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
madreJ [45]
3 years ago
7

Patty Leave owned an apartment house for ten years. Depreciation was taken on a straight-line basis. When Patty's adjusted basis

for this property was $200,000, she traded it for an office building having a fair market value of $600,000. The apartment house has 100 dwelling units, while the office building has 40 units rented to business enterprises. The properties are not located in the same city. What is Patty's reportable gain on this exchange
Business
1 answer:
Sav [38]3 years ago
3 0

Answer:

$0

Explanation:

IRS's Section 1031 allows real estate investors to exchange real properties and defer any capital gains tax. In this case, Patty doesn't need to report any gain because she is exchanging her apartment house (with 100 rented apartments) for an office building (with 40 rented offices).

In order for a property to classify as a 1031 exchange, it must involve properties that have similar uses. In this operation, both properties have rental units.

You might be interested in
A(n) _______ is a person who engages in leadership activities but whose right to do so has not been formally recognized.
alexdok [17]

Answer:

The correct answer is letter "C": informal leader.

Explanation:

Informal leaders are individuals to whom people put their trust on because they provoke a strong influence within a group or because others see that individuals as examples to follow. However, informal leaders are not officially recognized. Most formalized leaders begin naturally being informal leaders until the collective will of subordinates place them in the position of power.

4 0
3 years ago
Look at the following financial ledger which items listed on the ledger represent credits
Bogdan [553]

Answer:

The answer is B. Gift and online auction I hope this helps

Explanation:

3 0
3 years ago
Use the following information to answer the next two questions: A company had the following transactions during September, the f
horsena [70]

Answer: 326,500

I’m not 100% sure why,but I had the same question on an assignment and that was the answer.

4 0
3 years ago
Which of the following would be an example of a NEED? A. a warm winter coat B. designer shoes C. your favorite candy D. a new pa
Vikentia [17]
A. A warm winter coat
3 0
3 years ago
Read 2 more answers
Prestigious economics professor, Tom Ruland, recently urged government policy makers to cut taxes and increase government spendi
xxTIMURxx [149]

Answer:

The correct answer is True.

Explanation:

These are the measures implemented by the Government aimed at channeling the economy towards certain goals. The fundamental tools available to the Government for this are the management of the volume and destination of public spending. Fiscal policy also includes ways to finance government expenses. For example, if the economy is entering a recessive phase, the Government can reduce taxes and increase spending, in order to expand aggregate demand and overcome the recession. If there is a very high level of unemployment, you can try to create new jobs and grant temporary benefits to the unemployed; If there is a high inflation rate, it will try to reduce spending to counteract possible demand pressures and moderate price rises.

The objectives of the policy are: moderate economic cycles, seek to raise the level of national income, redistribute income, provide public goods, increase employment, etc. However, in certain situations, achieving a fiscal policy objective will ultimately be conditioned by the general objectives of the economic policy pursued by the Government at a given time.

7 0
3 years ago
Other questions:
  • 4. If a good is considered "normal" by economists, an increase in consumers' incomes will result in a decrease in the
    6·1 answer
  • Danny recently started revising his résumé after his managers failed to give him a pay raise that he felt would rightly compensa
    14·1 answer
  • Why are some countries today much poorer than other countries? Are today's poor countries destined to always be poorer than toda
    10·1 answer
  • What are examples of criteria used in conditional formatting? Check all that apply. less than equal to added to divided by great
    12·1 answer
  • 5) Ryans Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours.
    14·1 answer
  • Career Situation: What Would You Do? For some years now, you’ve owned a small specialty bookshop in a college town. You sell som
    12·1 answer
  • he accounting records of Baddour Company provided the data below. Net loss $ 4,350 Depreciation expense 6,320 Increase in salari
    6·1 answer
  • What were the impacts of the fur trade on society in terms of economics, culture, technology, nature, and the government? Did Ro
    12·1 answer
  • Low Fly Airline is expected to pay a dividend of $7 in the coming year. Dividends are expected to grow at the rate of 15% per ye
    11·1 answer
  • Larry was shopping at a Target store when he suddenly remembered he had an appointment with his Law 240
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!