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