1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ale4655 [162]
2 years ago
13

On February 24, 2020, Allison's building, with an adjusted basis of $2,986,000 (and used in her trade or business), is destroyed

by fire. On March 31, 2020, she receives an insurance reimbursement of $3,881,800 for the loss. Allison invests $3,493,620 in a new building and buys stock with the balance of insurance proceeds. Allison is a calendar year taxpayer. a. By what date must Allison make the new investment to qualify for the nonrecognition election
Business
1 answer:
astra-53 [7]2 years ago
6 0

Answer:

As a calendar-year taxpayer, Allison must make the new investment by December 31, 2020 to qualify for the nonrecognition election.

Explanation:

a) Data and Calculations:

Adjusted basis of building = $2,986,000

Insurance reimbursement = $3,881,800

Gain from loss = $895,800 ($3,881,800 - $2,986,000)

Investment in new building = $3,493,620

Purchase of stock = $388,180 ($3,881,800 - $3,493,620)

b) Allison is expected to make the election for the nonrecognition of the gain from loss in his Federal Tax return in the taxable year in which the gain with respect to the loss of the building is realized.  The return must set forth the computation of the gain and other required details.

You might be interested in
What factors are important in predicting change in price?
OLEGan [10]
Demand for the product,the season the product is in or if its outdated
4 0
3 years ago
Describes how a monopoly controls an industry
stira [4]

Answer:

Key ideas:

  • A single entity controls the flow of the product.
  • Possesses the power to limit prices.
  • Will have some influence in politics.
  • Difficult for new companies to enter the market.

Explanation:

Monopoly refers to the state when there is only one company controlling the flow of products, therefore controlling the prices of it. There are a lot of examples of monopoly in the contemporary era such as AB Inbev, but it doesn't mean that it is totally a modern concept. Monopoly existed even in history take for example the case of Carnegie steel mills or the issue of railroads.

When one company possess such power that it can control the price, it can badly damages the interest of other investors and consumers. But the reason they create a monopoly is that they have heavy influence in politics. That is how they turn up the decisions to their own benefits. And monopolies always try to create hurdles for new investors to get in the market. Because they are charging whatever they want due to no competition, as soon as new competition arrive it will challenge the monopoly which it can't take.

3 0
2 years ago
A _____ is a report based on research of compensation rates for workers performing similar jobs in other organizations.
givi [52]
A Pay-Survey is a report based on research of compensation rates for workers performing similar jobs in other organisations.
5 0
2 years ago
One of the great benefits of trade is
Tanzania [10]

I believe the answer is: B.That it makes it possible for society to become better off by increasing both its production and its consumption.

Without trades, in order to fulfill all needs of the people, a country need to separate their time and resources to produce each of the needed products. With trades, a country could increase the production of the products in which they have a natural advantage at, and trade the products with other countries in case we need different product that we do not produce here.

6 0
2 years ago
NorthRim Inc. (NRI), imports extreme condition outdoor wear and equipment from The Allofit Territories Company (ATC) located in
olga nikolaevna [1]

Answer:

a

Iwould appreciate if my answer is chosen as a brainliest answer

3 0
2 years ago
Other questions:
  • a carpet company paid $2496 for an imported rug. Their operating expenses are 35% of cost. if they sell the rug at a clearance p
    9·1 answer
  • Calculating Average Operating Assets, Margin, Turnover, Return on Investment (ROI) Forchen, Inc., provided the following informa
    15·1 answer
  • Accounts receivable $1,050,000Allowance (90,000)Cash realizable value $960,000During 2007 sales on account were $290,000 and col
    8·1 answer
  • If we standardized both variables, what would be the regression equation that predicts standardized mortgage amount from standar
    13·1 answer
  • Potash Corporation acquired the voting stock of Safestyle Company on January 1, 2019 for $50 million. Safestyle's book value at
    10·1 answer
  • Crane Inc. had beginning inventory of $12,000 at cost and $19,600 at retail. Net purchases were $105,056 at cost and $159,600 at
    10·1 answer
  • The following transactions occur for Cardinal Music Academy during the month of October: Provide music lessons to students for $
    5·1 answer
  • A buyer made an earnest money offer to purchase property, and the broker placed the funds in his trust account. After the seller
    5·1 answer
  • Yorketowne's city council opened a business park on the edge of the city. After five years, they had attracted two new manufactu
    13·1 answer
  • Under a system of floating exchange rates, changes in the value of the U.S. dollar relative to other currencies are the result o
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!