In 2017 Angela, a Single Taxpayer with No Dependents, Disposed

question 33

Essay

In 2017 Angela, a single taxpayer with no dependents, disposed of for $44,000 a business building which cost $100,000. $60,000 of depreciation had been taken on the building. Angela has a short-term capital loss of $3,000 this year. She has taxable income (not related to property transactions) of $125,000. She has no § 1231 lookback loss. What is the amount and nature of the gain or loss, what is Angela's taxable income, and what is her tax on the taxable income?

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Definitions:

Seminal Vesicle

A pair of glands in males that produce and secrete a significant portion of the fluid component of semen.

Bulbourethral Gland

A gland in males that secretes a lubricating mucus fluid into the urethra during sexual arousal.

Vestibular Gland

Glands located near the vaginal opening responsible for secreting fluid that lubricates the vagina.

Clitoris

Located anterior to the urethral opening in females. It contains erectile tissue and is rich in sensory nerves.