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Tanzania [10]
3 years ago
5

Camille transfers property with a tax basis of $800 and a fair market value of $1,200 to a corporation in exchange for stock wit

h a fair market value of $850 and $350 in cash in a transaction that qualifies for deferral under section 351. Camille also incurred selling expenses of $100. What is the amount realized by Camille in the exchange?
Business
1 answer:
Yuki888 [10]3 years ago
4 0

Answer:

$1,100

Explanation:

The computation of the amount realized is shown below:

= Fair market value of exchanged for stock + cash in a transaction - selling expenses incurred

= $850 + $350 - $100

= $1,100

Basically we have added the cash and subtracted the sales expenses to the fair market value so that the correct amount of the realized amount will come in.

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A drag racer is speeding down the track at 150 m/s. At the finish line it deploys its parachute and applies the brakes to slow d
valentina_108 [34]

Answer:

Acceleration, a = 28m/s²

Explanation:

Given the following data;

Initial velocity, u= 150m/s

Final velocity, v = 10m/s

Time, t = 5secs

To find the acceleration;

Acceleration, a = (v-u)/t

Substituting into the equation, we have;

Acceleration, a = (150-10)/5

Acceleration, a = 140/5

Acceleration, a = 28m/s²

Therefore, the acceleration of the drag racer is 28m/s².

8 0
3 years ago
Richard makes monthly house payments that include a pro rated portion of real property taxes and insurance. The taxes and insura
cricket20 [7]

Answer:

Richard can deduct $1600 as real property tax during the current year.Only the tax amount paid by the mortgage company from the escrow account to taxing authority can be claimed as deduction.

3 0
4 years ago
McCarthy Industries has two sales territories-East and West. Financial information for the two territories is presented below: E
kirill [66]

Answer:

Decrease in income by $227,000

Explanation:

The computation of the amount of the change in the income in the case when the east territory is eliminated is shown below;

= -Sales + Direct cost + fixed cost - salary per year

= -$980,000 + $343,000 + ($450,000 - $40,000)

= -$980,000 + $343,000 + $410,000

= -$227,000

Hence, the amount of the change in the income in the case when the east territory is eliminated is -$227,000

Decrease in income by $227,000

3 0
3 years ago
Suppose that a planet fitness studio has fixed expenses of $7500 per month and variable expenses of $4.99 per member per month.
natka813 [3]
Answer: $500

$19.99-$4.99=$15
$7500/$15= $500
6 0
3 years ago
Pristine products, a wholesaler, uses a periodic inventory system. at year-end, pristine conducts a physical inventory count to
k0ka [10]
<span>how much of their company's merchandise is being sold, how much of it has been damaged, how much has gone out of style or is out of season. Once the inventory is taken, Pristine products should be able to project how much product needs to be manufactured and sold going forward so that they do not work at a loss of profits.</span>
6 0
3 years ago
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