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alexira [117]
2 years ago
14

Hart, an individual, bought an asset for $500,000 and has claimed $100,000 of depreciation deductions against the asset. Hart ha

s a marginal tax rate of 32 percent.
a1. What is the amount and character of Hart's recognized gain or loss if the asset is tangible personal property sold for $550,000?
a2. Due to this sale, what tax effect does Hart have for the year?
Business
1 answer:
katen-ka-za [31]2 years ago
5 0

Answer and Explanation:

The computation is shown below:

a. The amount and the character of the gain or loss is

Sale value of the property $550,000

Less: (Purchase value - depreciation) $400,000

Total gain recognized $150,000

Ordinary income recapture is $100,000

remaining 1231 gain or loss $50,000

b.

Section 1231 Gain = $50,000

, Rate of tax on $100,000 i.e. 32% = $32000

Rate of tax on $50000 i.e. 15% = $7500

So,

The Total tax liability is

= $32,000 + $7,500

= $39,500

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The answer to this question is: <span> accounting for leases and accounting for fair value assets
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3 years ago
_____________- is a cultural orientation in which people belong to loose social frameworks and their primary concern is for them
Nat2105 [25]

Answer:

c. Individualism

Explanation:

Individualism -

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3 years ago
Pierce currently has $10,000. What was the value of his money five years ago if he has earned 5 percent interest each year?. . .
Vladimir [108]
Amount = $10000
Let us assume the principal = x
Amount of interest = 5%
Time = 5 years
Then
x (1 + i)^t = 10000
x(1 + 0.05)^5 = 10000
x(1.05)^5 = 10000
1.28x = 10000
x = 10000/1.276281
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3 years ago
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AleksandrR [38]
The investment type that typically carries the least risk is saving account
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3 years ago
Match the accounting terminology to the definitions (Click the icon to view the definitions.)
Volgvan

Answer:

a. Accounting.

b. Certified public accountants.

c. Creditor.

d. Managerial accounting.

e. Certified management accountants.

f. Financial accounting.

Explanation:

1. <u>Accounting</u>: information system that measures business activities, processes that information into reports, and communicates the results to decision makers.

2. <u>Certified public accountants</u>: professional accountants who serve the general public.

3. <u>Creditor</u>: person or business to whom a business owes money.

4. <u>Managerial accounting</u>: field of accounting that focuses on providing information for internal decision makers.

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2 years ago
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