Homework Answers
Amount- 170,500- Gain on sale of Land And Building
Calculation-
Sale price of Land- 221,000
Cost of land- 177,000
Gain on sale of land- 44,000
Sale price of Building- 472,500
Cost of Building(net of depreciation)- 346,000
Gain on sale of Building- 126,500
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Required information Problem 11-46 (LO 11-4) [The following information applies to the questions displayed below.) Luke...
Required information Problem 11-46 (LO 11-4) [The following information applies to the questions displayed below.) Luke...
Required information Problem 11-46 (LO 11-4) [The following information applies to the questions displayed below.) Luke sold a building and the land on which the building sits to his wholly owned corporation, Studemont Corp., at fair market value. The fair market value of the building was determined to be $472,500; Luke built the building several years ago at a cost of $437,500. Luke had claimed $91,500 of depreciation expense on the building. The fair market value of the land was...
Required information [The following information applies to the questions displayed below.] Luke sold a building and...
Required information [The following information applies to the questions displayed below.] Luke sold a building and the land on which the building sits to his wholly owned corporation, Studemont Corp., at fair market value. The fair market value of the building was determined to be $502,500; Luke built the building several years ago at a cost of $375,000. Luke had claimed $56,500 of depreciation expense on the building. The fair market value of the land was determined to be $254,000...
Required information [The following information applies to the questions displayed below.) Luke sold a building and...
Required information [The following information applies to the questions displayed below.) Luke sold a building and the land on which the building sits to his wholly owned corporation, Studemont Corp., at fair market value. The fair market value of the building was determined to be $502,500; Luke built the building several years ago at a cost of $375,000. Luke had claimed $56,500 of depreciation expense on the building. The fair market value of the land was determined to be $254,000...
Required information Problem 11-56 (LO 11-6) [The following information applies to the questions displayed below.) Kase,...
Required information Problem 11-56 (LO 11-6) [The following information applies to the questions displayed below.) Kase, an individual, purchased some property in Potomac, Maryland, for $158,000 approximately 10 years ago. Kase is approached by a real estate agent representing a client who would like to exchange a parcel of land in North Carolina for Kase's Maryland property. Kase agrees to the exchange. What is Kase's realized gain or loss, recognized gain or loss, and basis in the North Carolina property...
Required information Problem 7-46 (LO 7-3) [The following information applies to the questions displayed below.) Part...
Required information Problem 7-46 (LO 7-3) [The following information applies to the questions displayed below.) Part 1 of 3 Hoosier Corporation declared a 2-for-1 stock split to all shareholders of record on March 25 of this year. Hoosier reported current E&P of $600,000 and accumulated E&P of $3,000,000. The total fair market value of the stock distributed was $1,500,000. Barbara Bloomington owned 1,000 shares of Hoosier stock with a tax basis of $100 per share. (Leave no answer blank. Enter...
Required information Problem 7-46 (LO 7-3) (The following information applies to the questions displayed below.) Part...
Required information Problem 7-46 (LO 7-3) (The following information applies to the questions displayed below.) Part 3 of 3 Hoosier Corporation declared a 2-for-1 stock split to all shareholders of record on March 25 of this year. Hoosier reported current E&P of $600,000 and accumulated E&P of $3,000,000. The total fair market value of the stock distributed was $1,500,000. Barbara Bloomington owned 1,000 shares of Hoosier stock with a tax basis of $100 per share. (Leave no answer blank. Enter...
Required information Problem 7-46 (LO 7-3) [The following information applies to the questions displayed below.) Part...
Required information Problem 7-46 (LO 7-3) [The following information applies to the questions displayed below.) Part 2 of 3 Hoosier Corporation declared a 2-for-1 stock split to all shareholders of record on March 25 of this year. Hoosier reported current E&P of $600,000 and accumulated E&P of $3,000,000. The total fair market value of the stock distributed was $1,500,000. Barbara Bloomington owned 1,000 shares of Hoosier stock with a tax basis of $100 per share. (Leave no answer blank. Enter...
Required information [The following information applies to the questions displayed below. Zhang incorporated her sole proprietorship...
Required information [The following information applies to the questions displayed below. Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values and adiusted bases: Adjusted FMV Basis Building Land Total Inventory 64,000 32,000 480,000 736,000 320,000 960,000 $1,280,000 $1,312,000 The corporation also assumed a mortgage of $100,000 attached to the building and land. The...
Required information The following information applies to the questions displayed below.) Ivan incorporated his sole proprietorship...
