How much is the total recognized income in 2007 and 2008 for the sale and repossession of the equipment?
How much is the total recognized income in 2007 and 2008 for the sale and repossession of the equipment?
How much is the total recognized income in 2007 and 2008 for the sale and repossession of the equipment?
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On Nov 1 2007 you sold some equipment for $2200. You receive a down payment of $500 and a note for the balance. You are to receive $100 a month plus interest. In 2007 you received the $500 down payment and 2 monthly payments for a total of $700 plus interest. The basis of the equipment is $1300. After 5 months the buyer defaults. In 2008 you received $300 plus interest. You repossess the equipment. At the time of the repossession the fair market value of the equipment is $1900. The cost to repossess is $90.
a)How much is the gain or loss on repossession?
b)What is the new basis of the equipment?
c)How much is the total recognized income in 2007 and 2008 for the sale and repossession of the equipment?
On June 11, two years ago, George sold equipment with a cost of $20,000 for $45,000. George collected $20,000 initially as cheduled to receive $5,000 each year for five years starting last year plus an acceptable rate of interest. This year, George decided to sell one installment note to a bank that agreed to pay $4,300. As a result of the sale of the note, how much income or loss will George report on his tax return?
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James and Ellen Connors, who are both 50 years old and married, sell their personal residence on July 25, 2005 for $950,000. They have lived in the home for 20 years. The basis of the home is $350,000. They purchased a new home for $1,000,000 in August 2006. After living in that home for 219 days, the Connors were forced to sell their new home in 2007 for $1,300,000 and move to another climate due to Ellen’s severe health problems.
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