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
Homework Answers
Total acquisition cost = 120,000 + 10,000 = 130,000
Total fmv = 80,000+10,000+30,000 = 120,000
| Building (80,000/120,000)*130,000 | 86,667 |
| Land (10,000/120,000)*130,000 | 10,833 |
| Furniture and fixtures (30,000/120,000)*130,000 | 32,500 |
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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...
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
Question 3 of 30. Brenda purchased a business for $120,000 and received a building, FMV $80,000:...
Question 3 of 30. Brenda purchased a business for $120,000 and received a building, FMV $80,000: land, FMN $10,000 and furniture fixtures, FMV $30,000. She spent $10,000 on legal fees to make the purchase. What is the basis of these me? $82,500 building: $12,500 land; $35,000 furniture and fixtures. $88,750 building: $11,250 land: $30,000 furniture and fixtures. $80,000 building: $10,000 land; $30,000 furniture and fixtures. $86,667 building: $10,833 land: $32,500 furniture and fixtures. Mark for follow up of the
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Question 3 of 30. Brenda purchased a business for $120,000 and received a building, FMV $80,000: land, FMN $10,000 and furniture fixtures, FMV $30,000. She spent $10,000 on legal fees to make the purchase. What is the basis of these me? $82,500 building: $12,500 land; $35,000 furniture and fixtures. $88,750 building: $11,250 land: $30,000 furniture and fixtures. $80,000 building: $10,000 land; $30,000 furniture and fixtures. $86,667 building: $10,833 land: $32,500 furniture and fixtures. Mark for follow up of the
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