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Part 2 ...

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Question

Accounting

Part 2
The following transactions and events occurred during the current year for Alex Broom. Beside each item describe

the treatment and then complete the required.
Gain/Loss

Description tax treatment of gain or loss
Theft loss on gun collection owned 15 years; Basis $765 -$765
Casualty gain on accident involving personal auto held 18 months $965
Gain on sale of depreciable personalty held two years
(Depreciation allowed = $1,200; Cost = $2,400) $800
Loss on sale of depreciable asset held four years
(Cost = $10,000; Basis = $8,000) -$2,000
Gain on sale of depreciable building held three years (Cost = $15,000;
Depreciation = $6,000; Straight-line = $4,000) $5,000
Gain on sale of land held three years (Cost = $10,000) $3,000
Loss on sale of common stock held for 16 months (Basis = $4,200) -$1,200

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