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tekilochka [14]
3 years ago
5

Logan and Johnathan exchange land, and the exchange qualifies as like kind under § 1031. Because Logan's land (adjusted basis of

$193,000) is worth $231,600 and Johnathan's land has a fair market value of $183,350, Johnathan also gives Logan cash of $48,250. a. Logan's recognized gain is $ . b. Assume that Johnathan's land is worth $208,440 and he gives Logan $23,160 cash. Logan's recognized gain is $ .
Business
1 answer:
ZanzabumX [31]3 years ago
6 0

Answer:

a. Logan's recognized gain is $38,600

b. Logan's recognized gain is $23,160

Explanation:

a. If the worth of the land for Jonathan is $183,350, then the gain recognized by Logan would be;

the lower of the realized gain between the amount realized of $231,600 - adjusted basis of $193,000 = $38,600

or the fair market worth of the received boot i.e $48,250.

Therefore, Logan's recognized gain is $38,600

b. Suppose Jonathan's land is worth, $208,440, then we can calculate Logan's recognized gain to be ;

the lower of the realized gain I.e amount realized of $231,600 - adjusted basis $193,00 = $38,600

or the fair market value of the received boot I.e $23,160 .

Therefore, Logan's recognized gain is $23,160

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Rhianna and Jay are married filing jointly in 2018. They have six children under age 17 for whom they may claim the child tax cr
katrin [286]

Answer:

The correct answer to the following question is option C) $11,000 .

Explanation:

The phaseout limit for married couple filling their return jointly is up to $400,000, but in this case the annual gross income of Rhianna and Jay is $419,400 . So their annual gross income is $19,400 ($419,400 - $400,000) more, and then $19,400 / $1000 = $19.4 , which is approximately equal to $20.

Now the phase out limit would be $20 x $50

=$1000

For the 6 children , the tax credit wold be - $2000 x $6

= $12,000

From the above amount, the phase out amount will be deducted,

= $12,000 - $1000

= $11,000

7 0
3 years ago
Pandora invested in the Box Mutual Fund by purchasing 1,000 shares on November 9, Year 1. On the first day of every month, the B
mario62 [17]

Answer:

Pandora

Box Fund shares qualifying for the long-term holding period:

Total shares qualifying = 1,010

This is made up of:

Initial shares bought on Nov. 9 = 1,000

Reinvested shares on Dec. 1              5

Reinvested shares on Jan. 1               5

The remaining 55 (1,065 - 1,010) shares qualify for short-term holding periods as they lasted less than one year.

Explanation:

A long-term holding period is one year or more with no expiration. This implies that investment, including dividends paid into the account, that has a holding of less than one year will be a short-term hold.

The holding period of an investment is used to determine the taxing of capital gains or losses.

5 0
3 years ago
The Anti-Federalists wanted to
Setler [38]
They wanted to ensure that the bill of rights was included in the constitution.
8 0
3 years ago
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Nikita wants to apply for student aid to fund her college education. Arrange the steps involved in Nikita’s application for fina
Hunter-Best [27]
The steps involved in Nikita's application for financial aid include the following:
1. Nikita creates an FSA ID.
2. Nikita fills out the FAFSA form online.
3.Nikita rechecks the information she provided and makes a few corrections.
4. Colleges Ask Nikita to verify the information in the FAFSA.
5. In about two weeks Nikita received a document called Student Aid Report.
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4 0
3 years ago
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Suppose a riskless project requires an initial investment of $10 and will generate a one-time cash inflow of $30 two years later
Evgesh-ka [11]

Answer:

D. The payback period is less than 2 years.

Explanation:

Discount rate                 5%  

                                        0      1          2

intital investment        -10  

cash flow                       0        30

Total cash flow         -10      0        30

NPV                        17.21  

IRR                                 73%  

Therefore, The NPV is 17.21 and is positive, the statement is True.

IRR > 50%, Therefore the statement made is True

Accounting rate of return = {[(30 - 10)/10]^(1/2)} - 1

                                           = 41% > 0

Therefore, The statement made is true.

Payback period = 2 years, Therefore the statement made is NOT true.

7 0
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