Required information The following information applies to the questions displayed below.) Ivan incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values and adjusted bases: Inventory Building Land Total FMV $ 19,600 83,500 78,250 $181,350 Adjusted Basis $ 37,250 54,750 40,250 $132,250 The fair market value of the corporation's stock received in the exchange equaled...
ework i Saved Problem 4-59 (LO 4-3) (The following information applies to the questions displayed below.]...
ework i Saved Problem 4-59 (LO 4-3) (The following information applies to the questions displayed below.] Kevin and Bob have owned and operated SOA as a C corporation for a number of years. When they formed the entity. Kevin and Bob each contributed $100,000 to SOA, They each have a current basis of $100,000 in their SOA ownership interest. Information on SOA's assets at the end of year 5 is as follows (SOA does not have any liabilities): Adjusted Basis...
Required information Problem 11-46 (LO 11-4) [The following information applies to the questions displayed below.) Luke sold a building and the land on which the building sits to his wholly owned corporation, Studemont Corp., at fair market value. The fair market value of the building was determined to be $472,500; Luke built the building several years ago at a cost of $437,500. Luke had claimed $91,500 of depreciation expense on the building. The fair market value of the land was...
Required information [The following information applies to the questions displayed below.] Luke sold a building and the land on which the building sits to his wholly owned corporation, Studemont Corp., at fair market value. The fair market value of the building was determined to be $502,500; Luke built the building several years ago at a cost of $375,000. Luke had claimed $56,500 of depreciation expense on the building. The fair market value of the land was determined to be $254,000...
Required information [The following information applies to the questions displayed below.) Luke sold a building and the land on which the building sits to his wholly owned corporation, Studemont Corp., at fair market value. The fair market value of the building was determined to be $502,500; Luke built the building several years ago at a cost of $375,000. Luke had claimed $56,500 of depreciation expense on the building. The fair market value of the land was determined to be $254,000...
Required information Problem 11-56 (LO 11-6) [The following information applies to the questions displayed below.) Kase, an individual, purchased some property in Potomac, Maryland, for $158,000 approximately 10 years ago. Kase is approached by a real estate agent representing a client who would like to exchange a parcel of land in North Carolina for Kase's Maryland property. Kase agrees to the exchange. What is Kase's realized gain or loss, recognized gain or loss, and basis in the North Carolina property...
Required information Problem 7-46 (LO 7-3) [The following information applies to the questions displayed below.) Part 1 of 3 Hoosier Corporation declared a 2-for-1 stock split to all shareholders of record on March 25 of this year. Hoosier reported current E&P of $600,000 and accumulated E&P of $3,000,000. The total fair market value of the stock distributed was $1,500,000. Barbara Bloomington owned 1,000 shares of Hoosier stock with a tax basis of $100 per share. (Leave no answer blank. Enter...
Required information Problem 7-46 (LO 7-3) (The following information applies to the questions displayed below.) Part 3 of 3 Hoosier Corporation declared a 2-for-1 stock split to all shareholders of record on March 25 of this year. Hoosier reported current E&P of $600,000 and accumulated E&P of $3,000,000. The total fair market value of the stock distributed was $1,500,000. Barbara Bloomington owned 1,000 shares of Hoosier stock with a tax basis of $100 per share. (Leave no answer blank. Enter...
Required information Problem 7-46 (LO 7-3) [The following information applies to the questions displayed below.) Part 2 of 3 Hoosier Corporation declared a 2-for-1 stock split to all shareholders of record on March 25 of this year. Hoosier reported current E&P of $600,000 and accumulated E&P of $3,000,000. The total fair market value of the stock distributed was $1,500,000. Barbara Bloomington owned 1,000 shares of Hoosier stock with a tax basis of $100 per share. (Leave no answer blank. Enter...
Required information [The following information applies to the questions displayed below. Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values and adiusted bases: Adjusted FMV Basis Building Land Total Inventory 64,000 32,000 480,000 736,000 320,000 960,000 $1,280,000 $1,312,000 The corporation also assumed a mortgage of $100,000 attached to the building and land. The...
Required information The following information applies to the questions displayed below.) Ivan incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values and adjusted bases: Inventory Building Land Total FMV $ 19,600 83,500 78,250 $181,350 Adjusted Basis $ 37,250 54,750 40,250 $132,250 The fair market value of the corporation's stock received in the exchange equaled...
ework i Saved Problem 4-59 (LO 4-3) (The following information applies to the questions displayed below.] Kevin and Bob have owned and operated SOA as a C corporation for a number of years. When they formed the entity. Kevin and Bob each contributed $100,000 to SOA, They each have a current basis of $100,000 in their SOA ownership interest. Information on SOA's assets at the end of year 5 is as follows (SOA does not have any liabilities): Adjusted Basis...
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