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Sonbull [250]
3 years ago
13

Ryan, age 57, is single with no dependents. In 2019, Ryan's principal residence was sold for the net amount of $400,000 after al

l selling expenses. Ryan bought the house in 2002 and occupied it until it was sold. On the date of sale, the house had a basis of $180,000. Ryan does not intend to buy another residence. What is the maximum exclusion of gain on sale of the residence that may be claimed on Ryan's 2019 income tax return
Business
1 answer:
Svetlanka [38]3 years ago
4 0

Answer:

$220,000

Explanation:

The maximum exclusion of the gain on sale of the residence which may be claimed on Ryan's 2019 income tax return will be $220,000($400,000-$180,000) because the principal residence was been sold for the net amount of $400,000 after all selling expenses in which the house was bought in 2002 and on the date of sale, the house had a basis of $180,000 given us the amount of the $220,000 as the maximum exclusion of gain on sale of the residence which may be claimed on Ryan's 2019 income tax return.

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Managers should act in shareholders' interests because shareholders have ___________ priority in receiving their claims.A. TopB.
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Answer:

Regarding to Claim to income, the correct answer would be C-Bottom

Explanation:

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3 years ago
On March 25, 2021, Phillips Corporation purchased bonds of Atlas Corporation for $132 million and classified the securities as t
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Answer:

An unrealized holding gain of $28 million in 2019.

Explanation:

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In this scenario, the fair value adjustment = the valuation on 31st December – purchased value = $150 million - $132 million = $28 million.

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In short, Phillips Corporation should first update the fair value adjustment of $28 million on December 31 2021

4 0
3 years ago
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