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goblinko [34]
3 years ago
10

Simmons gives her child a gift of publicly-traded stock with a basis of $40,000 and a fair market value of $30,000. No gift tax

is paid. The child subsequently sells the stock for $36,000.
What is the child's recognized gain or loss, if any?

a. $4,000 loss.
b. No gain or loss.
c. $6,000 gain.
d. $36,000 gain.
Business
1 answer:
LekaFEV [45]3 years ago
5 0

Answer:

Explanation:

Basis in the stock = Carryover basis = $40,000

Recognized loss = $40,000 - $36,000

= $4,000

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Grouper Company purchased a new machine on October 1, 2020, at a cost of $114,800. The company estimated that the machine will h
Colt1911 [192]

Answer:

$6,250

Explanation:

Cost of machine = $114,800

Salvage value = $14,800

Life of machine = 4 years

Depreciable cost = Cost - Salvage value

                             = $114,800 - $14,800

                             = $100,000

Date of purchase = October 1, 2020

Assets used for period in 2020 = 3 months

Annual depreciation:

= Depreciable cost ÷ life of assets

= $100,000 ÷ 4

= $25,000

Depreciation expense for 2020:

= Annual depreciation × (3 ÷ 12)

= 25,000 × (3 ÷ 12)

= $6,250

3 0
3 years ago
Water carriers played a dominant role in the transportation system of the United States in the 18th and 19th centuries. Why has
kykrilka [37]

Answer:Part A

Water Carriers.

Part B.

The transportation energy cost has rising very rapidly during the 20th century.

Explanation: Water Carriers are transportation systems which makes use of water as the channel through which goods, and people can be transported from one point or place to another.

Between the eigtheenth and nintheenth century,water carriers were more prominent and more in use.

Water transportation is one of the most efficient means of transportation, capable of transportation a very large amount of goods, it has a high energy cost which has made less of interest to the Manufacturing sectors of the twentieth century.

4 0
3 years ago
Drag the labels to complete each sentence that discusses the development of viral-induced cancer.
Digiron [165]

Answer:

1. regulatory

2. proto-oncogenes and apoptosis

3. presence

4. inactive

5. tumor-suppressor and p53

Explanation:

Gene code for a protein helps it to grow, two of important gene is proto-oncogenes which gives rise to oncogenes. It interferes with different proteins and undergoes normal cell regulation. P53 is a tumor suppressor protein which is found in nucleus of all cells. This protein undergoes the gene mutation.

6 0
3 years ago
You expect to receive $5,000 at graduation one year from now. Your plan is to invest this money at 6.5 percent, compounded annua
borishaifa [10]

Answer:

A.She will earn the same amount of interest each year.<u>B.She could have the same future value and invest less than $2,000 initially if she could earn more than 6.5 percent interest</u>

Explanation:

8 0
3 years ago
The Beckham Company has the following information about their activity cost pools: Activity Cost Pools Total Overhead Cost Total
LenaWriter [7]

Answer:

$25 per setup

Explanation:

With regards to the above, activity rate is computed as;

= Activity cost pool resources / Activity driver

Activity cost pool resources = $125,000

Activity driver = 5,000

Activity rate for machine setup = $125,000/5,000 = $25 per setup

5 0
3 years ago
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