1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Schach [20]
3 years ago
12

Kelly inherits land which had a basis to the decedent of $95,000 and a fair market value of $50,000 on August 4, 2018, the date

of the decedent’s death. The executor distributes the land to Kelly on November 12, 2018, at which time the fair market value is $49,000. The fair market value on February 4, 2019, is $45,000. In filing the estate tax return, the executor elects the alternate valuation date. Kelly sells the land on June 10, 2019, for $48,000. What is herrecognized gain or loss? ($1,000) ($2,000) ($47,000) $1,000 None of the above
Mathematics
1 answer:
Degger [83]3 years ago
6 0

Answer:

The correct option is;

Her recognized <u>loss </u>is ($1,000)

Step-by-step explanation:

The given information are;

The basis of the land to the decedent = $95,000

The land's market value on 4th of August 2018 when the decedent died  = $50,000

The alternate valuation date = 6 months + The date of death of the decedent = 4th February, 2019

The value filed by the executor on the tax return using the alternate valuation date = The market value of the estate on 4th of February 2019

The market value of the land on 4th of February 2019 = $45,000

∴ The value filed by the executor on the tax return using the alternate valuation date = $45,000

The value of the land on November 12, 2018 when the executor distributed the land to Kelly = $49,000

The value at which Kelly sells the land on June 10, 2019 = $48,000

Given that, recognized gain is the profit made from selling an asset based on the value of the asset when it was obtained, we have;

Kelly's recognized gain or loss = (The value at which Kelly sells the land) - (The value of the land when the executor distributed the land to Kelly)

Kelly's recognized gain or loss = $48,000 - $49,000 = -$1,000 = ($1,000)

Therefore, Kelly's recognized loss = ($1,000).

You might be interested in
In the mall, 1/15 of the stores sell shoes. there are 180 stores in the mall. how many of the stores sell shoes
nordsb [41]
Take 180 * (1/15) = 12 shoe stores
8 0
3 years ago
PLEASE HELP !!!! I'm stuck
irina [24]
The answer is c not D you are welcome
4 0
3 years ago
A circle is inscribed in an equilateral triangle. A point in the figure is selected at random. Find the probability that the poi
liubo4ka [24]

Answer:

The correct answer is first option 60%

Step-by-step explanation:

The radius of a circle is inscribed in an equilateral triangle with side a = a/2√3

<u>To find the area of equilateral triangle</u>

Here side be 'a'

Area of equilateral = √3a²/4

<u>To find the area of circle</u>

Here radius = a/2√3

Area = πr²

 = π(a/2√3)

 = 3.14a²/12

<u>To find the probability</u>

probability = area of circle/area of triangle

   = 3.14a²/12/ √3a²/4

   = 3.14/3√3

   = 0.6043 ≈ 60.43 %  60 %

The correct answer is first option 60%

 

8 0
2 years ago
PLEASE HELP ITS A TEST
xeze [42]
It is 180 because it rotates
5 0
2 years ago
Read 2 more answers
What is the multiplicative inverse or -3/4
Maslowich

Answer:

The answer is -4/3......

4 0
2 years ago
Other questions:
  • HELP I WILL MARK YOU AS A BRAINLIEST!!!
    12·1 answer
  • Point
    13·2 answers
  • It takes 6 and 1/2 cups of chocolate syrup to make 4 and 1/2 gallons of milk. How many cups of syrup would it take to make 9 gal
    8·1 answer
  • x = y - 3 x + 3y = 13 What is the solution to the system of equations? A) (1, 4) B) (4, 1) C) (7, 4) D) (2.5, 5.5)
    8·1 answer
  • Need help!! ASAPP! <br><br>With number #4<br><br><br>thx &lt;3
    13·1 answer
  • Instructions: Evaluate each algebraic expression when x=0 and when x=1. Use results to match each expression in the left table w
    12·2 answers
  • Identify the quadrilateral that has four congruent angles that has two pairs of parallel sides
    15·1 answer
  • PLEASE HELP ME I'VE BEEN STUCK ON THIS FOR SO LONG
    8·1 answer
  • Help i might be in love with my best friend what do i do??
    10·1 answer
  • a car travels 20 meters in half a minute. if a car travels 10 meters, how many seconds will that take? 1 minute= 60 seconds
    6·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!