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Sales and Disposal of Assets

  • After
    reviewing the scenario, explain the impact that the adjusted basis has
    on the calculation of tax liability, and propose at least two (2)
    tax-planning strategies for reducing, eliminating, or deferring the
    payment of capital gains taxes. Also, discuss other alternatives aimed
    at optimizing deductions or reducing taxes, such as selling the property
    to an unrelated third party which, in turn, allows losses to be
    deductible expenses.
  • Imagine
    that you are a tax consultant, and a client needs your advice on how to
    reduce his tax liability on the sale of depreciable assets that have
    not been fully depreciated. The client has identified three (3)
    long-term depreciable assets and assumes that he will be able to pay
    capital gains taxes on the profit from their sale. It would be to your
    client’s advantage to treat a taxable gain as long-term capital gain to
    which lower rates apply and a loss is categorized as an ordinary loss,
    which can offset ordinary income. Discuss the treatment of gains and
    losses for Section 1231 and Section 1245 of the Internal Revenue Code,
    and recommend at least three (3) tax-planning strategies that would
    assist the client in reducing his tax liability. Provide support for
    your recommendations.

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