Homework Answers
a. Warehouse = 125000*75000/(100000+75000) = $53571
Land = 125000*100000/(100000+75000) = $71429
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Required information [The following information applies to the questions displayed below.) Wanting to finalize a sale...
Required information [The following information applies to the questions displayed below.] Wanting to finalize a sale...
Required information [The following information applies to the questions displayed below.] Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $219,000. The appraised fair market value of the warehouse was $127,500, and the appraised value of the land was $185,750. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. What is Bob's basis in the warehouse and in the land? Bob's...
Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a...
Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $130,000. The appraised fair market value of the warehouse was $119,250, and the appraised value of the land was $123,750. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)a. What is Bob’s basis in the warehouse______and in the land_______ b. What would be Bob’s basis in the warehouse and in the land if...
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.] David’s basis in the Jimsoo...
Required information
[The following information applies to the questions
displayed below.]
David’s basis in the Jimsoo Partnership is $65,000. In a
proportionate liquidating distribution, David receives cash of
$9,400 and two capital assets: (1) Land A with a fair market value
of $24,800 and a basis to Jimsoo of $19,600, and (2) Land B with a
fair market value of $11,800 and a basis to Jimsoo of $19,600.
Jimsoo has no liabilities.
c1. If the two parcels of land had...
Check my wc Required information [The following information applies to the questions displayed below.] Part 1...
Check my wc Required information [The following information applies to the questions displayed below.] Part 1 of 5 10 points Tiger Corporation reported taxable income of $500,000 from operations this year. During the year, the company made a distribution of land to its sole shareholder, Mike Fairway. The land's fair market value was $75,000 and its tax and E&P basis to Tiger was $125,000. Mike assumed a mortgage attached to the land of $15,000. The company had accumulated E&P of...
Required information (The following information applies to the questions displayed below.) Stoll Co.'s long-term available-for-sale portfolio...
Required information (The following information applies to the questions displayed below.) Stoll Co.'s long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Company A bonds Company B notes Company C bonds Cost $534,300 159,490 661,900 Fair Value $490, eee 148,000 644,280 Stoll enters into the following transactions involving its available-for-sale debt securities this year. Jan. 29 Sold one-half of the Company B notes for $78,5ee. July 6 Purchased bonds of Company X for $120,600....
Required information (The following information applies to the questions displayed below) Metro Corp. traded Land A...
Required information (The following information applies to the questions displayed below) Metro Corp. traded Land A for Land B. Metro originally purchased Land A for $50,000 and Land A's adjusted basis was $25,000 at the time of the exchange. What is Metro's realized gain or loss, recognized gain or loss, and adjusted basis in Land B in each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Input all other amounts as positive values. Leave...
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...
[The following information applies to the questions displayed below.] Rodriguez Company pays $365,000 for real estate...
[The following information
applies to the questions displayed below.] Rodriguez Company pays
$365,000 for real estate plus $19,345 in closing costs. The real
estate consists of land appraised at $214,200; land improvements
appraised at $61,200; and a building appraised at $234,600.
33.value: 4.00 pointsRequired information Allocate the total cost
among the three purchased assets. (Round your "Apportioned Cost"
answers to 2 decimal places.)
The following information applies to the questions displayed below.] Rodriguez Company pays $365,000 for real estate plus...
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.] Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $219,000. The appraised fair market value of the warehouse was $127,500, and the appraised value of the land was $185,750. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. What is Bob's basis in the warehouse and in the land? Bob's...
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.]
David’s basis in the Jimsoo Partnership is $65,000. In a
proportionate liquidating distribution, David receives cash of
$9,400 and two capital assets: (1) Land A with a fair market value
of $24,800 and a basis to Jimsoo of $19,600, and (2) Land B with a
fair market value of $11,800 and a basis to Jimsoo of $19,600.
Jimsoo has no liabilities.
c1. If the two parcels of land had...
Check my wc Required information [The following information applies to the questions displayed below.] Part 1 of 5 10 points Tiger Corporation reported taxable income of $500,000 from operations this year. During the year, the company made a distribution of land to its sole shareholder, Mike Fairway. The land's fair market value was $75,000 and its tax and E&P basis to Tiger was $125,000. Mike assumed a mortgage attached to the land of $15,000. The company had accumulated E&P of...
Required information (The following information applies to the questions displayed below.) Stoll Co.'s long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Company A bonds Company B notes Company C bonds Cost $534,300 159,490 661,900 Fair Value $490, eee 148,000 644,280 Stoll enters into the following transactions involving its available-for-sale debt securities this year. Jan. 29 Sold one-half of the Company B notes for $78,5ee. July 6 Purchased bonds of Company X for $120,600....
Required information (The following information applies to the questions displayed below) Metro Corp. traded Land A for Land B. Metro originally purchased Land A for $50,000 and Land A's adjusted basis was $25,000 at the time of the exchange. What is Metro's realized gain or loss, recognized gain or loss, and adjusted basis in Land B in each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Input all other amounts as positive values. Leave...
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...
[The following information
applies to the questions displayed below.] Rodriguez Company pays
$365,000 for real estate plus $19,345 in closing costs. The real
estate consists of land appraised at $214,200; land improvements
appraised at $61,200; and a building appraised at $234,600.
33.value: 4.00 pointsRequired information Allocate the total cost
among the three purchased assets. (Round your "Apportioned Cost"
answers to 2 decimal places.)
The following information applies to the questions displayed below.] Rodriguez Company pays $365,000 for real estate plus...
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...
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