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
makkiz [27]
3 years ago
14

Carlos transfers property with a tax basis of $500 and a fair market value of $800 to a corporation in exchange for stock with a

fair market value of $650 and $50 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $100 on the property transferred. What is the corporation's tax basis in the property received in the exchange?a. $800 b. $600 c. $550 d. $450
Business
1 answer:
12345 [234]3 years ago
4 0

Answer:

c. $550

Explanation:

Property has transfered by Carlos, and at the time of Transfer Carlos basis on the Property is $500.

So, from "Carryover basis" rule:

Corporation Tax basis on Property is = Basis of Carlos + Gain recognised.

                                                              = $500 + $50

                                                              = $550.

Therefore, The corporation's tax basis in the property received in the exchange is $550

You might be interested in
In the storming stage of team development, team members will have accepted team goals, be operating as a unit, and, as indicated
yKpoI14uk [10]

Answer:

B) False

Explanation:

The storming stage is the second stage of team development. At this stage, the group members should start gaining each other's trust. They are generally more willing to open up and express their views and opinions. Sometimes conflicts can result from different members' opinions, and power struggle occur within the team.

4 0
3 years ago
Gross profit is equal to:
ehidna [41]

Answer:

The correct answer is letter "A": sales minus cost of goods sold.

Explanation:

Gross Profit is one of several important measurements of a company's profitability. Specifically, <em>it is derived from taking sales revenue and subtracting the costs of goods sold</em>. The costs of goods sold include the expenditures of raw materials and labor involved in making the products.

3 0
3 years ago
What are some negative effects of the traditional economy?
zalisa [80]
I think it’s D. All of the above
3 0
2 years ago
Richard is attending an important board meeting with his colleagues to discuss future plans for the company. Many ideas are bein
eimsori [14]

Answer: Critical listening

Explanation:

Richard is engaged in critical listening during the course of the meeting, to fully get the full message passed across by the different speakers at meeting.

Critical listening is a type of listening, where an individual pays full attention to get full details of information being passed across during a speech and in the process making judgements about what is been discussed.

3 0
3 years ago
Enterprise Free Cash Flows should include which of the following: I. Capital expenditures II. Financing costs III. Taxes IV. Wor
valentina_108 [34]

Answer:

I. Capital expenditures  

III. Taxes

IV. Working capital requirements

Explanation:

Free cash flow = EBIT*(1 - tax rate) + depreciation - changes in net working capital - capital expenditure

5 0
3 years ago
Other questions:
  • You have been asked to create a code of ethics for the staff of a school paper to follow. Create a list of 10 rules based on the
    15·1 answer
  • When does accrual basis accounting record a transaction?
    15·2 answers
  • ECONOMICS, PLEASE HELP.
    9·1 answer
  • Write a memorandum to your assigned partner about ordering supplies for an event at school.
    9·1 answer
  • One of the easiest methods of diversifying away firm-specific risks is to: Multiple Choice build a portfolio with 40 to 55 indiv
    10·1 answer
  • Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.
    6·1 answer
  • Both competitive firms and monopolies produce at the level where marginal cost equals marginal revenue. ​Then, other things rema
    9·1 answer
  • 9,432 written verbal is?
    14·2 answers
  • A recent annual report for FedEx contained the following data:
    9·1 answer
  • The marginal propensity to consume tells us by how much ______ changes when ______ changes. a. consumption expenditure; disposab
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!