copper corporation sold machinery for $47,000 on december 31, 2018. the machinery had been purchased on january 2, 2015, for $60,000 and had an adjusted basis of $41,000 at the date of the sale. for 2018, for purposes of section 1245, what should copper corporation report?

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08-11-2022
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copper corporation sold machinery for $47,000 on december 31, 2018. the machinery had been purchased on january 2, 2015, for $60,000 and had an adjusted basis of $41,000 at the date of the sale. for 2018, for purposes of section 1245, what should copper corporation report?

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rafikiedu08 rafikiedu08 · Answer 1 · 2022-11-12T15:28:32+01:00

The deal generates a profit of $6,000 as a result. The amount of money you make each year is your ordinary income.

Your regular pay as well as any bonuses, commissions, overtime, or tips collected are all included in your income. Gross annual income and net annual income are two different terms that may be used to describe it.

The total amount of money made throughout a fiscal year is referred to as annual income. Net annual income is the amount left over after all deductions have been made, while gross annual income refers to all profits before any deductions are made. Both individuals and corporations can use this idea while completing their yearly tax returns

A $6,000 ordinary income on average

2019 copper should report a typical year.

earning $ 6000

The machinery cost $ on the initial purchase.

The adjusted basis, which is $, equals the book value.

41.000.00

marketed for $47,000.00

Gain or loss: book value minus selling price.

= $ 47,000- $41,000

= $ 6000

The deal generates a profit of $6,000 as a result.

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