43. LO 7-4&nbspHaneen has taxable income of $115,000without con

43. LO 7-4 Haneen has taxable income of $115,000without consideration of capital gain or loss transactions.  She has ashort-term capital gain of $15,000, a long-term capital loss of $7,000, and ashort-term capital gain of $4,000.  Assume none of the gains or lossesarise from collectibles or unrecaptured §1250 property, and Haneen is in the25% tax bracket. a. What is the total short term gain or loss?  $ b. What is the total long term gain or loss?  $ c. What is the carryoveramount? $d. Is the gain or lossafter netting taxed at the ordinary or capital rate?  Answer – Type ofRate:46. LO 7-5  Jake purchased a $205,000 crane for hisconstruction business.  He sold the crane for $150,000 after taking$115,000 of depreciation.  Assume Jake is in the 33% tax rate bracket. a. On what form would the gain or loss originally be reported?  Form b. What is the amount of gain or loss on thesale? $ c. What amount of the gain or loss is subject to ordinary taxrates?  $

Posted in Uncategorized