Answer:
See below
Explanation:
The cost of land to be included in the balance sheet would not only include the price paid to acquire the land but also include cost or revenue received in the process while also include all activities required to bring the land to the stage in which it may be ready for usage.
With regards to the foregoing, the cost of land to be included in the balance is is
= Cash paid + short term note + legal fee + delinquent taxes + Fees paid to remove old building from the land - sales of materials salvaged from demolition of the building
= $40,000 + $306,000 + $1,665 + $13,100 + $22,500 - $5,200
= $378,065
Therefore, cost of land to be included in the balance sheet is $378,065
I would choose A, because they know your situation and they know how to hopefully get you out of it.
Answer:
$32,140
Explanation:
The QBI on $280,000(57.3% of Taxable income) $160,700
Eligible Deduction of 20% on QBI $32,140
Nonbanks.......................................................
