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Kyle, a single taxpayer in the 39.6% tax bracket engaged in…

Kyle, a single taxpayer in...
Kyle, a single taxpayer in the 39.6% tax bracket engaged in the following disposition transactions during this tax year.  You may assume the dispositions were made to unrelated parties unless told otherwise:
1. He sold Intel stock purchased 6 months ago for $175,000. Adjusted basis = $33,000
2. He sold Microsoft bonds purchased 2 years ago for $300,000. Adjusted basis = $325,000
3. He sold a building used in business for $3.5 million. His adjusted basis was $2 million.  Accumulated Depreciation was $600,000.  He purchased the asset in 2011.
4. He sold land used in business for $800,000. His adjusted basis was $400,000
5. He sold manufacturing equipment used in business for $280,000. His adjusted basis was $175,000.  He originally purchased the equipment three years ago for $325,000
6. He sold an antique car for $1 million. He held the car for several years and his basis in it was $925,000.
7. He sold an heirloom painting that he inherited from his grandfather this year. His grandfather’s basis in the painting was $25,000.  On the date of his grandfather’s death, the painting was worth $60,000.  He sold it for $55,000 on 12/31.
8. He sold a piece of collectible furniture for $40,000. His grandfather gifted the furniture to Kyle at 5 years ago.  At the time of the gift, the furniture was worth $20,000 and the grandfather’s basis was $45,000.
9. He sold his shares of stock in his family’s closely held corporation for $440,000. His basis in the stock was $30,000 and it was acquired many years ago.  Kyle is an employee of the corporation.
10. He exchanged land held for business for another parcel of land to be held for investment. His basis in old land was $50,000 and he acquired it 8 months prior to the exchange.  At the time of the exchange, his land was worth $250,000 and subject to a mortgage of $75,000.  The other party assumed the mortgage.
Required:   Determine the tax consequences (including character) of the transactions described above.  I believe the best thing to do is to create a grid analyzing income categories (like those created in the lectures and homework) and provide a key to each transaction and explanations below the grid.  If there are long-term capital gains, please specify the rate(s) for such gains.   You may submit this work in Excel if you wish.  Simple citation or labeling (e.g., 1231 or capital) will suffice.  If something is vague or you feel an explanation is warranted, a simple discussion will suffice.  Provide all your work on this problem in one document (do not provide numbers in Excel and explanations in Word).
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10/31/2017
Dr. Donna Kakonge
Dr. Donna Kakonge, Retired College Professor
Category: Business and Finance Homework
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Dear Customer,

Thank you for coming to Just Answer. Are these all of your questions? Do you have additional questions?

Thank you again.

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Customer reply replied 8 months ago
this is all questions for this post

Dear Customer,

Thank you so much! When is your deadline for this particular assignment?

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Customer reply replied 8 months ago
As soon as possible that's hwy i paid extra money

Dear Customer,

What you have paid has not charged to your card yet. I can have it completed by the end of the day on Tuesday. I would love to do it for you tonight, however, it is late now and I will be going to sleep soon. I can have it completed for you by the end of the day on Tuesday. I will simply make a small offer to you in order to send you the answer via email.

Thank you so much.

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Customer reply replied 8 months ago
No i need to tonight by the end of Tuesday is too late
Customer reply replied 8 months ago
thats why i paid extra to have it fast
can someone else assist me ?

Dear Customer,

I can help you, but I will need to make you a much higher offer. I will still get you the right answers, I will just be doing it a little sleepy :-). I do feel fine now, so perhaps it will be OK. I will make you a higher offer for the rush now. Please bear in mind that you would pay less if you wait until Tuesday and request an extension. I will not make my rush offer too high.

Thanks. Once you accept, we can proceed.

Thank you again.

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Customer reply replied 8 months ago
I paid 73$ for this already
Is this additional amount?

Dear Customer,

Yes, it is an additional amount. If you cannot afford it, we can negotiate.

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Customer reply replied 8 months ago
Can we negotiate because i have 3 questions posted & i already paid 70 for each

Dear Customer,

OK. You're actually in luck! A customer that I have been waiting on finally got in touch with me, so I will need to stay up a little later than usual. I will make you a small $5.00 offer for the email service on all three assignments. Consider this you're lucky day :-).

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Please keep in mind that you must respond to each question and accept my new offer separately. You need to respond to the two other questions for me to make you the smaller offer to accept.

Dr. Donna Kakonge
Dr. Donna Kakonge, Retired College Professor
Category: Business and Finance Homework
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Customer reply replied 8 months ago
Thank you very much !

Dear Customer,

You are welcome. Thank you for accepting my offer. Could you also please respond to the two other questions so that we can settle payment right away so I can have enough time to work on your questions? Also, if you could please provide me with your email address in the "enter contact info" link provided in this discussion post in light blue above the paperclip symbol. Thanks so much and I look forward to your responses to the two other questions so that I can make you the same offers with those as well.

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Dear Customer,

Thank you for your email address. I will email you right now regarding all three assignments.

Thank you!

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