(SOLVED) Platinum Inc has determined its taxable income

as 215 000 before

Platinum, Inc., has determined its taxable income as $215,000 before considering the results of
its capital gain or loss transactions. Platinum has a short-term capital loss of $24,000, a long-
term capital loss of $38,000, and a short-term capital gain of $39,000. What is Platinum’s
taxable income? What (if any) are […]

Sally has taxable income of $160,000 as of November 30 of this year. She wants to sell a Rodin
sculpture that has appreciated $90,000 since she purchased it six years ago, but she does not
want to pay more than $15,000 of additional tax on the transaction. Sally also owns […]

Elaine Case (single with no dependents) has the following transactions in 2014: AGI (exclusive
of capital gains and losses) ……. $240,000 Long-term capital gain …………… 22,000 Long-term capital
loss …………… (8,000) Short-term capital gain ………….. 19,000 Short-term capital loss …………… (23
What is Elaine’s net capital gain or loss? Draft […]

Thrasher Corporation sells short 100 shares of ARC stock at $20 per share on January 15,
2014. It buys 200 shares of ARC stock on April 1, 2014, at $25 per share. On May 2, 2014,
Thrasher closes the short sale by delivering 100 of the shares purchased on April […]

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Maria held vacant land that qualified as an investment asset. She purchased the vacant land on
April 10, 2010. She exchanged the vacant land for a rental house in a qualifying like-kind
exchange on January 22, 2014. Maria was going to hold the house for several years and then
sell […]

Freys, Inc., sells a 12-year franchise to Red Company. The franchise contains many restrictions
on how Red may operate its store. For instance, Red cannot use less than Grade 10 Idaho
potatoes; must fry the potatoes at a constant 410 degrees; must dress store personnel in Freys-
approved uniforms; and must […]

Blue Corporation and Fuchsia Corporation are engaged in a contract negotiation over the use of
Blue’s trademarked name, Date Site For Seniors. For a one-time payment of $45,000, Blue
licensed Fuchsia to use the name Date Site For Seniors, and the license requires that Fuchsia
pay Blue a royalty every […]

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