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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:

engaged in health promotion at the highest level of organizational commitment

Explanation:

As it is mentioned in the question that ReNaPro Inc i.e is a multinational marketing agency that provided its employees a health educational program. In addition, it also regularly offers health promotions and offered incentives.

So here ReNaPro engaged in the promotion of health for the highest level of organisational commitment

6 0
3 years ago
Octavio wants to compare the gross national product for six different countries for the year 2016. the best way for him to displ
Ierofanga [76]

<span>If Octavio wants to compare the gross national product for six different countries for the year 2016,  he can best show his information by combination charts.</span><span> For example, you can combine a line chart or a bar chart that shows the gross national product (GNP) range with a column chart that shows GNP per country. The two variables are set as Y and X axis respectively.</span>

6 0
3 years ago
Lynette Company's Inventory balance at 12/31/04 was $200,000 and was $188,000 at 12/31/05. Its Accounts Payable balance e at 12/
Viefleur [7K]

Answer:

A) $704,000.

Explanation:

For computing the cash payments we need to calculate the following amounts which are as follows

Total purchases = cost of goods sold + ending inventory - opening inventory

= $720,000 + $188,000 - $200,000

= $708,000

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3 0
3 years ago
The worlds first modern bank opened during the 14th century in this country
Naily [24]
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3 years ago
A capital projects fund for a new city courthouse recorded a receivable of $300,000 for a state grant and a $450,000 transfer fr
TiliK225 [7]

Answer:

$300,000

Explanation:

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Cheers

5 0
4 years ago
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