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:

Pretrial Motion

A written or oral request made to a court by a party before the trial begins, seeking a ruling or order on a particular matter.

Motion For Discovery

A legal request made to a court by a party in a lawsuit to obtain information or documents from the opposing party.

Formal Charge

The official accusation made against a person by authorities, initiating legal action.

Criminal Offense

An act or omission punishable by law as forbidden by statute or injurious to the public welfare.