ACC 456 STUDY Start With a Dream /acc456study.com ACC 456 STUDY Start With a Dream /acc456study.com | Page 24

Mike’s AGI is $120,000 before any of the above expenses are
deducted. None of the expenses listed above are reimbursed by Mike’s
employer. He has no other miscellaneous itemized deductions and does
not use the standard deduction.
·
a.What is the amount of Mike’s deduction for employment-
related expenses?
·
b.How are these items reported in Mike’s tax return?
I:13-37
Ordinary Income Versus Sec. 1231 Gain. At the beginning of 2015,
Silver Corporation has a $95,000 capital loss carryforward from 2014.
During 2015, the corporation sells land, held for four years, and
realizes an $80,000 gain. Silver has no unrecaptured net Sec. 1231
losses, and it made no other sales during the current year. Determine
the amount of capital loss carryforward that Silver can use in 2015 if
the land is:
· a.Sec. 1231 property.
· b.Not a capital asset or Sec. 1231 property.
------------------------------------------------------------------
ACC 456 Week 4 Short Response (5-1, 5-7, 8-5, ,8-14, 9-4, 9-
6, 13-3, 13-11)
FOR MORE CLASSES VISIT
www.acc456study.com