Current Attempt in ProgressYour answer is partially correct.Paul is a sole proprietor and sold several business assets in the current year. The sales resulted in 1231 gains of $12,300 and 1231losses of $15,500. What is the character of the Section 1231 gains and losses?Netted with Section 1231 LossNetted with Section 1231 GaineTextbook and MediaSave for Later+AAAmount32009100Attempts: 1 of 3 used Submit Answer

Section 1231 of the U.S. Internal Revenue Code provides special tax treatment for gains and losses…

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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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Problem 08-48 (Algo) [LO 8-1, 8-7, 8-8] Ms. Drake sold a business that she had operated as a sole proprietorship for 18 years. On the date of sale, the business balance sheet showed the following assets: Accounts receivable Inventory Furniture and equipment: Cost Accumulated depreciation Leasehold improvements: Cost Accumulated amortization Tax Basis $ 37,750 143,200 Net cash flow 50,750 (40,600) 22,000 (4,400) Required: The purchaser paid a lump-sum price of $316,000 cash for the business. The sales contract stipulates that the FMV of the business Inventory is $156,400, and the FMV of the remaining balance sheet assets equals adjusted tax basis. Assuming that Ms. Drake's marginal tax rate on ordinary income is 35 percent and her rate on capital gain is 15 percent, compute the net cash flow from the sale of her business.
Owe Subject: acounting
What accounting entry would you do 50:50 joint operation was commenced between two participants. Mary Company contributed cash of $90 000, and Strickland Company contributed a Building with a fair value of $90 000 and a carrying amount of $75 000. Using the line-by-line method of accounting, Strickland Company would record? DR Building in JO $75 000 CR Building $75 000 DR Building in JO $945000 CR Building $37 500 CR Gain on sale of building $7 500 DR Investment in joint operation $45 000 CR Building $37 500 CR Gain on sale of building $7 500 DR Cash in JO $45 000 DR Building in JO…
A-6
Moran owns a building he bought during year 0 for $245,000. He sold the building in year 6. During the time he held the building he depreciated it by $46,250. What is the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? (Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable.) a. Moran received $220,000. Description Amount Total Gain/(Loss) Recognized Remaining $1231 gain (loss)
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3- Chapter 15, 16, and 17 Saved SEMECOmducation.com%252F#/activit Help Save 2 023642 For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference Temporary difference-depreciation Taxable income $ 290,000 (14,400) 275,600 (20,300) $ 255,300 Tringall's tax rate is 25% Assume that no estimated taxes have been paid. What should Tringall report as its deferred tax liability as of the end of its first year of operations? Multiple Choice 95.075 H 9:22 PM Near record 4) 4/14/2024 N M ? Alt Curi Page insert Backspace Enter 7
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