Concepts in Federal Taxation 2019 (with Intuit ProConnect Tax Online 2017 and RIA Checkpoint 1 term (6 months) Printed Access Card)
26th Edition
ISBN: 9781337702621
Author: Kevin E. Murphy, Mark Higgins
Publisher: Cengage Learning
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Textbook Question
Chapter 4, Problem 25P
LO2 Fatima inherits a rental property with a fair market value of $90,000 from her aunt on April 30. On May 15, the executor of the estate sends her a check for $7,000. A letter accompanying the check states that the $7,000 comes from the rent received on the property since her aunt’s death. Fatima receives $6,600 in rent on the property during the remainder of the year and pays allow able expenses of $4,200 on the property. How much gross income does Fatima have from these transactions?
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Problem No. 2
The trial balance of Cleint Lumanao Nacho Supplies on February 10, 2025, before accepting Shila Tajonera as
partner is shown as follows:
Account Title
Debit
Credit Ato
Cash
reening smuo P 100,000
Accounts Receivable
250,000
Allowance for Uncollectible Accounts
P 20,000 o
Merchandise Inventory
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable
120,000
275,000
55,000
50,000
82,000
538,000
Lumanao, Capital
Total
P 745,000
P 745,000
Tajonera offered to invest cash to get a capital credit equal to one-half of Lumanao's capital after giving effect to the
adjustments below. Lumanao accepted the offer.
Valuation of some of the assets and liabilities of Lumanao, as agreed by the partners, are the following:
• The merchandise is to be valued at P93,000.
The accounts receivable is estimated to be 90% collectible.
• The equipment is to be valued at P200,000.
The partners also agreed that the name of the partnership will be Nacho Business.
Required:
1. In the books of…
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Chapter 4 Solutions
Concepts in Federal Taxation 2019 (with Intuit ProConnect Tax Online 2017 and RIA Checkpoint 1 term (6 months) Printed Access Card)
Ch. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQ
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 18DQCh. 4 - Prob. 19DQCh. 4 - Prob. 20PCh. 4 - Prob. 21PCh. 4 - Prob. 22PCh. 4 - Prob. 23PCh. 4 - LO2 Herman inherits stock with a fair market value...Ch. 4 - LO2 Fatima inherits a rental property with a fair...Ch. 4 - Prob. 26PCh. 4 - Prob. 27PCh. 4 - Prob. 28PCh. 4 - Prob. 29PCh. 4 - Prob. 30PCh. 4 - Prob. 31PCh. 4 - Prob. 32PCh. 4 - Prob. 33PCh. 4 - Prob. 34PCh. 4 - Prob. 35PCh. 4 - Prob. 36PCh. 4 - Prob. 37PCh. 4 - Prob. 38PCh. 4 - Prob. 39PCh. 4 - Prob. 40PCh. 4 - Prob. 41PCh. 4 - Prob. 42PCh. 4 - Prob. 43PCh. 4 - Prob. 44PCh. 4 - Prob. 45PCh. 4 - Prob. 46PCh. 4 - Prob. 47PCh. 4 - Prob. 48PCh. 4 - Prob. 49PCh. 4 - Prob. 50PCh. 4 - Prob. 51PCh. 4 - Prob. 52PCh. 4 - Prob. 53PCh. 4 - Prob. 54PCh. 4 - Prob. 55PCh. 4 - Prob. 56PCh. 4 - Prob. 57PCh. 4 - Prob. 58PCh. 4 - Prob. 59PCh. 4 - Prob. 60PCh. 4 - Prob. 61PCh. 4 - Prob. 62PCh. 4 - Prob. 63PCh. 4 - Prob. 64PCh. 4 - Prob. 65IIPCh. 4 - Prob. 66IIPCh. 4 - Prob. 67IIPCh. 4 - In each of the following problems, identify the...Ch. 4 - In each of the following problems, identify the...Ch. 4 - In each of the following problems, identify the...Ch. 4 - Prob. 71IIPCh. 4 - Prob. 72IIPCh. 4 - Prob. 73IIPCh. 4 - Prob. 74IIPCh. 4 - Prob. 75IIPCh. 4 - Prob. 76IIPCh. 4 - Prob. 77TACh. 4 - Prob. 80TACh. 4 - Reggie receives a 2-year scholarship to Big...Ch. 4 - Prob. 83IPCh. 4 - Calculate Carmins adjusted gross income on her...Ch. 4 - Prob. 85DCCh. 4 - Marlo and Merlins son, Alex, needs 20,000 to start...Ch. 4 - Prob. 87TPCCh. 4 - Prob. 88TPCCh. 4 - Prob. 89EDC
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- Give solution correctly no chatgptarrow_forwardProblem No. 1 On January 1, 2025, Manuel Cruz and Sherimae Diasalo agreed to form a partnership that will manufacture and sell biscuits. The partnership agreement specified that Cruz is to invest cash of P1,000,000 and Diasalo is to contribute land and building to serve as the office and factory of the business. The following amounts are applicable to the property of Diasalo: Acquisition Cost Fair Market Value Land Building P1,000,000 500,000 P1,500,000 850,000 During the formation, it was found out that Cruz has accounts receivable amounting to P70,000 and the partners agreed that it will be assumed by the partnership. The name of the partnership will be Fita Pan. Required: 1. Prepare journal entry to record: a. The investment of Cruz to the partnership b. The investment of Diasalo to the partnershipood relay ni 000,219 2. Prepare the statement of financial position of the partnership as of January 1, 2025 Problem No. 2 The trial balance of Cleint Lumanao Nacho Supplies on February…arrow_forwardA company's stock price is $80, with earnings per share (EPS) of $10 and an expected growth rate of 12%.arrow_forward
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