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Inessa [10]
3 years ago
10

Ashburn reported a $105,000 net §1231 gain in year 6. Assuming Ashburn reported $60,000 of nonrecaptured §1231 losses during yea

rs 1-5, what amount of Ashburn's net §1231 gain for year 6, if any, is treated as ordinary income?
a. $0.
b. $45,000.
c. $60,000.
d. $105,000.
e. None of the choices are correct.
Business
1 answer:
Ann [662]3 years ago
4 0

Answer:

C) $60,000

Explanation:

According to the §1231 look-back rule, any net §1231 gain of the year must be recaptured as current income to the extent of covering net §1231 losses that may have been deducted during the last 5 years.

In this case Ashburn must recapture $60,000 as ordinary income to match the $60,000 it had deducted as ordinary loss during the previous 5 years.

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2 years ago
A person who is involved in the process of creating and managing a business to achieve his or her desired objectives is engaged
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Answer:

entrepreneur

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5 0
2 years ago
As it relates to inventory, a buyer's time expended to prepare the purchase order for more material is considered a(n) ____ cost
OLga [1]

Answer:

"Ordering" is the correct solution.

Explanation:

  • Ordering expenses are incurred in purchasing a new shipment of manufactured goods. This would include expenditures for the attempting to place of a purchase agreement, cost savings for the evaluation including its batches expected to receive, ends up costing for documentary evidence, etc.
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3 0
2 years ago
Contingent Liabilities must have the following criteria (select all that apply): Select one or more: A. The obligation is certai
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Answer: Option B and C

                                     

Explanation: In simple words , contingent liabilities refers to the liabilities the occurrence of which depends on the happening of an event that may or may not occur in the future.

These are recorded in the accounts only when  the payment is to be made in future and that payment could be reasonably estimated.

Hence the correct option is B and C

3 0
3 years ago
Conflict is ____.
riadik2000 [5.3K]

Answer:

A. unavoidable

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