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
Ivanshal [37]
2 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]2 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

You might be interested in
The income statement measures the flow of funds into (i.e. revenue) and out of (i.e. expenses) the firm over a certain time peri
Alik [6]

Answer:

The answer is True.

Explanation:

Income statement ultimately shows the profit or the loss of the Organizational activities.

The data used in the preparation of the income statement are based on the accounting information are are always based on accounting information.

6 0
3 years ago
A lawnmower that normally sells for $350 is on sale for 25% off. How much
olya-2409 [2.1K]

Answer:

$262.50

Explanation:

Multiply $350 by 0.75 since it is 25% off and the remaining is 75% to get the answer of $262.50.

3 0
2 years ago
Which of the following skills are
Verizon [17]

Answer:

A. organization

Explanation:

a secretary writes the minutes during a meeting and also schedules the meetings for his boss therefore he/she must be organized for the work to be done efficiently.

7 0
2 years ago
An electronics company has factories in Cleveland and Toledo that manufacture three head and forehead VCRs. Each day the Clevela
Vesna [10]

Answer:

The Toledo factory should work for 20 days

The Cleveland factory should work for 50 days

Explanation:

Let me use abbreviations to denote each of the VCR produces:

Three head  VCR = THV

Four head VCR = FHV

we were told that:

Cleveland in one day produces; 500 THV and 300 FHV at a price of $18000, while Toledo in one day produces; 300 THV and 300 FHV at a price of $15000.

Information on order received:

THV = 25,000

FHV = 21000

Next let us use the common factor between both company locations to divide the production days between them, and the common product produced equally by these two factories is FHV where each of them produce 300 in a day.

hence to fill an order of 21,000 FHV, each factory has to produce 21000 ÷ 2 = 10, 500 orders each.

Now let us find how many days it will take to produce 10,500 orders if they produce 300 orders each day:

300 FHV = 1 day

∴ 10,500 FHV = \frac{1}{300} × \frac{10,500}{1} = 35 days.

Therefore, if both factories were to be producing the same amount of both THV and FHV each it will take them 35 days each to fill the order, but because Cleveland factory produces 500 THV while Toledo produces 300 THV, this will not hold since at the end of 35 days:

the Cleveland factory will produce 35 × 500 = 17,500 THV

the Toledo factory will produce 35 × 300 = 10,500 THV, bringing the total number of THV to 28,000 which is 3000 more than the order of 25,000 THVs

Next, we have to work backwards.Since the Cleveland factory has an excess of 3000 THVs, let us see how many days it will take to produce the excess 3000 THVs and remove that number of days from the Cleveland factory, while adding that same number of days to the Toledo factory, to even things out.

So removing one day from Cleveland will reduce production of THVs by 500, while concurrently adding one day to FHV will increase production of THV by 300, creating a net production of 200 THVs being removed.

Remember that the excess THV produced was 3000, to get the total number of days to remove from Cleveland and to add to Toledo, we will divide 3000 by 200.

∴ 3000 ÷ 200 = 15.

hence we will subtract 15 days from the original 35 days of Cleveland while we add 15 days to the original 35 of Toledo giving us:

Cleveland: 35 - 15 = 20 days

Toledo: 35 + 15 = 50 days.

now let us test our answer.

for THV:

Cleveland working for 20 days will produce; 500 × 20 = 10000

Toledo working for 50 days will produce; 300 × 50 = 15000

giving a total of 10000 + 15000 = 25,000 three head VCRs.

for Four Head VCRs (FHV)

Cleveland working for 20 days will produce; 300 × 20 = 6,000

Toledo working for 50 days will produce; 300 × 50 = 15,000

therefore total Four head VCRs produced = 6,000 + 15,000 = 21,000 VCRs.

and the total cost of production:

Cleveland; 1 day = $18,000

∴ 20 days = 18,000 × 20 = $360,000

while Toledo in 50 days = 15000 × 50 = $750,000. Hence the total amount for production = $360,000 + $750,000 = $1,110,000

3 0
3 years ago
During a presentation, a prospect says, "I like the product, but I won't buy
Zina [86]

Answer:

I believe the best and most correct answer is A.)

Explanation:

3 0
2 years ago
Read 2 more answers
Other questions:
  • Individual Retirement Accounts (IRAs) are very popular because ______. a. They include a large variety of stock options b. They
    8·1 answer
  • The industry-low, industry-average, and industry-high cost benchmarks on pp. 5-6 of the latest issue of the glo-bus statistical
    12·1 answer
  • Zoe Corporation has the following information for the month of March: Cost of direct materials used in production$17,811 Direct
    8·1 answer
  • Two currently owned machines are being considered for the production of a part. The capital investment associated with the machi
    13·1 answer
  • 1. (20 pts) The dome of the state capital building needs to be replaced and two options are being considered which use different
    5·1 answer
  • 7. Identifying costs of inflation Bob manages a grocery store in a country experiencing a high rate of inflation. He is paid in
    5·1 answer
  • The assets, liabilities, and equity account of a business, which are interrelated and interact with each other, represent:______
    5·1 answer
  • Nell and Kirby are in the process of negotiating their divorce agreement. What should be the tax consequences to Nell and Kirby
    13·1 answer
  • A 12-month insurance policy was purchased on Dec. 1 for $4,800 and the Prepaid insurance account was initially increased for the
    11·1 answer
  • True or false: revenue is recorded when services are performed, whereas deferred revenue is recorded when cash is received from
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!