Answer:
150000
Explanation:
The question says that Harry received a fair market value = 450000 dollars
Meanwhile he transferred 650000 dollars of assets
Fair value of assets = 650000 - 200000 = 450000
Harry's adjusted basis = 350000
Therefore the share received will be:
350,000 - 200,000
= 150,000 dollars.
Harry's basis in the stock received from the corporation is $150,000.
Thank you!
Answer:
Allowance for uncollectible accounts
Explanation:
This account is a contra asset account which says that the account receivable amount is not collected in near future
It is shown in the asset side of the balance sheet
Assets side
Current Assets
Accounts receivable XXXXX
Less: Allowance for doubtful debts (XXXXX)
Net accounts receivable XXXXX
It is an estimated amount which is not to be paid by the customer in respect to goods delivered to them
The journal entry would be
Bad debt expense A/c Dr XXXXX
To Allowance for uncollectible accounts A/c XXXXX
(Being the uncollected amount is recorded)
<u>Solution and Explanation:</u>
Amount realized 22,000 Minus: Basis 89,000 Loss recognized 67000
<u>answer a </u>) Since Karen is single she can guarantee this lose as a common misfortune to a limit of $50,000. Karen won't have the option to guarantee the whole $67,000 that she lost she can just guarantee $50,000.
<u>answer b) </u>Since Karen is recording a joint government form she can guarantee a lose of upto $100,000. Karen will have the option to guarantee the whole loss of $67,000.
<u>answer c )</u> With the stock being bought from another investor as opposed to the sorting out enterprise she can guarantee the whole loss of $67,000 as a captial gain misfortune.
<u>answer d )</u> B. By selling a segment of the stock in one year and the staying stock in one more year Karen could change over the whole misfortune on the deal to a normal misfortune.
Answer:
my answer is a.let them talk
Answer:
decrease
Explanation:
i think so because less and less people are deciding to travel because of the deadly virus. People are preferring to stay at their homes. As less people will travel, many travel agents will lose their jobs.
