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
Anni [7]
3 years ago
14

Carlos transfers property with a tax basis of $965 and a fair market value of $1,135 to a corporation in exchange for stock with

a fair market value of $995 and $67 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $73 on the property transferred. What is the corporation's tax basis in the property received in the exchange
Business
1 answer:
nexus9112 [7]3 years ago
8 0

Answer:

$1,032

Explanation:

Calculation for the corporation's tax basis in the property received in the exchange

Based on the information given we were been told that he made a transfer of property with a TAX BASIS of the amount of $965 which as well include a FAIR MARKET VALUE of the amount of $67 which simply indicates or means that the amount of $1,032 ($965+$67) is the tax basis amount of the property that was received in the exchange.

Tax BASIS =Tax basis +Fair market value

Tax BASIS=$965+$67

Tax BASIS=$1,032

Therefore the corporation's tax basis in the property received in the exchange will be $1,032.

You might be interested in
as the industrial revolution came to the united states, most firms operated in a(n) orientation. a. evolutionary b. societal c.
mariarad [96]

As the industrial revolution came to the united states, most firms operated in a production orientation. The United States' transition to new industrial techniques between around 1760 and some time between 1820 and 1840 is known as the Industrial Revolution.

This transition encompassed the switch from manual to mechanical production methods, the invention of new ways for producing chemicals and iron, the expansion of steam and water power, the creation of machine tools, and the growth of the mechanized factory system. As a result of the significant increase in output, both the population and the pace of population growth saw previously unheard-of increases during industrial revolution.

To learn more about industrial revolution, click here

brainly.com/question/455063

#SPJ4

8 0
1 year ago
Which of the following is a true​ statement? A. Adverse selection occurs after a transaction has taken place in insurance market
Salsk061 [2.6K]

Answer:

C

Explanation:

FDIC gives insurance to depositors. it promises to pay  back a certain amount of the deposits of a banks customers in the case where a bank fails. As a result of this insurance banks have a greater incentive to take on more risky projects because they know that their customers would be protected even the project goes sour and the bank fails.

Due to the services of the FDIC, less depositors have lost money when a bank fails because of the insurance services they provide to depositors.

8 0
3 years ago
During regular economic times in Canada, the maximum length of time a worker can collect employment insurance is 26 weeks. Durin
DochEvi [55]

Answer:

a) encourage people to search longer for a job.

c) prolong the amount of time a person stays out of work.

d) increase the number of workers looking for work.

Explanation:

7 0
3 years ago
At McDonald’s all new franchise owners and managers attend Hamburger University. During this two-week period, they are exposed t
Tanya [424]

Answer:

The correct answer is variable.

Explanation:

Socialization is the process by which a culture, society or organization conditions the behavior of its members, and speaking in the organizational field is the process by which people gradually acquire aspects of attitude, behavior and values that are understood and accepted. For the new employee.

6 0
3 years ago
Express Meals is a local bistro that has budgeted inventory purchases as follows: September: $ 300,000 October: $ 350,000 Novemb
ziro4ka [17]

Answer:

Express Meals

The budgeted accounts payable balance on November 30 is:

= $347,000.

Explanation:

a) Data and Calculations:

Budgeted inventory purchases:

September: $ 300,000

October: $ 350,000

November: $ 390,000

Payment to suppliers:

Month of purchase = 20%

Month following purchase = 70%

Two months after purchase = 10%

                                                   September    October   November  Total

Purchase                                     $300,000   $350,000    $390,000 $1,040,000

Payments:

Month of purchase  (20%)             60,000        70,000         78,000  $208,000

Month following purchase (70%)                     210,000      245,000  $455,000

Two months after purchase (10%)                                         30,000  $30,000

Total payments                             60,000      280,000      353,000  $693,000

Outstanding balance ($1,040,000 - $693,000) = $347,000

6 0
2 years ago
Other questions:
  • Kristi purchases an annuity that will pay her husband an income for 15 years. if he dies, this income will become payable to the
    7·1 answer
  • 1) If you are a consultant for a business looking to expand in Europe, is Greece even an option?2) Do the facts that its populat
    5·2 answers
  • Laura Bryant joined Kellogg's straight after university in 2002. She joined the Field Sales team initially. This involved visiti
    15·1 answer
  • If a company is considering the purchase of a parcel of land that was acquired by the seller for $96,000 is offered for sale at
    8·1 answer
  • Toby and Keith are planning to create and jointly own a company that will license their patented technology solely for royalties
    12·1 answer
  • In order to find the future worth, F, from a present amount, P, 5 years from now at an interest rate of 6 % per year, compounded
    6·1 answer
  • A manager must make a decision on shipping. There are two shippers: A and B. Both offer a two-day rate: A for $508, and B for $5
    14·1 answer
  • Carmel Corporation is considering the purchase of a machine costing $47,000 with a 7-year useful life and no salvage value. Carm
    7·1 answer
  • g The perfectly competitive firm's supply curve: Group of answer choices coincides with its perfectly elastic demand curve. is t
    6·1 answer
  • Lower-level managers are empowered to make decisions in a ______ organization, which can ________ motivation and job satisfactio
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!