bed 55. During 2023, Peter Patel sold a piece of beasdor 000, I bealand he had purchased for $40,000. The 28210 do10 no buyer paid cash of $50,000 and transferred yel eda saad to Peter a piece of farm equipment having a s dons nO fair market value of $30,000. The buyer also unel dgu assumed Peter's $10,000 loan on the land. O To aside Peter paid selling expenses of $5,000. What W.000. is Peter's recognized gain on this sale? lliw dva. $25,000 on lo srb.d $45,000 19 moni oldest a amoon C. $80,000 d. $90,000 เสมาe

bed 55. During 2023, Peter Patel sold a piece of beasdor 000, I bealand he had purchased for $40,000. The 28210 do10 no buyer paid cash of $50,000 and transferred yel eda saad to Peter a piece of farm equipment having a s dons nO fair market value of $30,000. The buyer also unel dgu assumed Peter's $10,000 loan on the land. O To aside Peter paid selling expenses of $5,000. What W.000. is Peter's recognized gain on this sale? lliw dva. $25,000 on lo srb.d $45,000 19 moni oldest a amoon C. $80,000 d. $90,000 เสมาe

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A7
Jack and Jill exchange like-kind real estate assets as listed below: Jack's old asset: FMV $50,000; Adjusted Taxable Basis $23,000 Jill's old asset: FMV $70,000; Basis $55,000 If Jack pays Jill cash of $20,000 plus Jack's old asset, how much gain must Jill recognize on this transaction? $5,000 $10,000 $15,000 $20,000
John is a real estate dealer. He sold a piece of land in installments. Data on the property and on the date of sale are as follows: Selling Price, VAT not included P 4,000,000 Zonal Value 2,000,000 Fair Market Value 5,000,000 Installment Selling Price 4,000,000 Terms of Payment May 2, 2017 (date of sale) 1,000,000 May 2, 2018 3,000,000 He had expenses of operations paid to VAT taxpayers, value-added tax not included as follows: May 9, 2017 20,000 May 18, 2018 60,000 How much is the output tax on May 2, 2017 and 2018 respectively?
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1) Kristine sold one asset on March 20th of 2023. It was a computer with an original basis of $10,000, purchased in May of 2021 and depreciated under the half-year convention. What is Kristine's depreciation deduction for 2023? Note: Round final answer to the nearest whole number. Blank] Blank 1 Add your answer
Problem 13-84 (LO. 8, 9) Karl purchased his residence on January 2, 2019, for $260,000, after having lived in it during 2018 as a tenant under a lease with an option to buy clause. On August 1, 2020, Karl sells the residence for $315,000. On June 13, 2020, Karl purchases a new residence for $367,000. If an amount is zero, enter "0". a. What is Karl's recognized gain? His basis for the new residence?Karl's recognized gain is $fill in the blank aa8a5403c02a012_1, and his basis for the new residence is $fill in the blank aa8a5403c02a012_2. b. Assume that Karl purchased his original residence on January 2, 2018 (rather than January 2, 2019). What is Karl's recognized gain? His basis for the new residence? Karl's recognized gain is $fill in the blank f8cfe3ffcff0ffc_1, and his basis for the new residence is $fill in the blank f8cfe3ffcff0ffc_2. c. In part (a), what could Karl do to minimize his recognized gain?To minimize his recognized gain, he can continue to…
Angela exchanges a rental house at the beach with an adjusted basis of $180,000 and a fair market value of $160,000 for a rental house at the mountains with a fair market value of $148,000 and cash of $12,000. What is Angela’s recognized gain or loss? Group of answer choices $148,000 ($20,000) $12,000 $0
LO.2 During the year, Eugene had the four property transactions summarized below. Eugene is a collector of antique glassware and occasionally sells a piece to get funds to buy another. What are the amount and nature of the gain or loss from each of these transactions? Property Antique vase Date Date Adjusted Sales Acquired Sold Basis Price 06/18/12 05/23/23 $37,000 $42,000 Blue Growth Fund 12/23/14 11/22/23 22,000 38,000 (100 shares) Orange bonds 02/12/15 04/11/23 34,000 42,000 Green stock (100 02/14/23 11/23/23 11,000 13,000 shares)
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am. 110.