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stepan [7]
3 years ago
15

Erica transfers land worth $500,000, basis of $100,000, to a newly formed corporation, Robin Corporation, for all of Robin's sto

ck, worth $300,000, and a 10-year note. The note was executed by Robin and made payable to Erica in the amount of $200,000. As a result of the transfer:
Business
1 answer:
valentinak56 [21]3 years ago
5 0

Answer:

Robin Corporation has a basis of $300,000 in the land.

Explanation:

Options are <em>"a. Erica does not recognize gain.  b.  Erica recognizes gain of $400,000.  c.  Robin Corporation has a basis of $100,000 in the land.  d. Robin Corporation has a basis of $300,000 in the land.  e.  None of the above."</em>

<em />

Erica has a recognized gain of $200,000 which is the amount made payable to her through her receipt of the securities in Robin Corporation. The basis of the land to Robin would be equals to the basis Erica has in the land, $100,000 plus gain recognized by Erica $200,000 or $300,000.

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1 year ago
Bonita Industries purchased a depreciable asset for $174500. The estimated salvage value is $14300, and the estimated useful lif
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Answer:

Annual depreciation= $16,020

Explanation:

Giving the following information:

Purchase price= $174,500

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T<u>o calculate the depreciable base, we need to use the following formula:</u>

<u></u>

Depreciable base= purchase price - salvage value

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Dear mr. helmsley: we have a problem. the other day i saw one of my coworkers loading boxes into the trunk of her car. i offered
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How does an economist calculate GDP for one year using the expenditure approach?
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Kimble Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under-
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Answer:

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entry to adjust against COGS

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Explanation:

\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate

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As aplies is lower, we should adjust for 15,000 difference

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