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torisob [31]
3 years ago
7

Huey sold a warehouse with an original cost of $150,000 for $230,000 to an S corp where he owns a 51% interest. The S corp will

use the warehouse in the business. The warehouse had accumulated depreciation of $40,000. Assuming no other asset sales during the year, how will the gain be taxed to Huey
Business
1 answer:
MAVERICK [17]3 years ago
6 0

Answer:

$2,700

Explanation:

First, we need to determine the value of the warehouse at sale.

Current value = $150,000 - $40,000

= $110,000

The gain or loss = Selling price - Current value

= $230,000 - $110,000

= $120,000.

We will also determine the partnership interest amount, which is;

= 51% × $230,000

= $117,300

This means that the interest value of $117,300 will be used to buy off the warehouse.

Hence, Huey's gain and taxable gain will be;

= $120,000 - $117,300

= $2,700

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Answer:

The correct answer is C) Point of execution of a mission or task

Explanation:

The critical period is a limited time where an event can occur, and that results in some kind of transformation. For this reason, when identifying a risk, for example, it can be determined as the main point where a specific task is started to try to solve some problem.

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Which of the following is considered important in a company's attempt to strengthen partner relationships? Group of answer choic
enot [183]

Answer:

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Explanation:

Partner relationship exists when two or more people come together to undertake a business venture. Profits and losses are between all partners.

Maintaining a good partner relationship ensures that the business performs and meets its goals.

A strategic path for objectives of the partners means the business does not only plan but executes its plans.

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Joe is one of the lead accountants for his company. Last month he was pressured to prepare the financial reports more quickly th
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Answer:

Explained.

Explanation:

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Joe made mistakes in financial report making his  manager angry  because the resources at the Joe's company are limited and financial report that are timely and reliable would have helped the company to attract some financial investment.

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On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses
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Answer:

Following are the solution to this question:

Explanation:

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