In 2016 Angela,a Single Taxpayer with No Dependents,disposed of for $44,000

question 13

Essay

In 2016 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:

One-Year Lease

A rental agreement that gives a tenant the right to occupy a property for a period of 12 months.

Assigned the Lease

Assigned the lease refers to the process where an existing tenant transfers their rights and obligations under a lease agreement to another party, subject to the landlord's approval.

Pay Rent

The act of making a payment for the temporary use of a property or equipment owned by another.

Obligations

Duties or responsibilities imposed by contract, law, or societal standards that an entity or person is bound to fulfill.