Answer:
A 1031 Exchange allows a taxpayer like Rodriguez to temporarily differ any capital gains when they sell a property and immediately purchase another property using the proceeds from the sale. In the first part of the question, Rodriguez sold a property that had a basis of $57,000 for $65,000, and immediately but another property worth $65,000. That means that he doesn't need to immediately pay any taxes for the $8,000 gain.
But if the situation is the opposite. Instead of making a gain, Rodriguez lost money, then he should immediately record the $8,000 loss in order to lower his taxes. The less taxes you pay, the better. The whole idea of the 1031 Exchange is to defer taxes that you owe, not to defer losses that will lower your taxes.
Answer:
B. Target market customers are essential factors for selecting business locations.
The meaning of having to stand on the vessel in an
overtaking situation is that there is a vessel that is about to pass or
overtake on your boat, so it is best in situations like this is to maintain
course of the boat and the speed in preventing collisions and accidents.
Answer:
Note receivable is a written promise by a supplier agreeing to pay a sum of money in the future.
While
Account receivable is the funds owed by the customers.
