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Ivanshal [37]
3 years ago
15

Mario transferred real estate with an adjusted basis of $140,000 for similar real estate with a fair market value of $160,000. T

he exchange qualified as a like-kind exchange. The realized gain on the exchange was $_____1 of 3. The recognized gain on the exchange was $______2 of 3. Mario's adjusted basis in the real estate received is $_____3 of 3.
Business
1 answer:
SCORPION-xisa [38]3 years ago
7 0

Answer:1.) $20,000 ; 2) $0 ; 3) $160,000

Explanation:

Adjusted basis transferred = $140,000

Fair market value = $160,000

Exchange is classed as a like-kind exchange.

The realized gain in exchange occurs when a property is sold for a higher price than it was purchased.

Here, the realized gain in the exchange is the difference between the value of the like-kind exchange made :

$160,000 - $140,000 = $20,000

The recognized gain may be referred to as the taxable portion of the realized gain, however, for like kind exchanges involving is tax-free.

Therefore recognized gain = $0

Adjusted basis in the real estate received :

Adjusted basis of old property + realized gain

$140,000 + $20,000 = $160,000

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Television channel operating profits vary from as high as 45 to 55 percent at MTV and Nickelodeon down to 12 to 18 percent at NB
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Inventories held for sale in the normal course of business are classified in the balance sheet as?
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4 0
1 year ago
Rodriguez Corporation issues 18,000 shares of its common stock for $174,800 cash on February 20. Prepare journal entries to reco
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Answer:

a.

Date              Account Title                                                   Debit           Credit

Feb. 20         Cash                                                            $174,800

                     Common stock                                                              $144,000

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<u>Working</u>

Common stock = 18,000 * 8

= $144,000

Paid-in cap. = 174,800 - 144,000

= $30,800

b.

Date              Account Title                                                   Debit           Credit

Feb. 20         Cash                                                            $174,800

                     Common stock                                                              $174,800

c.

Date              Account Title                                                   Debit           Credit

Feb. 20         Cash                                                            $174,800

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                     Paid-In Cap. in excess of par                                       $102,000

<u>Working</u>

Common stock = 4 * 18,000 = $72,000

Paid in cap = 174,000 - 72,000 = $102,000

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