AC 559 Unit 2 Case Study Prospects for U.S. Corporate Tax Reform NEW (1) - PowerPoint PPT Presentation
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AC 559 Unit 2 Case Study Prospects for U.S. Corporate Tax Reform NEW (1)
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Hans, a citizen and resident of Argentina, is a retired bank executive. Hans does not hold a green card. At the start of Year 1, Hans paid $2.5 million for a 20-unit apartment complex located in the suburbs of Washington, D.C. Hans does not actively manage the building, rather leases it to an unrelated property management company that subleases the building to the tenants. During Year 1, Hans had rental income of $300,000 and operating expenses (depreciation, interest, insurance, etc.) of $220,000. On the advice of his accountant, Hans made a Code Sec. 871(d) election in Year 1. At the start of Year 2, Hans sold the building for $350,000. Hans’ adjusted basis in the building at that time was $290,000. What are the U.S. tax consequences of Hans’ U.S. activities? – PowerPoint PPT presentation
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Title: AC 559 Unit 2 Case Study Prospects for U.S. Corporate Tax Reform NEW (1)
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AC 559 Unit 2 Case Study Prospects for U.S.
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