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galina1969 [7]
3 years ago
14

Ashley transfers property with a tax basis of $5,000 and a fair market value of $3,000 to a corporation in exchange for stock wi

th a fair market value of $2,000 and $500 in cash in a transaction that qualifies for deferral under section 351. the corporation assumed a liability of $500 on the property transferred. what is ashley's tax basis in the stock received in the exchange?
Business
1 answer:
Inessa [10]3 years ago
3 0
8000 dolar,.........
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Straight-Line Depreciation Irons Delivery Inc. purchased a new delivery truck for $42,000 on January 1, 2019. The truck is expec
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Answer:

Explanation:

The computation of the depreciation expense under straight-line method is shown below:

= (Original cost - residual value) ÷ (useful life)

= ($42,000 - $1,990) ÷ (5 years)

= ($40,010) ÷ (5 years)  

= $8,002

In this method, the depreciation is same for all the remaining useful life

The journal entries are shown below:

For 2019

Depreciation expense A/c Dr $8,002

     To Accumulated Depreciation A/c $8,002

(Being depreciation expense is recorded)

For 2020

Depreciation expense A/c Dr $8,002

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5 0
3 years ago
Which of the following deposit requirements pertains to a monthly depositor who has accumulated employment taxes of $2,900 at th
Sav [38]
If the obligation is $2900 on the 941, you would have deposited the liability each month of the quarter 
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Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three varieties of rice—White, Fragrant,
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Contribution format income statement

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break-even point

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Learn more about break-even point here

brainly.com/question/15356272

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8 0
2 years ago
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4 years ago
What type of investment pays you a dividend?
pogonyaev

Stocks pays a good sum of dividends.

<u>Explanation:</u>

Dividends are the sum of money that is paid by a company or a firm to its shareholders or stakeholders regularly (generally annually) based on the reserves or stocks that they hold in that firm or business entity.

Dividends are generally paid in the form of cash, scrip or property. Investments in the industries like banking, real estate or retailing pays a good sum of dividends.

Most US dividend stocks pay investors a part of amount each quarter, and the top ones increase their payouts timely, so investors can build an annuity-like cash stream.

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