B - credit because that's the money you pay back to make sure that you make se credit for yourself
Answer:
barter
Explanation:
Barter system -
In this type of system , there us exchange of goods and commodities , without the use of any monetary value like money , is referred to as barter system .
When money system was not introduced , barter system was used , where people used to exchange the goods depending on the needs of each other .
Barter system is based on the bilateral basis.
Hence , from the given scenario of the question,
The correct term is barter.
Answer:
- Tax status = Ordinary Asset
- Gain = $60,000
Explanation:
As the company expensed the asset fully in the year of purchase instead of capitalizing it, the asset is an ordinary asset not a capital one which is capitalized. That is the tax status.
The gain on an ordinary asset is the amount that it was sold for which in this case is $60,000.
Tax status = Ordinary Asset
Gain = $60,000
Answer:
C. Like-Kind exchange
Explanation:
Like kind exchange is a type of deferred tax transactions that occurs when the disposal of an asset and the acquisition of another similar asset without generating a capital gains tax liability from the sale of the first asset. In like kind exchange, an individual can defer paying taxes upon the sale of a property by swapping your property for similar property owned by someone else. An investor is able to swap one eligible property for the other with the sole aim of avoiding or deferring taxes.
A ledger is a company's book for recording transactions. Usually referred to as an account book.
