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
zimovet [89]
3 years ago
10

Vanessa contributed $20,000 of cash and land with a fair market value of $100,000 and an adjusted basis of $40,000 to Cook, Inc.

(an S corporation) when it was formed. The land was encumbered by a $30,000 mortgage executed two years before. What is Vanessa's tax basis in her Cook, Inc. stock after formation?
Business
1 answer:
IRISSAK [1]3 years ago
6 0

Answer:

Vanessa's tax basis in cook inc.           $50,000

Explanation:

Given:

Cash = $20,000

Fair market value = $100,000

Adjusted basis = $40,000

Mortgage executed = $30,000

Now,

For the tax basis

             cash                                          $30,000

add;      Land ( adjusted basis )             $40,000

less ;     Mortgage                                  $20,000

============================================

Vanessa's tax basis in cook inc.           $50,000

============================================

You might be interested in
Negative Impact of crime on a business​
iragen [17]

Answer:

● The facts of crimes in business. With the sluggish economy the entire numbers of criminal activities have increased dramatically...

● Loss of revenue. Once the business is been compromised by such crimes, it would not be easy anymore to run the business because the funds are already affected.

● Damaged Reputation...

● Reduced production...

● Protect your business...

Explanation:

7 0
3 years ago
Why do buissness complete an a free enterprise system ?​
Kitty [74]
Here u go this is really helpful I just had this question yw

3 0
3 years ago
If the quantity supplied responds only slightly to changes in price, thenA. supply is said to be elastic.B. even a large decreas
Murrr4er [49]

Answer:

D. supply is said to be inelastic.

Explanation:

When the change in the quantity supplied of any good is less sensitive due to change in the price, then the supply is known as the inelastic and If the quantity supplied responds only slightly to changes in price, then supply is said to be inelastic.

6 0
3 years ago
The first step in creating your personal marketing plan is to conduct a career audit.
djverab [1.8K]

Answer:Personal marketing plan 1. Outline your distinctive price proposition. In selling, a press release that addresses distinctive variations between like product is thought as a “value proposition”. Triple-crown sales individuals knowledge to elucidate w

Explanation:

6 0
3 years ago
Which of the following is a type of tax paid straight to the federal government?
frutty [35]

Option a: Income tax

Income tax is a tax levied on an individual or group with respect to the income or profits received by the individual or group. Income tax is usually calculated as the product of tax rate and taxable income. tax rates may vary depending on the type and characteristics of the taxpayer and the type of income.

Income tax is a tax that the government imposes on income generated by businesses and individuals within its jurisdiction. Income tax is used to fund public services, pay government obligations, and provide goods to citizens.

what is income tax? the tax levied on the income of a company or individual is known as income tax. Income taxable income can come from various sources, including wages, salaries, dividends, interest, loyalty, rent, gambling prizes, and product sales.

Learn more about Income tax here brainly.com/question/26316390

#SPJ2

8 0
2 years ago
Read 2 more answers
Other questions:
  • All of the following are ways to calculate different versions of ROI​ except: A. Return on sales x investment turnover B. Income
    9·1 answer
  • There are a few people in line waiting to be served. you are taking care of one customer and she insists you gave her the incorr
    9·1 answer
  • Which of the following retirement plans offer tax benefits?
    7·1 answer
  • Which one of the following results from the latest decision round is MOST important in providing guidance to company managers in
    15·1 answer
  • Consolidated Enterprises issues $1 million face value, five-year bonds with a coupon rate of 6.0 percent. At the time of issuanc
    13·1 answer
  • Although GDP is a reasonably good measure of a nation's output. It does not necessarily include all transactions and production
    11·1 answer
  • 4. would protect the composer's musical score.
    14·2 answers
  • What if, instead of making jet fighter experience a requirement to become an astronaut, NASA instead offered higher salaries to
    8·1 answer
  • ordan Industries declared a $0.90 per share cash dividend. The company has 180,000 shares authorized, 61,000 shares issued, and
    15·1 answer
  • Alex is starting a career in ux and wants to be able to specialize in a particular ux design role and focus on one project from
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!