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pogonyaev
3 years ago
6

ROBERTA transfers property with a tax basis of $400 and a fair market value of $500 to a corporation in exchange for stock with

a fair market value of $350 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $150 on the property transferred. What is the amount realized by Roberta in the exchange? A. $500 B. $400 C. $350 D. $250
Business
1 answer:
Neporo4naja [7]3 years ago
5 0

Answer:

correct option is A. $500

Explanation:

given data

tax basis = $400

fair market value = $500

fair market value = $350

liability = $150

solution

we get here  amount realized by Roberta in the exchange that is express as

= fair market value of the stock receive +  from the liability  ...................1

amount realized = $350 + $150

amount realized = $500

so correct option is A. $500

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Answer:

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Explanation:

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The medium of exchange function of money eliminates the need for double coincidence of wants. Thus helps in labor and geographic specialization.

4 0
3 years ago
The following totals for the month of June were taken from the payroll records of Seminole Company: Salaries, $100,000 FICA taxe
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Answer:

Given that,

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The journal entry is as follows:

Payroll Tax Expense A/c                 Dr. $10,200

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To State unemployment taxes                               $2,100

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6 0
3 years ago
Real estate is a great investment for everyone, particularly since the money is more liquid than common stocks.
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Answer:

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Answer:

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