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:

Antidepressant Drugs

Medications used to treat major depressive disorder and other conditions, often by altering brain chemistry.

Elevate Mood

To induce a state of higher spirits or a better mood, often through various means ranging from physical activity to medication.

Mood Stabilizers

Medications used primarily to treat mood disorders and are designed to stabilize a person's mood, preventing extremes of happiness and sadness.

Antianxiety Drugs

Medications used to relieve anxiety by affecting the brain chemistry.