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?

---

Definitions:

Television

An electronic device for receiving and displaying images and sounds transmitted over distances.

Coefficient of Determination

The coefficient of determination, often denoted as R^2, measures the proportion of the variance in the dependent variable that is predictable from the independent variable(s).

Total Variability

Refers to the overall variability observed in a data set, encompassing all sources of variation.

Sample Mean

The average of all the data points in a sample, which can be used to estimate the population mean.