“Sales and Disposal of Assets” Please respond to the following:
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 recommend
Work count at least 250. Does not have to be in any
certain format this is just a discussion question
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