b. Determine the amount of cost recovery that could be taken in 2009 if the fair market value of the property were $ 350,000:
Chapter 7
49. Ricardo acquired a warehouse for business purposes on August 30, 1992. The building cost $ 200,000. He took $ 133,333 of depreciation on the building, and then sold it for $ 350,000 on July 1, 2009. What is the amount and nature of Ricardo’ s gain or loss on the sale of the warehouse?
51. In 2009, Juanita sold stock considered short-term for a gain of $ 875 and stock considered long-term for a loss of $ 2,400. She also had a $ 2,000 short-term loss carryover from 2008 and a $ 240 long-term loss carryover from 2008.
What amount will be shown as a short-term gain( loss) for 2009? What amount will be shown as a long-term gain( loss) for 2009?
c. Will there be a carryover to 2010? If so, what is the nature and amount of the carryover?
Chapter 8
37. Matt and Marie own a vacation home at the beach. During the year, they rented the house for 42 days( 6 weeks) at $ 890 per week and used it for personal use for 58 days. The total costs of maintaining the home are as follows:
Mortgage interest $ 4,200 Property taxes 700 Insurance 1,200 Utilities 3,200