Q33 From the following information find out the holding gain and operating gain if Mr. Abdul purchased an item for OMR 800 few years ago. The present purchase price of the item tends to be OMR 1,000. Mr. Abdul sold the item for OMR 1,800. a. None of these are correct b. OMR 200; OMR 800 c. OMR 1,000; OMR 800 d. OMR 800; OMR 200

Q33 From the following information find out the holding gain and operating gain if Mr. Abdul purchased an item for OMR 800 few years ago. The present purchase price of the item tends to be OMR 1,000. Mr. Abdul sold the item for OMR 1,800. a. None of these are correct b. OMR 200; OMR 800 c. OMR 1,000; OMR 800 d. OMR 800; OMR 200

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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Exercise 14-20 (Algorithmic) (LO. 3) Sebastian purchases two pieces of equipment for $161,000. Appraisals of the equipment indicate that the fair market value of the first piece of equipment is $112,700 and that of the second piece of equipment is $177,100. What is Sebastian's basis in these two assets? If required, round your interim calculations to two decimal places. Use rounded amounts in subsequent computations. If required, round final answers to the nearest dollar. Sebastian's basis for the first piece of equipment is $ 43,953 X and $ 108,031 X for the second piece of equipment. Show Transcribed Text 1st equip 2nd equip 1st ratio 2nd ratio 1st basis 2nd basis S 112700 177100 289800 SUM(E10:E11) 0.39 =E10/(E12) 0.61 =E11/(E12) C 43828 E10 E14 108228 =E11*E15 112700 177100 289800 -SUM(G10:G11) 0.39 0.61 43953 =G10 G14 108031 =G11 G15
QUESTION 1 Taxpayer successfully completes a 1231 exchange. The property given up had basis of $1,000. The taxpayer received a replacement property with fair malket value of $10,000 Taxpayer also received $1,000 of cash in the transaction. What is the gain recognized, if any, on this transaction? O $10,000 O $9,000 O $1,000 O s0 QUESTION 2 Taxpayer purchases tangible personal property for $10,000. This is the only property purchased and placed in service by the taxpayer. Before depreciation deductions are calculated, taxpayer has taxable income of $7,000. what amount of Sec. 179 could this taxpayer elect to recognize? O s0 O $3.000 O 37.000 O $10,000 I Proctorio is sharing your screen Stop sharing Hide P Type here to search
Identy the type(s) of gain or loss that would be recognized on the following asset sales as capital, Section 1231, Ordinary, Section 1245 recapture, Section 291 recapture, or Section 125 unrecaptred gain. a. gain on the sale of stock by an individual ________________ b. gain on the sale of a building used for 15 years by a corporation_____________ c. gain on the sale of a machine used by a business for four years sold at a price less that its original cost____________________ d. gain on the sales of inventory______________________ e. loss on the sale of equipmment used in a business for three years_________ f. gain on the sale of a machine used by a business for 11 months__________ g. Loss on th factoring of receivables______________ h. gain on sales of a building used by a sole proprietorship for eight years in excess of its original cost._______________________
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1. Excess of tax depreciation over book depreciation $ 208,600 2. Accrual, for book purposes, of estimated loss contingency frompending lawsuit that is expected to be settled in 2020. The losswill be deducted on the tax return when paid. ( 46,900 ) 3. Accrual method used for book purposes and installment methodused for tax purposes for an isolated installment sale of an investment. 224,500 $ 386,200 In analyzing the temporary differences, you find that $ 30,700 of the depreciation temporary difference will reverse in 2020, and $ 115,300 of the temporary difference due to the installment sale will reverse in 2020. The tax rate for all years is 20%.Indicate the manner in which deferred taxes should be presented on Sage Company’s December 31, 2019, balance sheet.
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X, bought a land in 2012 worth 1M (for used in business). In 2018, the land appreciated in value and increased BY 4M. Later, X sold the land in 2018 at its fair value. What is the taxable gain?
Q.1 Joan sold depreciable property used in her business to Irene for $325,000 cash plus a ten year bond par value $200,000, and currently trading on the NYSE for $196,000. The property cost Joan $605,000 not including the $27,000 of capital improvements she made. During Joan's ownership she erroneously deducted $315,000 of depreciation on the property and no depreciation on the improvements. The correct amount of depreciation that should have been deducted was $420,000 on the property and $12,000 on the improvements Determine the amount of recognized gain or loss. Explain whether the gain or loss is capital or ordinary and cite the relevant code section(s) in support of your calculation. Discuss the various components of how you determined your answer.
Questio n 12 On July 1, 2020 , Brandon SE purchased Mills Company by paying $140,000 cash. On July 1, 2020, the fair value of the net assets of Mills Company was as follows. Buildings (net) $ 30,000 Patent 8,000 Land 25,000 Accounts receivable 12,000 Cash 50,000 Accounts payable 10,000 What is the amount of goodwill to be reported at Brandon's statement of financial position on 31/12/2019? 25000 15000 Zero 35000 37°C Haze e to search DELL