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
goldfiish [28.3K]
3 years ago
13

Martin transfers real estate with an adjusted basis of $260,000 and fair market value of $350,000 to a newly formed corporation

in exchange for 100% of the stock. The corporation assumes the liability on the transferred real estate in the amount of $300,000. Determine Martin’s recognized gain on the transfer and the basis for his stock.
Business
2 answers:
sleet_krkn [62]3 years ago
4 0

Answer:

Therefore, the gain on the transfer is $40,000

Explanation:

Calculation of Martins gain

Particulars                                                  Amount

Liability on the transferred real estate    $300,000

Less: adjusted real basis value                $260,000

Recognized gain                                        $40,000

Therefore, the gain on the transfer is $40,000

katrin [286]3 years ago
3 0

Answer:

$40,000

Explanation:

We can calculate recognized gain on the transfer and basis for his stock just by deducting adjusted basis value from liability on the transfered real estate.

Calcuation

iability on the transfered real estate        $300,000

less: adjusted basis value                       ($260,000)

Gain recognized                                        $40,000

You might be interested in
One of the authors wanted to determine the effect of changing answers on​ multiple-choice tests. she studied the tests given by
Vilka [71]
Ye she’s yensjshiahahs
4 0
3 years ago
Read 2 more answers
I sent a survey to severalpersonnel departments to determine how many companies use online job resources
tatuchka [14]
How did it go?????????
8 0
3 years ago
Society cannot produce all that it wants what is this called
xxTIMURxx [149]
It would be called scarcity.
5 0
3 years ago
A number of studies examining the number of elderly adults with major ncd are not in agreement. explain at least three possible
s2008m [1.1K]
1. Many form of NCDs appear without obvious symtoms, making people who actually had it may not realize that they had it.
2. In elderly, the number of NCDS may be hidden behind so many other complications, and will mess up the number.
3. Many forms of NCD in elderly caused sudden death before it   recorded.
5 0
3 years ago
Woodpecker Co. has $299,000 in accounts receivable on January 1. Budgeted sales for January are $939,000 Woodpecker Co. expects
san4es73 [151]

Answer:

D. $1,050,200

Explanation:

The January cash collections from sales are

Total Budgeted sales for January are $939,000

Cash sales = $939,000 x 0.20 = $187,800

Cash from customers for January sales = $939,000 x 0.80 x 0.75 = $563,400

Cash from december sales = $299,000

Total January cash collections from sales are = $187,800 + $563,400 + $299,000 = $1,050,200

4 0
3 years ago
Other questions:
  • Farmer Corp. owned 20,000 shares of Eaton Corp. purchased in 2009 for $300,000. On December 15, 2012, Farmer declared a property
    14·1 answer
  • State the purpose of footing the total column in the​ client's accounts receivable trial​ balance, tracing individual customer n
    13·1 answer
  • Organizing the second level of the Work Breakdown Structure by major design components facilitates rolling wave planning.True /
    15·1 answer
  • Latting Corporation has entered into a 7 year lease for a building it will use as a warehouse. The annual payment under the leas
    11·1 answer
  • Required financial statements of funds may include the following, among others: I. Statement of net assets II. Statement of reve
    9·1 answer
  • You are trying to listen to instructions your boss is giving you about a new method for keeping expense accounts. But you find i
    12·2 answers
  • A country has nominal GDP equal to $204.31 billion in 2018. The GDP deflator in 2018 has a value of 112.64. What was the value o
    5·1 answer
  • Kenseth Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related val
    12·1 answer
  • You are choosing between two goods, X and Y, and your marginal utility from each is as shown in the table above. If your income
    6·1 answer
  • 4. What are the main political and economic risks that ABB must deal with given that it has a strong focus on entering emerging
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!