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leva [86]
3 years ago
8

On July 16, 2017, Logan acquires land and a building for $500,000 to use in his sole proprietorship. Of the purchase price, $400

,000 is allocated to the building, and $100,000 is allocated to the land. Cost recovery of $4,708 is deducted in 2017 for the building (nonresidential real estate).a. What is the adjusted basis for the land and the building at the acquisition date?b. What is the adjusted basis for the land and the building at the end of 2017?
Business
1 answer:
SashulF [63]3 years ago
4 0

Answer:

A.Land $100,000

Building 400,000

B.Land $100,000

Building 395,292

Explanation:

a. Logan's adjusted basis at acquisition date will be the cost of the land and that of the building which is:

Land $100,000

Building 400,000

b. What will be Logan adjusted basis at the end of 2017 :

Land will be: $100,000

Building will be :395,292

($400,000 − $4,708)

Thus the Depreciation is a capital recovery.

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Answer:

=$854,000

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Ending stock: $174,000

cost of goods manufactured, $866000;

cost of goods sold =

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Assembling project team and assigning their responsibilities are done during which phase of a project management?.
Finger [1]

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3 0
1 year ago
When is going to be why would you put money into saving account
OlgaM077 [116]
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jek_recluse [69]

Answer:

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