Solve this accounting question A parcel of land is offered for sale at $151,000, isassessed for tax purposes at $113,000, isrecognized by its purchasers as being worth$141,000, and is purchased for $138,000.The land should be recorded in the purchaser'sbooks at:a. $144,000b. $113,000c. $138,000d. $141,000e. $151,000

Step 1: Define Fixed AssetsFixed assets are the economic resources of a company that are used in…

Answered: A parcel of land is offered for sale at…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges

Section: Chapter Questions

Problem 58P

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if a company is considering the purchase of a parcel of land that was acquired by the seller for $89,000 is offered for sale at 158,000 is assessed for tax purposes at 99,000 is considered by the purchaser as easily being worth 148,000 and is purchased for 145,000 the land should be recored in the purchaser books at (A. 99,000, B. 145,000, C. 146,500, D. 148,000, E. 158,000)
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Calculate and allocate basis for the following problems. 1. A property is acquired for a purchase price of $230,000 cash plus acquisition costs of $20,000. The tax assessment for this property is as follows: Assessed Value Land Improvements Total assessments $40,000 160,000 $200,000 a. What is the acquisition basis for this property? b. What is the allocation for land? c. What is the allocation for improvements?
If Ivanhoe paid $20,000 to a real estate broker on January 1, 2025, as a fee for finding the lessor, what is the initial measuremen of the right-of-use asset? (Round answers to O decimal places, e.g. 5,275.) Right-of-use asset $ 94178
Provide Correct answer with calculation
PT. A in the year 2020 reported an accounting profit before tax of IDR 800.000.000.000. The following information is related to the year 2020: The entity donated IDR 40.000.000.000 to the surrounding community PT A has interest income of IDR 100.000.000.000 which is subject to final tax of 20%. PT A purchased a fixed asset of IDR 200.000.0000, which is depreciated for 4 year for book purposes while for tax purposes is depreciated in 8 years (straight line with no residual value). PT A made a provision for uncollectible account receivable of IDR 10.000.000.000 which is not deductible for tax purposes Required: Prepare a schedule of the deferred tax (asset) and liability. assume there is no beginning deferred tax asset or liability. Compute the net deferred tax expense (benefit). Prepare the journal entry to record income tax expense, deferred taxes, and the income taxes payable for 2020
The following assets are to be transferred under section 85 for consideration including commonshares plus boot as indicated below:FMV ACB UCC Boot receivedLand 75,000 60,000 - 70,000Equipment 50,000 65,000 40,000 45,000For each of the assets transferred, specify the elected amount and related tax consequences.
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A parcel of land is offered for sale at $151,000, is assessed for tax purposes at $113,000, is recognized by its purchasers as being worth $141,000, and is purchased for $138,000. The land should be recorded in the purchaser's books at: a. $144,000 b. $113,000 c. $138,000 d. $141,000 e. $151,000