a descendent died on May 31, 2018 the executor sold the descendent"s home. the executir elected...
Homework Answers
- In case of inherited property, executors are given an option for alternate valuation date wherein the executor may go for any other date for valuating the property which may not be the date of death. This is inorder to reduce the amount of tax liability that would be liable to be paid.
- The executor can select any date as an alternate valuation date such that the value of property would be the lowest in order to reduce the amount of tax payable.
- And such date should be within six months from the dare of death of the descendant.
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descendent died on May 31, 2018 the executor sold the descendent"s
home. the executir elected...
Problem 14-48 (LO. 3) Dan bought a hotel for $12,600,000 in January 2014. In May 2018,...
Problem 14-48 (LO. 3) Dan bought a hotel for $12,600,000 in January 2014. In May 2018, he died and left the hotel to Ed. While Dan owned the hotel, he deducted $289,000 of cost recovery. The fair market value in May 2018 was $12,800,000. The fair market value six months later was $12,850,000. a. What is the basis of the property to Ed? Since the alternate valuation date cannot be elected, Ed's basis is $ 2,800,000 X. Feedback Check My...
Jamie inherits stock (a capital asset) from his brother, who died in March of 2017, when...
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Cost of Merchandise Sold Cost of merchandise sold: Merchandise inventory, May 31, 2018 $105,000 Cost of...
Cost of Merchandise Sold Cost of merchandise sold: Merchandise inventory, May 31, 2018 $105,000 Cost of merchandise purchased: Purchases $1,110,000 Purchases returns and allowances 55,000 Purchases discounts 30,000 Freight in (22,000) Total cost of merchandise purchased 1,173,000 Inventory available for sale $1,278,000 Merchandise inventory, June 1, 2017 91,300 Cost of merchandise sold before estimated returns $1,186,700 Increase in estimated returns inventory 43,300 Cost of merchandise sold $1,230,000 The schedule of the cost of merchandise sold for the current year ended...
which of the following statements of penaltiesis correctwhen a filing a Firm 706? May 31, 2018...
which of the following statements of penaltiesis correctwhen a
filing a Firm 706?
May 31, 2018 September 1, 2018. November 30, 2018. April 16, 2019. Mark for follow up Question 29 of 65. Which of the following statements regarding the assessment of penalties is correct when filing a Form 7067 Section 6651 provides for penalties for both late filing and late payment. Penalties apply to the willful attempt to evade payment of estate and Generation Skipping Transfer (GST) tax. A...
David Corp. sold machinery for $80,000 on December 31, 2018. This machinery was purchased on January...
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Prepare a bank reconciliation for Diaz's checking account on May 31, 2018 and record the necessary...
Prepare a bank reconciliation for Diaz's checking account on May
31, 2018 and record the necessary cash adjustments in journal seen
in image.
The cash records and bank statement for the month of May for Diaz Entertainment are shown below. DIAZ ENTERTAINMENT Cash Account Records May 1, 2018, to May 31, 2018 Cash Balance Cash Balance - May 31, 2018 May 1, 2018Deposits $5,420 $11,340 $5.380 Date Desc. Date No 5/7 471Legal tees 5/12 472 Property tax 515 473 Salaries...
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Like Home, Inc., includes the following selected accounts in its general ledger at December 31, 2018: (Click the icon t...
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Question 212.56 pts On January 8, 2018, Sam, age 62, sold for $410,000 his personal residence...
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Problem 14-48 (LO. 3) Dan bought a hotel for $12,600,000 in January 2014. In May 2018, he died and left the hotel to Ed. While Dan owned the hotel, he deducted $289,000 of cost recovery. The fair market value in May 2018 was $12,800,000. The fair market value six months later was $12,850,000. a. What is the basis of the property to Ed? Since the alternate valuation date cannot be elected, Ed's basis is $ 2,800,000 X. Feedback Check My...
Jamie inherits stock (a capital asset) from his brother, who died in March of 2017, when the property had a $7.3 million FMV. This property is the only property included in his brother's gross estate and there isa taxable estate. The FMV of the property as of the alternate valuation date was $6.8 million. Read the requirements. Requirement a. Why might the executor of the brothers estate elect to use the alternate valuation date to value the property? (Enter your...
which of the following statements of penaltiesis correctwhen a
filing a Firm 706?
May 31, 2018 September 1, 2018. November 30, 2018. April 16, 2019. Mark for follow up Question 29 of 65. Which of the following statements regarding the assessment of penalties is correct when filing a Form 7067 Section 6651 provides for penalties for both late filing and late payment. Penalties apply to the willful attempt to evade payment of estate and Generation Skipping Transfer (GST) tax. A...
Prepare a bank reconciliation for Diaz's checking account on May
31, 2018 and record the necessary cash adjustments in journal seen
in image.
The cash records and bank statement for the month of May for Diaz Entertainment are shown below. DIAZ ENTERTAINMENT Cash Account Records May 1, 2018, to May 31, 2018 Cash Balance Cash Balance - May 31, 2018 May 1, 2018Deposits $5,420 $11,340 $5.380 Date Desc. Date No 5/7 471Legal tees 5/12 472 Property tax 515 473 Salaries...
Problem 1 (25 points Home Furniture Ltd. sells washing machines. At December 31, 2018, Home Furniture Ltd. inventory amounted to $250,000. During the first week of January 2018, the company made only one purchase and one sale. These transactions were as follows: Jan. 5 Purchased 40 machines from Wash Experts. The total cost of these machines was $48,000 Discount terms 310, n/60. Jan. 12 Sold machines on account to Home supply Ltd. The total sales price was $82,500. The total...
Like Home, Inc., includes the following selected accounts in its general ledger at December 31, 2018: (Click the icon to view the accounts.) Prepare the liabilities section of Like Home, Inc.'s, balance sheet at December 31, 2018, to show how the company would report these items. Report total current liabilities and total liabilities. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Liabilities Choose from any list...
View Policies Current Attempt in Progress On May 31, 2018, Armstrong Company paid $3,500,000 to acquire all of the common stock of Hall Corporation, which became a division of Armstrong. Hall reported the follawing balance sheet at the time of the acquisition: $ 900,000 Current liabilities S 600,000 Current assets Noncurrent assets 2.700.000 Long-term liabilities 500,000 Stockholder's equity 2,500.000 Total liabilities and Total assets $3,600.000 $3.600,000 stockholder's equity It was determined at the date of the purchase that the fair...
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