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8. Assume instead of the above that Aliza purchases a house for $500,000. She pays $200,000...
1 Assume instead of the above that Aliza purchases a house for $500,000. She pays $200,000...
1 Assume instead of the above that Aliza purchases a house for $500,000. She pays $200,000 in cash and signs a mortgage for $300,000. After living in the house as her principle residence for 2 years, she sells the house for $900,000 in cash add the buyer assumes her mortgage of$200,000. What is a Alizsa’s amount realized on the sale? 2. Does Aliza realize a gain on the sale of her residence, and if so, what is the amount? 3....
1. Joe buys a piece of land on January 3rd of the current year. He pays$10,000...
1. Joe buys a piece of land on January 3rd of the current year. He pays$10,000 in cash. What is Joe’s basis in the land? 2. Suppose Joe gives the seller $7,000 in cash and a note for $3,000 paying interest at the current rate of 3%. What is Joe’s basis in the land? 3. Suppose instead that Joe gives the seller $6,000 in cash, a note with interest, promising to pay $3,000 in one year, and a piece of...
Xian and Devi are each buying a house for $500,000. Xian puts $200,000 down and gets...
Xian and Devi are each buying a house for $500,000. Xian puts $200,000 down and gets a mortgage for the other $300,000 at a 6% annual effective rate. Devi puts $100,00 down and gets a mortgage for the other $400,000 at the same annual rate. Both mortgages are interest only (i.e they pay 5% interest at the end of each year but do not repay any of the principal.) a) How much leverage does Xian have? How much leverage...
Q2) Xian and Devi are each buying a house for $500,000. Xian puts $200,000 down and...
Q2) Xian and Devi are each buying a house for $500,000. Xian puts $200,000 down and gets a mortgage for the other $300,000 at a 6% annual effective rate. Devi puts $100,00 down and gets a mortgage for the other $400,000 at the same annual rate. Both mortgages are interest only (i.e they pay 5% interest at the end of each year but do not repay any of the principal.) a) How much leverage does Xian have? How much leverage...
Problem 13-80 (LO. 6) Shontelle owns an apartment house that has an adjusted basis of $760,000...
Problem 13-80 (LO. 6) Shontelle owns an apartment house that has an adjusted basis of $760,000 but is subject to a mortgage of $192,000. She transfers the apartment house to Dave and receives from him $120,000 in cash and an office building with a fair market value of $780,000 at the time of the exchange. Dave assumes the $192,000 mortgage on the apartment house. a. What is Shontelle's realized gain or loss? Shontelle's realized is $ b. What is Shontelle's...
Selma has decided to sell her house in Northridge and wants to net $900,000 after commissions....
Selma has decided to sell her house in Northridge and wants to net $900,000 after commissions. She decides on list price of $1,000,000. Selma lists her property with XYZ Realty, ABC Realty, and MNO Realty. In each listing agreement, Selma has agreed to pay a commission of 5% of the sale price when the firm finds a ready, willing and able buyer and a sale is consummated. XYZ Realty company produces an offer $900,000 all cash within 10 days of...
Problem 3-52 (LO 3-5) [The following information applies to the questions displayed below.] Tonya Jefferson (single),...
Problem 3-52 (LO 3-5) [The following information applies to the questions displayed below.] Tonya Jefferson (single), a sole proprietor, runs a successful lobbying business in Washington, DC. She doesn't sell many business assets, but she is planning on retiring and selling her historic townhouse, from which she runs her business, to buy a place somewhere sunny and warm. Tonya's townhouse is worth $1,000,000 and the land is worth another $1,000,000. The original basis in the townhouse was $600,000, and she...
Question 212.56 pts On January 8, 2018, Sam, age 62, sold for $410,000 his personal residence...
Question 212.56 pts On January 8, 2018, Sam, age 62, sold for $410,000 his personal residence which had an adjusted basis of $150,000. Sam purchased the home in 2013 and used it as his personal principal residence for the last three years. On May 1, 2018, he purchased a new residence for $520,000. For 2018, Sam should recognize a gain on the sale of his residence of: $10,000 $250,000 $260,000 $0 Flag this Question Question 222.56 pts Jody purchased a...
Ruth sold land she purchased three months earlier for use in her business. Her cost and...
Ruth sold land she purchased three months earlier for use in her business. Her cost and adjusted basis in the land is $75,000. She incurred $5000 in expenses related to the sale. The buyer paid $80,000 cash and assumed Ruth $25,000 mortgage on the property. What is the amount of her gain, and Ware on form 4797 will she report the sale? a. $25,000, part I b. $25,000, part II c. $30,000, part III d. $30,000, part IV
Please answer Req 2a Tonya Jefferson (single), a sole proprietor, runs a successful lobbying business in...
Please answer Req 2a
Tonya Jefferson (single), a sole proprietor, runs a successful lobbying business in Washington, DC. She doesn't sell many business assets, but she is planning on retiring and selling her historic townhouse, from which she runs her business, to buy a place somewhere sunny and warm. Tonya's townhouse is worth $1,000,000 and the land is worth another $1,000,000. The original basis in the townhouse was $600,000, and she has claimed $250,000 of depreciation deductions against the asset...
Q2) Xian and Devi are each buying a house for $500,000. Xian puts $200,000 down and gets a mortgage for the other $300,000 at a 6% annual effective rate. Devi puts $100,00 down and gets a mortgage for the other $400,000 at the same annual rate. Both mortgages are interest only (i.e they pay 5% interest at the end of each year but do not repay any of the principal.) a) How much leverage does Xian have? How much leverage...
Problem 13-80 (LO. 6) Shontelle owns an apartment house that has an adjusted basis of $760,000 but is subject to a mortgage of $192,000. She transfers the apartment house to Dave and receives from him $120,000 in cash and an office building with a fair market value of $780,000 at the time of the exchange. Dave assumes the $192,000 mortgage on the apartment house. a. What is Shontelle's realized gain or loss? Shontelle's realized is $ b. What is Shontelle's...
Problem 3-52 (LO 3-5) [The following information applies to the questions displayed below.] Tonya Jefferson (single), a sole proprietor, runs a successful lobbying business in Washington, DC. She doesn't sell many business assets, but she is planning on retiring and selling her historic townhouse, from which she runs her business, to buy a place somewhere sunny and warm. Tonya's townhouse is worth $1,000,000 and the land is worth another $1,000,000. The original basis in the townhouse was $600,000, and she...
Please answer Req 2a
Tonya Jefferson (single), a sole proprietor, runs a successful lobbying business in Washington, DC. She doesn't sell many business assets, but she is planning on retiring and selling her historic townhouse, from which she runs her business, to buy a place somewhere sunny and warm. Tonya's townhouse is worth $1,000,000 and the land is worth another $1,000,000. The original basis in the townhouse was $600,000, and she has claimed $250,000 of depreciation deductions against the asset...
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