CSV of 110,000 and an ACB of 45,000, He Assigns Bohman owns a whole Life INS palicey with a the palkey to his wife Chone, who pay him for the Tranfee, which of the following statement about thes palicey assigment is FALSE ? Juse-
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- Melba purchases land from Adrian. Melba gives Adrian $355,800 in cash and agrees to pay Adrian an additional $533,700 one year later plus interest at 7.5%. a. What is Melba's adjusted basis for the land at the acquisition date? $ 899,500 x Feedback vCheck My Work Realized gain or loss is the difference between the amount realized from the sale or othe disposition of property and the property's adjusted basis on the date of disposition. Ther it is important to determine the correct adjusted basis for the property. b. What is Melba's adjusted basis for the land one year later? 899,500 x Feedback Check My Work Incorrect Feedback Check My Work Incorrect17. TP had an adjusted basis in her LLC interest of $50,000 immediately before she received a current proportionate distribution of $20,000 cash, unrealized accounts receivable with a basis of 0 and a FMV of $10,000, and real property with a basis of $40,000 and a FMV of $50,000. Her basis in the distributed real property is: a. 0 b. $30,000 c. $20,000 d. $40,000 e. None of the aboveRequired: Record the admission of Sonny (and asset revaluation, if any) for each of the following independent situation: 1. Sonny invests P279,000 for half of Patrick's capital. The money goes to Patrick. Cash 240,000 Sonny, Capital 240,000 2. Sonny directly purchases a one-fourth (1/4) interest from Rachel and Patrick by paying Rachel, P192,000, and Patrick, P216,000. The equipment account is undervalued before Sonny's admission. 3. Sonny invests the amount needed to give him one-third (1/3) interest in the capital of the partnership. No goodwill or bonus is recorded. 4. Sonny invests P312,000 for a one-fourth (1/4) interest. Rachel and Patrick agree that some of the inventory is obsolete before Sonny's admission. 5. Sonny invests P360,000 one a one-fifth (1/5) interest. Profits and loss are to be shared by Rachel, Patrick, and Sonny 45:30:25. Goodwill is not recorded. 6. Sonny invests P600,000 for a one-third (1/3) interest. Profits and losses are to be shared by Rachel, Patrick, and…
- kk. Subject :- Accounting Michelle exchanges land in Illinois with a FMV of $100,000 and an adjusted basis of $60,000 for land in Indiana with a FMV of $80,000 and $20,000 cash. Both parcels of land will be used in Michelle's trade or business. What is Michelle's recognized gain or loss?How much is to be included in the gross estate from the proceeds of life insurance? MoonLife Insurance – Inday (wife) irrevocably designated as beneficiary – Php 1 Million PhilCam Insurance – Executor of Nicanor is revocably designated as beneficiary – Php 1 Million ProLife OK Insurance – Estate of Nicanor is the revocably designated as beneficiary – Php 1 Million SunDeath Insurance – Junior (son) revocably designated as beneficiary – Php 1 Millionc. wnat amount of the gain or 1oss IS subject to orainary tan raic Brantley owns an automobile for personal use. The adjusted basis is $19,500, and the FMV is $16,000. Assume Brantley has owned the automobile f a. Respond to the following if Brantley sells the vehicle for S16,000. (1). What is the amount of realized gain or loss on the sale? (2). What is the amount Brantley will recognize on his Form 1040? Respond to the following if Brantley sells the vehicle for $20,000. (1). What is the amount of realized gain or loss on the sale? (2). What is the amount Brantley will recognize on his Form 1040?
- G transferred property to F, in trust, and under the terms of the transfer, F should accumulate the income for the benefit of B until the latter reaches the age of majority. During 2020, the property earned P1,000,000 and incurred expenses of P350,000. P50,000 of the income was distributed to B. How much is income tax?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 $20,000Mr. B disposed his principal 2 points residence for P2,000,000 and immediately acquired a new one for P1,800,000. The old residence cost Mr. Antonio P1,000,000 and had a fair value of P2,500,000 on the date of sale. Compute the capital gains tax to be deposited in escrow. Your answer
- Rafael sold an asset to Jamal. What is Rafael's amount realized on the sale in each of the following alternative scenarios? c. Rafael received $23,500 cash, a parcel of land worth $96,500, and marketable securities of $10,40O. Rafael also paid a commission of $9,000 on the transaction. Amount realized68. How much is to be included in the gross estate from the proceeds of life insurance? MoonLife Insurance - Inday (wife) irrevocably designated as beneficiary - Php 1 Million PhilCam Insurance - Executr of Nicanor is revocably designated as beneficiary - Php 1 Million ProLife OK Insurance - Estate of Nicanor is the revocably designated as beneficiary - Php 1 Million SunDeath Insurance - Junior (son) revocably designated as beneficiary - Php 1 Million Answer:_____________Sally owns real property for which the annual property taxes are $9,000. She sells the property to Kate on March 9, 2021, for $550,000. Kate pays the real property taxes for the entire year on October 1, 2021. Assume a 365-day year. Round any division to four decimal places. Round your final answers to the nearest dollar. a. How much of the property taxes can be deducted by Sally and how much by Kate? Sally can deduct $ 1,500 X and Kate can deduct $ 7,500 X of the property taxes. Feedback b. What effect does the property tax apportionment have on Kate's adjusted basis in the property? Kate's adjusted basis for the property is increased V by the $ 1,500 X she paid that is apportioned to Sally. Feedback c. What effect does the apportionment have on Sally's amount realized from the sale?