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son4ous [18]
3 years ago
11

On September 18, 2019, Gerald received land and a building from Frank as a gift. No gift tax was paid on the transfer. Frank’s r

ecords show the following. Asset Adjusted Basis FMV Land $100,000 $212,000 Building 80,000 100,000 Do not round any division. Round your final answer to the nearest dollar. a. Determine Gerald's adjusted basis for the land and building. Gerald's adjusted basis for the land is $. Gerald's adjusted basis for the building is $. b. Assume instead that the fair market value of the land was $87,000 and that of the building was $65,000. Determine Gerald's adjusted basis for the land and building. Gerald's basis for gain: Gerald's adjusted basis for the land is $. Gerald's adjusted basis for the building is $. Gerald's basis for loss: Gerald's adjusted basis for the land is $. Gerald's adjusted basis for the building is $.
Business
1 answer:
ExtremeBDS [4]3 years ago
4 0

Answer:

Explanation:

a. The computation of the adjusted basis for the land and building is shown below:

For land = $100,000

For building = $80,000

b. Gerald's basis for gain:

Gerald's adjusted basis for the land is $100,000

Gerald's adjusted basis for the building is $80,000

Gerald's basis for loss:

Gerald's adjusted basis for the land is $87,000 (fair value)

Gerald's adjusted basis for the building is $65,000 (fair value)

Since all the values are given in the question we simply put them in the correct items

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Joey cuts lawns during the summer. Let q equal the number of acres mowed per day, and let L equal the number of hours worked per
Anna71 [15]

Answer:

The answer is B.

Explanation:

Marginal Productivity can be described as when every variable in the equation is held constant, it is the amount of productivity gained for every extra hour of labor that is put in.

And according to the information about Joey and his productivity cutting the lawns, we are provided the equation q = 0.2*L which means that for every extra hour Joey works cutting the lawns, Joey's marginal productivity is going to decrease by 0.2 or 20% so the answer is B.

I hope this answer helps.

7 0
3 years ago
Read 2 more answers
Susie buys two goods: rounds of golf and massages.Suppose that the price of a round of golf is $20 and the price of a massage is
AfilCa [17]

Answer:

D) Susie would buy more massages and fewer rounds of golf,as predicted by the substitution effect.

Explanation:

Let's check the utility that Susie gets from consuming these products.

The second round of golf gives her 20 units of satisfaction at $20 = 20/20 = 1

The third massage gives her 30 units of satisfaction at $30 = 30/30 = 1

But now the price the price for massage has come down to $15. The ratio of their prices would be

20/15 = 1.333

1.3 is greater than 1

So she should substitute golf for massages

6 0
2 years ago
Definition: This is when an owner is fully responsible for the debts and losses of a company.
lorasvet [3.4K]

Answer:

is it a manager??

Explanation:

4 0
3 years ago
During March, Pendergraph Corporation incurred $65,000 of actual Manufacturing Overhead costs. During the same period, the Manuf
Yanka [14]

Answer: Credit to manufacturing overhead of $67000.

Explanation:

The journal entry to record the application of Manufacturing Overhead to Work in Process would be:

Debit Work in Progress $67000

Credit Manufacturing overhead $67000.

( To record the application of manufacturing overhead to work in process).

5 0
3 years ago
Department D had materials costs of $10,000 in beginning work in process inventory and added an additional $50,000 in materials
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Answer:

The correct answer is $3

Explanation:

Cost per equivalent unit = Total costs / EUP for materials = ($50000+ $10000) / 20000 = $3

3 0
3 years ago
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