Exercise 13-30 (Algorithmic) (LO. 3) Sebastian purchases two pieces of equipment for $117,000. Appraisals of the...
Exercise 13-30 (Algorithmic) (LO. 3)
Sebastian purchases two pieces of equipment for $117,000. Appraisals of the equipment indicate that the fair market value of the first piece of equipment is $81,900 and that of the second piece of equipment is $128,700. What is Sebastian's basis in these two assets?
If required, round your interim calculations to two decimal places. Use rounded amounts in subsequent computations. If required, round final answers to the nearest dollar.
Sebastian's basis for the first piece of equipment is $ ___________ and $____________ for the second piece of equipment. Feedback
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Exercise 13-30 (Algorithmic) (LO. 3)
Sebastian purchases two pieces of equipment for $117,000.
Appraisals of the...
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a...
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a mineral interest for $8,563,000. At that time, the remaining recoverable units in the mineral interest are estimated to be 804,200 tons. If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. If 723,780 tons are mined and 120,630 tons are sold this year, calculate Parscale's cost depletion for 2019.
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a...
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a mineral interest for $8,480,500. At that time, the remaining recoverable units in the mineral Interest are estimated to be 632,000 tons. If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. If 80,000 tons are mined and 75,000 tons are sold this year, calculate Parscale's cost depletion for 2019, $ 1,006,389
Problem 13-53 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on...
Problem 13-53 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on October 3, 2019, for $175,000. On December 12, 2019, Kevin purchases an additional 750 shares of Bluebird stock for $122,500. According to market quotations, Bluebird stock is selling for $175 per share on 12/31/19. Kevin sells 500 shares of Bluebird stock on March 1, 2020, for $98,000. a. The adjusted basis of Kevin's Bluebird stock on December 31, 2019, is $ b. What is...
Problem 7-12 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on...
Problem 7-12 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on October 3, 2018, for $340,000. On December 12, 2018, Kevin purchases an additional 750 shares of Bluebird stock for $238,000. According to market quotations, Bluebird stock is selling for $340 per share on 12/31/18. Kevin sells 500 shares of Bluebird stock on March 1, 2019, for $190,400. a. The adjusted basis of Kevin's Bluebird stock on December 31, 2018, is $ 595,000 . Feedback...
Exercise 21-22 (Algorithmic) (LO. 10) On June 1 of the current tax year, Elisha and Ezra...
Exercise 21-22 (Algorithmic) (LO. 10) On June 1 of the current tax year, Elisha and Ezra (who are equal partners) contribute property to form the Double E Partnership. Elisha contributes cash of $348,480. Erra contributes a building and land with an adjusted basis and fair market value of $580,800, subject to a liability of $232,320. The partnership borrows $36,300 to finance construction of a parking lot in front of the building. At the end of the first year (December 31),...
Answers to b and c are not $41,533 and $0 respectively. Problem 14-39 (Algorithmic) (LO. 1,...
Answers to b and c are not $41,533 and $0 respectively.
Problem 14-39 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on October 3, 2019, for $445,000. On December 12, 2019, Kevin purchases an additional 750 shares of Bluebird stock for $311,500. According to market quotations, Bluebird stock is selling for $445 per share on 12/31/19. Kevin sells 500 shares of Bluebird stock on March 1, 2020, for $249,200. a. The adjusted basis of Kevin's...
Exercise 5-3 (Algorithmic) (LO. 3) Stanford owns and operates two dry cleaning businesses. He travels to...
Exercise 5-3 (Algorithmic) (LO. 3) Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant. Later in the month, he travels to New York to discuss acquiring a bakery. Stanford does not acquire the restaurant but does purchase the bakery on November 1, 2019. Stanford incurred the following expenses: Total investigation costs related to the restaurant Total investigation costs related to the bakery $36,250 52,200 If required, round any division to two decimal...
Exercise 6-31 (Algorithmic) (LO. 3) Stanford owns and operates two dry cleaning businesses. He travels to...
Exercise 6-31 (Algorithmic) (LO. 3) Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant. Later in the month, he travels to New York to discuss acquiring a bakery. Stanford does not acquire the restaurant but does purchase the bakery on November 1, 2020. Stanford incurred the following expenses: Total investigation costs related to the restaurant $39,500 Total investigation costs related to the bakery 52,200 If required, round any division to two decimal...
