Answer:
The property will be depreciated using the remaining 3 years of its life after the tax-free incorporation transfer year. This is because Dan had already depreciated the property for 2 years before the transfer.
Explanation:
Sec. 351 allows a tax-free incorporation transfer if certain requirements are met, including that the property must be transferred to Fleck Corporation by Dan in exchange for stock in Fleck Corporation, and, immediately after the exchange, the Fleck Corporation is in control.
I would say that for most people, buying an apartment or a house would be the most major thing they could do that would affect their net worth. Initially it would be mostly a liability at first but as it appreciates, especially if it is in a big city where the population keeps growing then it most likely will appreciate and then the owner's assets will increase since their equity will increase.
Answer:
Depreciation expense = $4,400
Accumulated depreciation = $13,200
Explanation:
Depreciation: The depreciation is the amount which decreases the value of the asset. It can be by obsolescence, usage, tear and wear, etc.
The annual depreciation is given i.e. $4,400 which will be charged in depreciation expense whereas the accumulated depreciation would be equal to
= Annual Depreciation × useful life
= $4,400 × 3
= $13,200
Pros:
No one can stop you from picking that person/place/thing.
Cons:
you don't know what to decide.
Answer:
the correct answer is
c. Whether the gift was reasonable in the circumstances.
good luck ❤
