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(Solved) Bill owns 55% of the outstanding stock of Gates Corporation.


Bill owns 55% of the outstanding stock of Gates Corporation. During 2015, Gates sold a machine to Bill for $40,000. The machine had an adjusted tax basis of $46,000, and had been owned by Gates Corporation for three years. Determine the taxable gain or loss that Gates Corporation can claim on its 2015 income tax return.


- Please show the work with the problem


46,000-40,000=6,000

 

Although Gates Corporation sold the machine to a major investor, the property was investment

 

property and the corporation can claim capital loss.IRS guidelines provide that you...

 


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Oct 15, 2019

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