Calculator Exercise 4-26 (Algorithmic) (LO.4) taxpayer, age 64, purchases an annuity from an insurance company for...
Calculator Exercise 4-26 (Algorithmic) (LO.4) taxpayer, age 64, purchases an annuity from an insurance company for $82,000. She is to receive $683 per month for life. Her life expectancy 20.8 years from the annuity starting date. Assuming that she receives $8,200 this year, what is the exclusion percentage and how much is included in her gross income? Round the exclusion percentage to two decimal places. Round the final answer for the income to the nearest dollar. Exclusion percentage: Induded in...
Y shirleyhollandi1y... SU Financial eBook Calculator Exercise 6-32 (Algorithmic) (LO. 3) Tobias has a brokerage account...
Y shirleyhollandi1y... SU Financial eBook Calculator Exercise 6-32 (Algorithmic) (LO. 3) Tobias has a brokerage account and buys on the margin, which resulted in an interest expense of $38,800 during the year. Income generated through the brokerage account was as follows: Municipal interest Taxable dividends and interest $77,600 388,000 If required, round any division to two decimal places and use in subsequent computation. Round your final answer to the nearest dollar. How much investment interest can Tobias deduct? Feedbac v...
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a mineral interest for $8,563,000. At that time, the remaining recoverable units in the mineral interest are estimated to be 804,200 tons. If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. If 723,780 tons are mined and 120,630 tons are sold this year, calculate Parscale's cost depletion for 2019.
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a mineral interest for $8,480,500. At that time, the remaining recoverable units in the mineral Interest are estimated to be 632,000 tons. If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. If 80,000 tons are mined and 75,000 tons are sold this year, calculate Parscale's cost depletion for 2019, $ 1,006,389
Problem 13-53 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on October 3, 2019, for $175,000. On December 12, 2019, Kevin purchases an additional 750 shares of Bluebird stock for $122,500. According to market quotations, Bluebird stock is selling for $175 per share on 12/31/19. Kevin sells 500 shares of Bluebird stock on March 1, 2020, for $98,000. a. The adjusted basis of Kevin's Bluebird stock on December 31, 2019, is $ b. What is...
Exercise 21-22 (Algorithmic) (LO. 10) On June 1 of the current tax year, Elisha and Ezra (who are equal partners) contribute property to form the Double E Partnership. Elisha contributes cash of $348,480. Erra contributes a building and land with an adjusted basis and fair market value of $580,800, subject to a liability of $232,320. The partnership borrows $36,300 to finance construction of a parking lot in front of the building. At the end of the first year (December 31),...
Answers to b and c are not $41,533 and $0 respectively.
Problem 14-39 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on October 3, 2019, for $445,000. On December 12, 2019, Kevin purchases an additional 750 shares of Bluebird stock for $311,500. According to market quotations, Bluebird stock is selling for $445 per share on 12/31/19. Kevin sells 500 shares of Bluebird stock on March 1, 2020, for $249,200. a. The adjusted basis of Kevin's...
Exercise 5-3 (Algorithmic) (LO. 3) Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant. Later in the month, he travels to New York to discuss acquiring a bakery. Stanford does not acquire the restaurant but does purchase the bakery on November 1, 2019. Stanford incurred the following expenses: Total investigation costs related to the restaurant Total investigation costs related to the bakery $36,250 52,200 If required, round any division to two decimal...
Calculator Exercise 4-26 (Algorithmic) (LO.4) taxpayer, age 64, purchases an annuity from an insurance company for $82,000. She is to receive $683 per month for life. Her life expectancy 20.8 years from the annuity starting date. Assuming that she receives $8,200 this year, what is the exclusion percentage and how much is included in her gross income? Round the exclusion percentage to two decimal places. Round the final answer for the income to the nearest dollar. Exclusion percentage: Induded in...
Y shirleyhollandi1y... SU Financial eBook Calculator Exercise 6-32 (Algorithmic) (LO. 3) Tobias has a brokerage account and buys on the margin, which resulted in an interest expense of $38,800 during the year. Income generated through the brokerage account was as follows: Municipal interest Taxable dividends and interest $77,600 388,000 If required, round any division to two decimal places and use in subsequent computation. Round your final answer to the nearest dollar. How much investment interest can Tobias deduct? Feedbac v...
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