Charmine,a Single Taxpayer with No Dependents,has Already Incurred a $10,000

question 121

Essay

Charmine,a single taxpayer with no dependents,has already incurred a $10,000 § 1231 gain in 2015 and has no § 1231 lookback losses.The taxpayer purchased a business machine for $100,000 five years ago,$70,000 of depreciation has been taken on it,and the machine is now worth $90,000.How will the net § 1231 gain or loss be affected if the taxpayer trades in the business machine for a like-kind business machine and pays an additional $12,000 in cash to obtain the replacement machine? If Charmine already has $322,000 of taxable income which does not include a $10,000 §1231 gain or any capital gains or losses,what is her taxable income?

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