In 2019 Angela, a Single Taxpayer with No Dependents, Disposed

question 8

Essay

In 2019 Angela, a single taxpayer with no dependents, disposed of a business building for $44,000 that cost $100,000.
Depreciation of $60,000 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 and 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:

Plasma

The liquid part of the lymph and blood.

Electrolytes

Minerals in your blood and other body fluids that carry an electric charge and affect the amount of water in your body, the acidity of your blood (pH), your muscle function, and other important processes.

Capillaries

Microscopic blood vessels connecting arterioles and venules.

Lightning Strike

A natural electrical discharge of very short duration and high voltage between a cloud and the ground or within a cloud.