(SOLVED) Wilbur owns a 25 interest in the Talking Horse

Corporation
Wilbur owns a 25% interest in the Talking Horse Corporation, which is organized as an S
corporation. His basis in the property is $15,000. For the year, Talking Horse reports an
operating loss of $28,000 and a capital loss of $6,000. Wilbur’s adjusted gross income is
$72,000.a. What effect would […]

Rhoda owns an electronics store that is burglarized during the current year. The burglars
destroy the point-of-sale terminal and steal $380 from the cash drawer. The point-of-sale
terminal was purchased for $7,500, and its adjusted basis is $3,700. The insurance adjuster
estimates that the fair market value of a similar […]

Stella owns a taxicab company. During the year, two of her cabs are involved in accidents. One
is totally destroyed; the other is heavily damaged. Stella is able to replace the destroyed cab
with an identical model for $5,500. Her adjusted basis in the destroyed cab is $3,750, and the
[…]

Assume the same facts as in problem 47. What is FFF’s allowable casualty loss deduction
under each of the following situations?a. A comparable van sells for $4,000. After the accident,
the insurance adjuster estimates the van was worth $1,500. The insurance company pays FFF
$1,200 on the casualty.b. A comparable […]

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Gordon is the sole proprietor of Fashion Flowers & Florals (FFF). During the current year, one of
FFF’s delivery vans is involved in an automobile accident. The van has a basis of $6,000. What
is FFF’s allowable casualty loss deduction under each of the following situations?a. A
comparable van sells […]

Jeremy owns a passive activity that has a basis of $30,000 and a suspended loss of $16,000.
His taxable income from active and portfolio income is $81,000.a. What is the effect on
Jeremy’s taxable income if he sells the passive activity for $37,000?b. What is the effect on
Jeremy’s taxable […]

Mason owns a passive activity that generates a loss of $14,000 in 2010, $12,000 in 2011, and
income of $4,000 in 2012. In 2011, Mason purchases a second passive activity that has passive
income of $6,000 in 2011 and $10,000 in 2012. Discuss the effect of Mason’s passive activity
investments […]

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