Kayden purchased the following: an apartment building for $123,000, including $19,500 for the land. furniture for...

Question

Question

Kayden purchased the following: an apartment building for $123,000, including $19,500 for the land. furniture for...

Kayden purchased the following:

an apartment building for $123,000, including $19,500 for the land.

furniture for $8649.

pick up truck for $27,500 used 75% for business.

what is cadence and adjusted basis immediately after acquisition (UBIA) of these assets?

- $112,149

- $132,774

- $152,274

- $240,149

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

AS APPARTMENT BUILDING AND FURNITURE QULAIFIES FOR BUSINESS THEY CAN BE TAKEN FOR UBIA BUT ONLY 75% OF TRUCK HAS BEEN USED FOR BUSINESS ONLY 75% is considered for ubia so

123000+8649+27500*75%=152274

Add a comment

Answer 2

Similar Homework Help Questions

What is the UBIA of the following assets? A vehicle purchased for $30,000 and used 80%...

What is the UBIA of the following assets? A vehicle purchased for $30,000 and used 80% for business, an apartment building purchased for $100,000, including $20,000 for the land, and furniture purchased for $10,000. $114,000 $120,000 $134,000 $140,000
what is the ubia of the following assets a vehicle purchased for $30,000 and used 80%...

what is the ubia of the following assets a vehicle purchased for $30,000 and used 80% for business and apartment building purchased for $100,000 including $20,000 for the land used 100% for business and future purchase at $10,000 and used 100% for business the correct answer is 114,000 a
Farrah Investor purchased an apartment building (including land) for $2,000,000 and placed it in service on...

Farrah Investor purchased an apartment building (including land) for $2,000,000 and placed it in service on December 27, 2017. The land is valued at $1,000,000, and the building is valued at $1,000,000. Farrah depreciated the property under MACRS GDS. What is Farrah's tax depreciation deduction for 2017?

6.On November 10 of year 1 Javier purchased a building, including the land it was on,...

6.On November 10 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,300,000; 20% was allocated to the basis of the land and the remaining 80% was allocated to the basis of the building. Using MACRS, what is Javier’s depreciation expense on the building for year 2? 7.On March 25 of year 1 Javier purchased an apartment building, including the land it was on....
Check my work Samtech Manufacturing purchased land and building for $5 million. In addition to the...

Check my work Samtech Manufacturing purchased land and building for $5 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance Legal fees for drawing the contract Pro-rated property taxes for the period after acquisition State transfer fees $28,000 6,000 48,000 5,200 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.6 and $2.4 million, respectively. Shortly after acquisition,...
Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech...

Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance Legal fees for drawing the contract Pro-rated property taxes for the period after acquisition State transfer fees $26,000 5,000 46,000 5,000 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.2 and $1.8 million, respectively. Shortly after acquisition, Samtech spent $92,000...

Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech...

Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance Legal fees for drawing the contract Pro-rated property taxes for the period after acquisition State transfer fees $ 19,000 6,500 39,000 4,300 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.7 and $1.3 million, respectively. Shortly after acquisition, Samtech spent...
Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building:

Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance$20,000Legal fees for drawing the contract7,000Pro-rated property taxes for the period after acquisition40,000State transfer fees4,400 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.2 and $1.8 million, respectively. Shortly after acquisition, Samtech spent $86,000 to construct a parking lot and $44,000 for landscaping. Required:1. Determine...
brenda purchased a business for 120,000. and received s building fmv 80,000. land fmv 10,000. and furniture and fixtures...

brenda purchased a business for 120,000. and received s building fmv 80,000. land fmv 10,000. and furniture and fixtures fmv 30,000. she spent 10,000. on legal fees to make thr purchase what is the basis for these items

brenda purchased a business for 120,000. and received s building fmv 80,000. land fmv 10,000. and furniture and fixtures...

brenda purchased a business for 120,000. and received s building fmv 80,000. land fmv 10,000. and furniture and fixtures fmv 30,000. she spent 10,000. on legal fees to make thr purchase what is the basis for these items

Kayden purchased the following: an apartment building for $123,000, including $19,500 for the land. furniture for...

Homework Answers

Add Answer to:
Kayden purchased the following: an apartment building for $123,000, including $19,500 for the land. furniture for...

Post as a guest

Earn Coins

What is the UBIA of the following assets? A vehicle purchased for $30,000 and used 80%...

what is the ubia of the following assets a vehicle purchased for $30,000 and used 80%...

Farrah Investor purchased an apartment building (including land) for $2,000,000 and placed it in service on...

6.On November 10 of year 1 Javier purchased a building, including the land it was on,...

Check my work Samtech Manufacturing purchased land and building for $5 million. In addition to the...

Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech...

Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech...

Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building:

brenda purchased a business for 120,000. and received s building fmv 80,000. land fmv 10,000. and furniture and fixtures...

brenda purchased a business for 120,000. and received s building fmv 80,000. land fmv 10,000. and furniture and fixtures...

Kayden purchased the following: an apartment building for $123,000, including $19,500 for the land. furniture for...

Homework Answers

Add Answer to: Kayden purchased the following: an apartment building for $123,000, including $19,500 for the land. furniture for...

Post as a guest

Earn Coins

Add Answer to:
Kayden purchased the following: an apartment building for $123,000, including $19,500 for the land. furniture for...