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AveGali [126]
3 years ago
13

rding to linear pattern. If the initial value of the vehicle is $26,000, and the value ten years later is $0, what will the depr

eciated value be after 5 years
Mathematics
1 answer:
Verdich [7]3 years ago
3 0
The answer will be 5,200
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3 years ago
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
Degger [83]

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).

6 0
3 years ago
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