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CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter12: Nonrecognition Transactions

Section: Chapter Questions

Problem 21P

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general accounting

Horton Stores exchanged land and cash of $4,400 for similar
land. The book value and the fair value of the land were
$90,000 and $100,400, respectively. Assuming that the
exchange has commercial substance, Horton would record
land-new and a gain/(loss) of:
Land
Gain/Loss
A. $94,400 $10,400
B. $104,800 $0
C. $94,400 $0
D. $104,800 $10,400

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Que Horton Stores exchanged land and cash of $4,400 for similar land. The book value and the fair value of the land were $90,000 and $100,400, respectively. Assuming that the exchange has commercial substance, Horton would record land-new and a gain/(loss) of: Table 1-59 Land Gain/Loss A. $ 94,400 $ 10,400 B. $1,04,800 $0 C. $ 94,400 $0 D. $1,04,800 $ 10,400 Caption
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A company exchanged land and cash of $4,000 for similar land. The book value and the fair value of the land were $89,900 and $100,600, respectively. Assuming that the exchange has commercial substance, the company would record land-new and a gain on exchange of assets in the amounts of: a. b. C. d. Land $ 104,600 $ 104,600 $ 93,900 $ 93,900 Multiple Choice O O Option a. Option b. Option d. Option c. Gain $10,700 $ 10,700
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Bloomington Inc. exchanged land for equipment and $2,600 in cash. The book value and the fair value of the land were $105,500 and $89,100, respectively.Assuming that the exchange has commercial substance, Bloomington would record equipment and a gain/(loss)on exchange of assets in the amounts of: Equipment Gain/(loss) a. $ 86,500 $ 2,600 b. $ 105,500 $ (2,600 ) c. $ 86,500 $ (16,400 ) d. None of these answer choices are correct. Option C Option D Option A Option B
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Please don't give image format Hi, please anser part a, b and c ?
amount of P650,000 and a fair value P500,000. any exchanged a delivery truck costing Bronze Co P1.000,000 for a parcel of land. The truck had a carrying a The entity gave P600,000 in cash in addition to the truck as part of this transaction. It is expected that the cash flows from the assets will be significantly different. The previous owner of the land had listed the land for sale at P1,200,000. At what amount should Bronze record the land? a. 1,100,000 b. 1,250,000 c. 1,150,000 d. 1,200,000
OCD exchanged old realty for new like-kind realty. OCD’s adjusted basis in the old realty was $31,700 ($60,000 initial cost − $28,300 accumulated depreciation), and its FMV was $48,000. Because the new realty was worth only $45,000, OCD received $3,000 cash in addition to the new realty. Required: a-1. Compute OCD's realized gain. a-2. Determine the amount and character of any recognized gain. b. Compute OCD’s basis in its new realty.
Case B. Kapono Farms exchanged 100 acres of farmland for similar land. The farmland given had a book value of $520,000 and a fair value of $740,000. Kapono paid $54,000 cash to complete the exchange. The exchange has commercial substance. Required: What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new land? Assume the fair value of the farmland given is $416,000 instead of $740,000. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new land? Assume the same facts as Requirement 1 and that the exchange lacked commercial substance. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new land? Assume the same facts as Requirement 2 and that the exchange lacked commercial substance. Assume the fair value of the farmland given is $416,000 instead of $740,000. What is the amount of gain or loss that…

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