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
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.

You might be interested in
Which is true about the workplace of Construction workers? It can change. It is never outdoors. It can be in an existing buildin
rosijanka [135]

Answer:

#1, It can change and #3, it can be in an existing building to repair or remodel

Explanation:

Construction is not at a desk.

6 0
3 years ago
Read 2 more answers
Compare a property rights system in which people are allowed to keep one-third of the monetary rewards of their labor with a sys
Veseljchak [2.6K]

Answer:

latter, latter

Explanation:

Property rights system determine how economic resources are used and owned by individuals, associations, collectives, or governments.

It also includes intellectual property such as inventions or ideas.

Such rights reduce destructive competition for control of economic resources. and replace this competition by peaceful means.

In a system where people are allowed to keep one-third of the monetary rewards of their labor with a system in which they keep two-thirds, we should expect more entrepreneurship under the <u>latter</u> system and faster real economic growth under the <u>latter</u> system.

8 0
3 years ago
Functions of Financial Markets. Look back at Section 2.3 and then answer the following questions: (LO2-3) a. The price of Yum! B
Aleonysh [2.5K]

Answer:

It seems that someinformation is missing, nevertheless, it is possible to calculate the market value of the firm if you have the total number of shares.

Explanation:

In this case, if the question says that the "outstanding shares" haven't changed, it means that the total number of shares neither, therefore it is possible to get the market value by multiplying $180 (the stock price for 1 share) per the total number of shares

5 0
3 years ago
Brandon's wallet slips from his jacket pocket in the mall. By the time he realizes his wallet is missing and reports the loss, a
VikaD [51]

Answer:

$950

Explanation:

Since the total amount of items purchased by the thief is $950, then Brandon has to pay back the amount deducted from his card.

4 0
3 years ago
Caracteristicas profesionales de un instructor
7nadin3 [17]

Answer:

Un instructor es un profesional cuya tarea es la de, como su nombre lo indica, instruir a otras personas respecto de la realización de una actividad, arte o tarea determinada.

Así, por ejemplo, existen instructores de diversas actividades, como vuelo, buceo, entrenamiento personal, etc., los cuales enseñan a las personas a realizar su actividad, supervisando su performance y corrigiendo sus errores, para formar así personas idóneas en el arte o actividad que el instructor domina.

4 0
3 years ago
Other questions:
  • Blue Spruce Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 2% of accounts receivab
    13·1 answer
  • Crane Company purchases a patent for $161,900 on January 2, 2022. Its estimated useful life is 5 years. (a) Prepare the journal
    6·1 answer
  • George is considering an investment that will pay $3,250 a year for eight years, starting one year from today. What is the maxim
    7·1 answer
  • Ron is an executive coach who wants to develop new training programs for customers and would like feedback from his staff and so
    13·1 answer
  • Mustaine, inc., has a current stock price of $54. for the past year, the company had net income of $7,900,000, total equity of $
    11·1 answer
  • A voltage of 50 V appears across a 20-μF capacitor.
    10·1 answer
  • Answer pleaseee I want fastly
    9·1 answer
  • After graduating from high school, Shawn took out a loan to help pay for college. Now, four years later, Shawn has graduated fro
    9·2 answers
  • Who wants to get to know me, my name is papi to the girls and to the boys is nothing because i am one and am not gay.
    7·2 answers
  • Harlon accounts for its equity investment portfolio at fair value through net income. Harlon sold its holdings of A Corporation
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!