In 2012 Angela, a Single Taxpayer with No Dependents, Disposed

question 25

Essay

In 2012 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:

Marital Satisfaction

A measurement of the happiness and contentment one feels within their marriage or committed partnership.

Children

Young human beings who are in the early stages of their lives, typically considered from birth until puberty, characterized by rapid growth and development.

Decrease

A reduction in size, quantity, or intensity of something, often measured against a previous standard.

Wifework

Tasks and responsibilities traditionally performed by wives within the domestic sphere, including household chores, childcare, and emotional labor.