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masya89 [10]
3 years ago
8

Red Blossom Corporation transferred its 40 percent interest to Tea Company as part of a complete liquidation of the company. In

the exchange, Red Blossom received land with a fair market value of $635,000. The corporation's basis in the Tea Company stock was $312,500. The land had a basis to Tea Company of $802,500. What amount of gain does Red Blossom recognize in the exchange and what is its basis in the land it receives?
Business
1 answer:
kogti [31]3 years ago
8 0

Answer:

The amount of gain that Red Blossom recognize in the exchange is $322500 and its basis in the land it receives is $635000.

Explanation:

Red Blossom recognize the gain

= Fair market value of land – corporation basis

= $635000 - $312500

= $322500

Basis of Land = Fair market value  

                       = $635000

$322500 gain recognized and a basis in the land of $635000

Therefore, The amount of gain that Red Blossom recognize in the exchange is $322500 and its basis in the land it receives is $635000.

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aliina [53]

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7 0
1 year ago
Navistar Electric issued 1000 debenture bonds 2 years ago with a face value of $5,000 each and a bond interest rate of 15% per y
Natasha2012 [34]

Answer:

$7,081.25

Explanation:

Face value = 5000

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Time to maturity = 18 years

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P = 375(P|A, 5%, 36) + 5000(P|F, 5%, 36)

P = 375(16.58131488) + 5000(0.17265193)

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4 0
2 years ago
In the text box below, enter one of your purchase goals.
Kisachek [45]

Answer:

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Money currently saved: $270.00

D. How much more do you need to reach you goal?

Money needed to reach goal: $730.00

E. List some steps you can take this year to help you save toward this goal.

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7 0
3 years ago
Problem 10-4 Partnership Formation (LO 10.2) Elaine's original basis in the Hornbeam Partnership was $40,000. Her share of the t
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Answer:

$31,000

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Calculation to determine Elaine's current basis in her partnership interest

Using this formula

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5 0
3 years ago
Sanchez Company's output for the current period was assigned a $400,000 standard direct labor cost. The direct labor variances i
o-na [289]

Answer:

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Explanation:

Calculation to determine the actual total direct labor cost for the current period

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Let plug in the formula

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Therefore the actual total direct labor cost for the current period is $406,000

5 0
3 years ago
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