1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Mumz [18]
2 years ago
15

Kelly inherits land that had a basis to the decedent of $95,000 and a fair market value of $50,000 on August 4, 2019, the date o

f the decedent's death. The executor distributes the land to Kelly on November 12, 2019, at which time the fair market value is $49,000. The fair market value on February 4, 2020, is $45,000. In filing the estate tax return, the executor elects the alternate valuation date. Kelly sells the land on June 10, 2020, for $48,000. What is her recognized gain or loss?
A. ($1,000).
B. ($2,000).
C. ($47,000).
D. $1,000.
E. None of the above.
Business
1 answer:
expeople1 [14]2 years ago
8 0

Answer:

A. ($1,000).

Explanation:

In the question, it is given that the fair market value of the land is $49,000 and the selling value is $48,000. So, in the given situation the selling value of the land is less than the fair market value which reflect the loss of $1,000

The $1,000 is come by subtracting the selling value and the fair market value

All other information is not relevant for the computation part. Hence, ignored it

You might be interested in
a fast food restaurant is an example of part 2 a. high customization and low degree of labor. b. high customization and high deg
Radda [10]

A fast-food restaurant is an example of a low-degree of labor and low-customization. The correct answer is D.

<h3>What is a fast-food restaurant?</h3>

A fast food restaurant is a type of eatery that offers fast food cuisine and provides minimal table service. Fast food restaurant  sometimes referred to as "quick-service restaurants" or QSR in the industry. Fast food is famous since it is cheap, convenient, and delicious. Fast food may contain refined grains rather than whole grains, cholesterol, saturated fat, and extra sugar. Fast food cuisine may also be rich in sodium or salt, which is used as a preservation agent and enhances the flavor and satisfaction of meals.

Learn More

  • Learn more about the fast food industry now employs some of the most disadvantaged members of American society here brainly.com/question/27732956

#SPJ4

4 0
1 year ago
Common accounting anomaly fraud symptoms involve problems with various data and books of accounts. Which of the following is NOT
andrey2020 [161]

Answer:

B Inaccuracies in source documents

8 0
3 years ago
What would wages look like if there was no minimum wage?
creativ13 [48]

Answer:

if changed now they'd probably stay the same

Explanation:

people aren't going to buy anything if they don't have enough money to even feed themselves so if wages were lowered, especially minimum wage, that would be pretty bad lol

7 0
2 years ago
When poor performance is attributed to a lack of knowledge, team members are most likely to respond by
k0ka [10]

It should be noted that when poor performance is attributed to a lack of knowledge, it's important to undergo training.

<h3>What is training?</h3>

Training simply means the act of teaching an individual a particular skill. This is necessary in organizations to achieve the goals.

When poor performance is attributed to a lack of knowledge, team members are most likely to respond by undergoing training. This will give them the required knowledge.

Learn more about training on:

brainly.com/question/26270137

5 0
2 years ago
Multiple Choice Question 143 A company shows a balance in Salaries and Wages Payable of $37900 at the end of the month. The next
neonofarm [45]

Answer: The answer is: Debit Salary and wages expense $9,900, Debit Salaries and wages payable $37,900, Credit Cash $47,800

Explanation: Since the company has $37,900 sitting in salaries and wages payable account at the end of the month and the payroll revealed that actual amount to be paid is $47,800, this means the company has a shortfall of $9,900 from the salaries and wages payable account. Therefore, this amount that was not accrued for would impact salary and wages expense by $9,900.

7 0
2 years ago
Other questions:
  • The approaches and activities of managers in short-run and long-run planning and control decisions that increase value for custo
    6·1 answer
  • Why is it important to write a business plan?
    5·2 answers
  • Market bubbles such as the technology bubble of the 1990s and the housing bubble of 2004-2007 are best explained byA) the effici
    10·1 answer
  • Until the 2003 playoffs, NBA had used a best-of-five format for the first-round series, that is, the series would end as soon as
    12·1 answer
  • On June 2, 2018, Fred’s TV Sales sold Mark a large HD TV on account for $12,000. Fred’s TV Sales uses the accrual method. In 201
    15·2 answers
  • Private investment as a share of the economy tends to be higher in countries with ___ levels of economic freedom.
    11·1 answer
  • Explain why a hair dryer has a high-heat setting with a lower resistance than the low-heat setting
    7·1 answer
  • Berkshire Inc. had revenues of $379,000 in its first year of operations. The company has not collected on $45,900 of its sales a
    10·1 answer
  • Samson Manufacturing Company, a calendar-year company, purchased a machine for $65,000 on January 1, 20X0. At the date of purcha
    15·1 answer
  • Corinne is offered a job with a salary of $70,000, which she turns down to start her own business. She uses $20,000 of her own s
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!