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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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Do you fast answer 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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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.
2 d ut of Salmyia bought land, buildings and equipment for a combined cash payment of $800,000. The estimated fair value of the assets are: land: $200,000; buildings, $500,000 and equipment $300,000. The amount capitalized for Equipment is: Select one: O a. $300,000 O b. None of the these answers O c. $200,000 O d. $160,000 O e. $240,000
'he Bronco Corporation exchanged land for equipment. The land had a book value of $122,000 and a fair alue of $154,000. Bronco paid the owner of the equipment $12,000 to complete the exchange which has ommercial substance. Show the entry with loss or gain on exchange
Prater Incorporated enters into an exchange in which it gives up its warehouse on 10 acres of land and receives a tract of land. A summary of the exchange is as follows: Transferred FMV Original Basis Accumulated Depreciation Warehouse $ 452,500 $ 245,000 $ 45,500 Land 99,000 99,000 Mortgage on warehouse 48,750 Cash 20,500 20,500 Assets Received FMV Land $ 523,250 What are Prater's realized and recognized gain on the exchange and its basis in the assets it received in the exchange?

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