Gains and Losses: calculations of Sec 1231 gains/losses, and capital gains and losses

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Qualified Residence Interest

Income Tax Accounting. See attached problem 17-46 regarding qualified residence interest

Realized Gain or Loss

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Recognized gain or loss

Income Tax Accounting. Recognized gain or loss. See attached file for full problem description.

Combined Depreciation

6. Answer_____________ Michelle has an advertising business that she reports on Schedule C of her personal tax return. On May 1, 2006, Michelle purchased a Toyota Camry for $22,000. She purchased a copier for $30,000 on October 15th and office furniture for $50,000 on November 1st. All assets acquired are new. The Camry is used 90% for business. Her income before depreciation and Section 179 expense is $250,000. If she wants to maximize her deductions in 2006, what is the maximum combined depreciation and Section 179 deduction? a. $82,664 b. $82,960 c. $99,800 d. $102,000