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Ilya [14]
3 years ago
7

Tobin inherited 100 acres of land on the death of his father in 2019. A Federal estate tax return was filed and the land was val

ued at $300,000 (its fair market value at the date of the death). The father had originally acquired the land in 1976 for $19,000 and prior to his death had made permanent improvements of $6,000. What is Tobin's basis in the land
Business
1 answer:
Margarita [4]3 years ago
4 0

Answer:

Tobin's basis in the land is $300,000.

Explanation:

Since return was filed and the land was valued at $300,000 which was the fair market value at the time of death. then, Tobin's basis in the land is $300,000.

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_____ deals with how inputs, activities, and outputs of a process are organized.
kobusy [5.1K]

Structure is concerned with how a process's inputs, actions, and outputs are arranged.

<h3>What do a process' outputs entail?</h3>
  • The outcomes of group work are known as outputs, and the group or organization values these results.
  • In order to maximize a team's performance, it "provides a mechanism to analyze how teams perform."
  • The tangible results of a process, such as reports, meetings, and flyers, are what we refer to as outputs.
  • While these items are helpful in and of themselves, they typically fall short of fulfilling the overall intent of the process.
  • Some examples of results are Information (for instance, fresh information developed as a workshop contribution and/or information from meetings).
  • Data sent by a computer is known as output. Computers can only process digital data.

To learn more about outputs, refer to:

brainly.com/question/15586089

#SPJ4

4 0
1 year ago
At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $1,700 (debit) before any yea
iren2701 [21]

Answer:

Bad debt expense $11,320   ($283,000 × 4%)

      To Allowance for doubtful debts $11,320

(being the bad debt expense is recorded)

Explanation:

The journal entry is shown below:

Bad debt expense $11,320   ($283,000 × 4%)

      To Allowance for doubtful debts $11,320

(being the bad debt expense is recorded)

For recording this given transaction, we debited the bad debt expense as it increases the expenses account and at the same time it decreases the account receivable so the allowance would be credited so that the proper posting could be done

7 0
3 years ago
The logical sequence of the phases of a business cycle is: ____________
koban [17]

Answer:

phases in the sequence of Recession, trough, expansion and Peak

Explanation:

we know that 4 phases of a business cycle are

peak and  downturn (recession) and trough and upturn (expansion)

top of cycle is called peak

and boom is a very high peak

recession where conomic activity is falling from the peak

and when decline persist for more than 2 consecutive quarters that is recession

and The bottom of the recession is trough

so we know business cycle is a economic model  that describe fluctuation in economic activity

and that includes production of goods and service and business cycle go through its phases in the sequence of Recession, trough, expansion and Peak

7 0
3 years ago
What is the purpose of reporting comprehensive income?A. To provide a consolidation of the income of the firm's segments.B. To r
jek_recluse [69]

Answer:

Option D                  

Explanation:

Comprehensive earnings reporting is intended to provide a summary of all adjustments in a corporation's equity arising from acknowledged exchanges as well as other time commercial activities other than dealings with holders in their capacities as shareholders.

If included with the fiscal reports with associated reports and other details, the details generated by disclosing detailed income will assist stakeholders, lenders as well as others in determining the operations of a business, and the duration and extent of potential cash streams of a business.

6 0
3 years ago
KRD Supplies Corporation provided the following information for the year:Beginning Balance—Work-in-Process Inventory $24,000Endi
liberstina [14]

Answer:

The amount of the manufacturing overhead costs is $314,000

Explanation:

The computation of the manufacturing overhead cost is shown below:

= Indirect Labor  + Depreciation on Factory Plant and Equipment + Plant Utilities and Insurance

= $18,000 + $24,000 + $272,000

= $314,000

The manufacturing overhead cost includes only indirect costs other than direct costs like direct labor, direct material, etc. Because of this, we do not considered it

8 0
3 years ago
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