Answer:
The land should be recorded in Clairemont Repair Service’s records at $380,000
Explanation:
According to the historical cost principle, the recording of the fixed assets should be recorded at the purchase price or cost price which is to be shown in the assets side under the balance sheet.
So, according to the question, on February 28, the repair service accepted the seller's counteroffer which means that the land was purchased on February 28 for $380,0000. So, by $380,000 amount, the land would be recorded.
Other costs which are mentioned in the question is ignored.
Answer:
92 shareholders
Explanation:
According to the S corporation shareholder limit rules, family members count only as 1 shareholder. The meaning of family member is very broad, including spouses, uncles, aunts, children, grandparents, grandchildren, first cousins, and even ex-spouses count as members of the same family.
So that means that Tone Loc, his grandfather, his four cousins, his five children and three of his grandchildren, will all together count as just one shareholder.
His two friends are not included in his family.
In general, real estate taxes are divided between the buyer and seller based on the number of days each party held (or will hold) the property during the tax year.
<h3>
What is Property tax?</h3>
- Real estate taxes and property taxes are the same things.
- They are levied on the majority of properties in the United States and paid to state and local governments.
- Property taxes (or real property taxes) generate funds that are generally used to help pay for state and local services.
- In general, real estate taxes are divided between the buyer and seller based on the number of days each party held (or will hold) the property during the tax year.
- Investors can defer taxation by selling a property investment and using the proceeds to buy another property in a 1031-like-kind exchange.
- Landowners can borrow against their current property's equity to make other investments.
Therefore, generally, real estate taxes for a tax year are divided between the buyer and the seller based on the number of days each party held (or will hold) the property.
Know more about Property tax here:
brainly.com/question/13887483
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