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faust18 [17]
3 years ago
9

Brody and tanya recently sold some land they owned for $200,000. they received the land five years ago as a wedding gift from br

ody's aunt jeanette. aunt jeanette purchased the land many years ago when the property was worth $20,000. at the date of the gift, the property was worth $100,000 and aunt jeanette paid $40,000 in gift tax. what is the long term capital gain on the sale of the property
Business
1 answer:
Andrej [43]3 years ago
5 0
When calculating the long term capital gain on the sale of the property, it is important to make sure adjustments are made from the original date of purchase and when the land was gifted. 

To solve:
Adjusted amount = Original purchase amount + (gift tax X difference in what the land was worth/original land worth amount)
Adjusted amount = $20,000 + ($40,000 X $80,000/$100,000)
Adjusted amount = $52,000

Land owned for $200,000
Adjust amount is $52,000

$200,000 - $52,000 = $148,000

The long-term capital gain on the property is $148,000.

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Answer:

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Explanation:

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To Equity Share Allotment A/c Cr                                       1200000

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To Bank A/c Cr                                                                      10000

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Moral hazard is the risk that a party has not gone into an agreement in compliance with common decency or has given deceiving data about its assets, liabilities, or credit capacity. Moral hazards can be available whenever two parties come into concurrence with each other. Each party in an agreement may have the chance to pick up from acting in opposition to the standards spread out by the agreement.

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2 years ago
If Japan has a comparative advantage in the production of microchips,how would that affect their international trade?
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The price elasticity of supply is 2.5.

4 0
3 years ago
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