1 Corinne sells the following personal items in 2021: Necklace: Corinne purchased a necklace for $800 a few years ago and sells it for $1,200 in 2020. Antique Desk: Corinne had an antique desk that she bought a number of years ago for $1,050. In 2021, she was able to sell the desk to an antique dealer for $1,300. Rare Manuscript: Corinne sold a rare manuscript to a museum in 2021 for $1,300. She had acquired it many years ago for $1,800. Bicycle: Corinne sold her beloved mountain bike for $800 in 2021. She had purchased the premium bike a few years Assume Corinne has no other capital gains or losses in 2021. Required: A. Calculate any Taxable Capital Gain or Allowable Capital Loss (enter a 0 if none) that Corinne will include in her 2021 Net Income for Tax Purposes calculation with respect to each item. If the item is Personal Use Property, enter your answer in the PUP column. If the item is Listed Personal Property, enter your answer into the LPP column. Leave any unused squares blank. PUP LPP Necklace [a] [b] Desk [c [d] Manuscript [e] [f] Bicycle [g] [h]

1 Corinne sells the following personal items in 2021: Necklace: Corinne purchased a necklace for $800 a few years ago and sells it for $1,200 in 2020. Antique Desk: Corinne had an antique desk that she bought a number of years ago for $1,050. In 2021, she was able to sell the desk to an antique dealer for $1,300. Rare Manuscript: Corinne sold a rare manuscript to a museum in 2021 for $1,300. She had acquired it many years ago for $1,800. Bicycle: Corinne sold her beloved mountain bike for $800 in 2021. She had purchased the premium bike a few years Assume Corinne has no other capital gains or losses in 2021. Required: A. Calculate any Taxable Capital Gain or Allowable Capital Loss (enter a 0 if none) that Corinne will include in her 2021 Net Income for Tax Purposes calculation with respect to each item. If the item is Personal Use Property, enter your answer in the PUP column. If the item is Listed Personal Property, enter your answer into the LPP column. Leave any unused squares blank. PUP LPP Necklace [a] [b] Desk [c [d] Manuscript [e] [f] Bicycle [g] [h]

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 73IIP

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