What is Norm's deductible loss? $0. $100. $500. $9,500. None of the above.Explanation / Answer
46- c 500.00 the correct answer
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