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
andreev551 [17]
2 years ago
14

Firm ML, a noncorporate taxpayer, exchanged residential rental property for 20 acres of investment land with a $200,000 FMV. ML

used the straight-line method to compute depreciation on the rental property. Assume that ML exchanged the residential rental property for the 20 acres of investment land plus $22,000 (i.e., ML received cash in the exchange).
Business
1 answer:
wlad13 [49]2 years ago
8 0

Answer:

a. $222,000

b. $22,000

c. $158,000

Explanation:

a. FMV of rental property =  FMV of land received + Received cash

= $200,000 + $22,000

= $222,000

b. FMV of land received       $200,000

Cash boot received                $22,000

Less: Basis of rental property $158,000

Realized gain                           $64,000

Recognized gain (Boot)          $22,000

this transaction qualify for a like-kind exchange under section 1031  When no gain or loss is recognized on an exchange but on Boot received. But recognized gain will be lower of boot amount of realized gain.

c. Carryover basis of original assets =  FMV of rental property - Realized gain

= $222,000 -  $64,000

= $158,000

You might be interested in
Luxury Linens Inc. produces the highest thread-count sheets available anywhere and does so at a price that none of its competito
vfiekz [6]

Answer: Sustainable competitive advantage

Explanation:

  The sustainable competitive advantage is basically refers to the abilities attributes and the quality of an organization that are different from the others competitors as it basically favorable to the long term position in the market.

The main objective of the sustainable competitive advantages is that it providing an efficient advantages in this competitive environment. Product differentiation, low cost provider and the strategic asset are the main advantages.  

According to the given question, the luxury linens Inc. is basically producing the high thread count and it measuring the various types of advantages such as profit, effective products of an organization.

Therefore, Sustainable competitive advantage  is the correct answer.

7 0
3 years ago
An accountant agreed to perform a compilation of a company's financial statements under Statements of Standards for Accounting a
LekaFEV [45]

Answer: The following would the accountant do related to the compilation engagement: <u><em>Issue a compilation report even though review procedures were performed on the engagement.</em></u>

Under Statements of Standards for Accounting and Review Services (SSARS), the accountant decided to perform some analytical procedures.

<u><em>Therefore, the correct option is (d)</em></u>

5 0
2 years ago
The herfindahl-hirschman index is the ________ of the percentage market share of each firm summed over the largest 50 firms in a
Ann [662]
<span>The herfindahl-hirschman index is the measure of the percentage market share of each firm summed over the largest 50 firms in a market.
HHI is the measure of market concentration. It is the commonly accepted measure. if H</span>erfindahl-Hirschman index is low and its four firm concentration ratio is low then the market is considered competitive.

3 0
3 years ago
Megan’s balance sheet shows that on February 7, 2010 she had assets totaling $27,600 and debts totaling $32,500. Which of the fo
balandron [24]

Answer:

Option (C) is correct.

Explanation:

Given that,

Megan’s balance sheet shows:

Total assets = $27,600

Total debts = $32,500

Net worth is the difference between total assets and total liability.

Net worth = Total assets - Total debts

                 = $27,600 - $32,500

                 = -$4,900

Therefore,

Megan’s balance sheet shows the negative worth of $4,900.

4 0
3 years ago
In your own words define ecology and discuss how it relates to child development
tatuchka [14]
Ecology is a systematic relationship of all living things with each other and their interaction with the environment that they live in. All living things in the world are connected with each other in terms of energy. So, it affects child development in ways of eating food from plants and animals. Moreover, the child could be molded by social interactions within the community.
5 0
3 years ago
Other questions:
  • Freedom of enterprise Multiple Choice in a market system means that entrepreneurs can obtain and use economic resources without
    11·1 answer
  • Nature's Garden, a new restaurant situated on a busy highway in Pomona, California, specializes in a chef's salad selling for $7
    9·1 answer
  • Company C is identical to Company D in every respect except that Company C uses LIFO and Company D uses average costs. In an ext
    12·1 answer
  • In 2011 oil production in Libya was interrupted by political unrest. At the same time, the demand for oil by China continued to
    10·1 answer
  • The purpose of the ________ of performance appraisal is to keep managers from being excessively lenient and having a disproporti
    11·1 answer
  • Brian, an industrial equipment sales rep, purchases a quick snack to eat on the way to work. he buys lunch while on the road vis
    13·1 answer
  • A company is concerned about the number of customers that have to wait for service in their customer service department. Assume
    5·1 answer
  • Relation between occupation and education any 5 point​
    14·1 answer
  • you are the owner of a rapidly growing e-commerce business and you are looking for ways to customize your ads. since your team i
    6·1 answer
  • According to the rational rule for sellers, this company should produce ____ of output and charge a price of _____.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!