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During the 25 percent sale, Sharon pays $690 for a barbecue grill. What was the original price?
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- Nat is a salesman for a real estate developer. His employer permits him to purchase a lot for $75,000. The employer’s adjusted basis for the lot is $45,000, and its normal selling price is $90,000. What is Nat’s recognized gain and his basis for the lot? Recognized Gain Basis $0 $ 75,000 $0 $ 90,000 $15,000 $ 75,000 $15,000 $ 90,000Willie is a boat dealer. He pays 28250 for a boat and uses a 30% markup on cost. At what price should willie resell the boat?Brian acquired a rental house in 2004 for a cost of $80,000. Straight-line depreciation on the property of $26,000 has been claimed by Brian. In January 2020, he sells the property for $120,000, receiving $20,000 cash on March 1 and the buyer's note for $100,000 at 10 percent interest. The note is payable at $10,000 per year for 10 years, with the first payment to be received 1 year after the date of sale. Calculate his taxable gain under the installment method for the year of sale of the rental house. In your computations, round any division to two decimal places. Gain reportable in 2020 is $fill in the blank 1.
- On Robin’s birthday, his grandmother gave him a ring that was worth $6,000 at the time of the gift. Robin’s grandmother had purchased the ring for $5,400. What is Robin’s basis in the ring if he sells it for $7,000? What if he sells it for $5,000? What if he sells it for $5,800? fill in the blank regardless of sales priceTalbot purchases business machinery for a price of $100,000. Talbot pays the seller $20,000 in cash and finances the rest by giving the seller a note for $80,000. What is Talbot’s initial basis in this machinery?Tabitha sells real estate on March 2 of the current year for $305,200. The buyer, Ramona, pays the real estate taxes of $15,260 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by Ramona. Tabitha: Ramona: $ b. Calculate Ramona's basis in the property and the amount realized by Tabitha from the sale. Tabitha: $ Ramona: $
- Tracey paid $130 for an item that was originally priced at $550. What percent of the original price did Tracey pay? Round to the nearest tenth of a percent.Lauren purchased a $50,000 T-bill for $46,919. A few months later, Lauren sold the T-bill for $48,453. What was Lauren's return on the T-bill? (Round to two decimal places.)Brandon buys a piece of equipment for $15,000. He pays $5,000 for upgrades in year 1 and the equipment generates $2,000 in cash flow for year 1. In year 2 the equipment generates $8,000, year 3 it generates $4,000, but Brandon sells it for $6,000 but also pays a $500 commission. What is his IRR?a. -1.18%.b. +1.18%.c. -0.8%.d. +0.8%. Same facts as the above question except: Assume a required rate of return of 8%. What is the NPV?a. <3,378>.b. 3,378.c. <2,178>.d. 2,178.
- Tad owns a sporting goods store. He paid $275 for a tent and later sold the tent for $357.50. What is the percent markup on cost?Bertha bought a new home entertainment system today from Andre's Electronics. She will receive a cash-rebate of $232.00 from Andre's Electronics today, pay $719.00 to Andre's Electronics in 1 year, receive a cash rebate of $1,638.00 from Andre's Electronics in 2 years, and pay $4,985.00 to Andre's Electronics in 4 years. If the discount rate is 18.38 percent, then what is the present value of the cash flows associated with this transaction? O $-1,744.87 (plus or minus 3 dollars) O $-2,211.42 (plus or minus 3 dollars) O $-530.14 (plus or minus 3 dollars) O $-1,200.61 (plus or minus 3 dollars) O none of the answers are within 3 dollars of the correct answerAnton purchases a building on May 4, 2002, at a cost of $370,000. The land is properly allocated $40,000 of the cost (total cost $410,000). Anton sells the building on October 18, 2020, for $370,000. If an amount is zero, enter "0". a. What is the character of Anton's gain or loss on the sale if he uses the regular MACRS system and the building is an apartment building? Assume the accumulated depreciation at the time of the sale is $208,990. The total gain would be _____, of which ______is Section 1250 recapture and_______is unrecaptured Section 1250. Any balance is considered a long-term capital gain . b. What is the character of Anton's gain or loss on the sale if he uses the regular MACRS system and the building is an office building? Assume the accumulated depreciation at the time of the sale is $147,384. The total gain would be_____, of which _____ is Section 1250 recapture and ______ is unrecaptured Section 1250. Any balance is considered Section 1231 gain
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