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ozzi
3 years ago
9

Mary exchanged an office building used in her business for some land. Mary originally purchased the building for $45,000, and it

had an adjusted basis of $20,000 at the time of the exchange. The land had a fair market value of $40,000. Mary also gave $4,000 to the seller in the transaction. What is Mary's adjusted basis in the land after the exchange?
Business
1 answer:
Savatey [412]3 years ago
7 0

Answer:

$24,000

Explanation:

The computation of the adjusted basis in the land after the exchange is shown below:

= Adjusted basis at the time of exchange + additional amount given

= $20,000 + $4,000

= $24,000

We simply added the Adjusted basis at the time of exchange and the additional amount so that the accurate value can come.

And the other information which is given in the question is not relevant. Hence, ignored it

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Therefore, if you want to test an hypothesis and validate a relationship, you need to run a statistical study, and that study has to be fed with quantitative data.

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While asia represents an important source of u.s. imports, few export opportunities exist for u.s. firms to sell goods and servi
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3 years ago
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The beginning inventory of BG Action Figures is understated by $7 million at December 31, 20x8. What is the effect on 20x8 cost
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Answer:

$7million understated

Explanation:

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2 years ago
According to the principles of scientific management, the best way to improve productivity is to Multiple Choice give employees
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5 0
2 years ago
You are set to receive an annual payment of $12,100 per year for the next 17 years. Assume the interest rate is 7 percent. How m
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Answer:

The difference in value is worth $8,269 more in money.

Explanation:

Case 1. Payments are made at the end of each year

So here, we will use the annuity formula for computing the present value of payments that we are receiving at the end of each year.

Here

Annual Cash flow is $12,100

Interest Rate "r" is 7%

And

Number of Payments "n" will be 17

Present Value = Cash flow * [1 - 1 / (1+r)^n] / r

By putting values, we have:

Present Value = $12,100 * [1 - 1 / (1 + 7%)^17] / 7%

Present Value = $12,100 * 9.763223

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Now

Cash 2. Payments are arising at the start of each year

Just like the case above, we will use the annuity formula for computing the present value of payments that we are receiving at the start of each year. The first payment will be at worth the same because it is received in today's price.

So

Present Value = Cash flow     +       Cash flow * [1 - 1 / (1+r)^n] / r

So by putting values, that were used in case 1, we have:

Present Value = $12,100 + $12,100 * (1 - (1/1.07)^16) / 0.07

Present Value = $12,100 + $12,100 * 9.446649

Present Value = $126,404

Difference in Present Value = PV of Case 1      -    PV of Case 2

= $126,404 - $118,135 = $8,269

The difference in value is worth $8,269 more in money.

4 0
3 years ago
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