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Unit 7 Chapter Problems
Perform Chapter 14 Problems 15 , 27 & 29 ( Pages 14-26 & 14-27 in the text ), Chapter 15 Problems 3 , 22 , 24 & 39 ( Pages 15-27 , 28 & 29 in the text ), and Chapter 16 Problems 16 , 18 & 22 ( Pages 16-40 & 16-41 in the text )
Chapter 14
15 . LO . 2 Wanda is considering selling two personal use assets that she owns . One has appreciated in value by $ 20,000 , and the other has declined in value by $ 17,000 . Wanda believes that she should sell both assets in the same tax year so that the loss of $ 17,000 can offset the gain of $ 20,000 .
a . Advise Wanda regarding the tax consequences of her plan .
27 . LO . 1 Anne sold her home for $ 290,000 in 2014 . Selling expenses were $ 17,400 . She purchased it in 2008 for $ 200,000 . During the period of ownership , Anne did the following :
29 . LO . 1 Norm is negotiating the sale of a tract of his land to Pat . Use the following classification scheme to classify each of the items contained in the proposed sales contract :
Legend
DARN ¼ Decreases amount realized by Norm
IARN ¼ Increases amount realized by Norm