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Katen [24]
3 years ago
7

Tristan transfers property with a tax basis of $1,255 and a fair market value of $1,570 to a corporation in exchange for stock w

ith a fair market value of $1,255 and $276 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $39 on the property transferred. What is the corporation's tax basis in the property received in the exchange
Business
1 answer:
AlladinOne [14]3 years ago
4 0

Answer: $1531

Explanation:

The corporation's tax basis in the property received in the exchange will be the addition of Tristan's Tax basis and the gain that's recognized on exchange by Tristan.

The gain realized will be:

= $1,570 - $1,255

= $315

Boot received = $276

Therefore, lower of $315 or $276 is $276.

The corporation's tax basis in the property received will then be:

= $1255 + $276

= $1531

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notsponge [240]

Answer:

Total cost accounted will be $192000

So option (C) will be correct answer

Explanation:

We have given beginning work in process inventory = $26000

Ending work in process inventory = $31000

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We have to find the total cost accounted

Total cost account will be equal to sum of ending process inventory and cost of units transferred out from the department

So total cost accounted = $31000 + $161000 = $192000

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7 0
3 years ago
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Answer:

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Explanation:

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4 0
3 years ago
The Japanese automobile manufacturer Mazda produces the Premacy SUV in Haikou, China at a plant it built in the Chinese province
enyata [817]

Answer:

foreign direct investment

Explanation:

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6 0
3 years ago
the observation that a country reached automotive production overcapacity in 2018, is an aspect of the segment of the general en
rodikova [14]

The observation that a country reached automotive production overcapacity in 2018, is an aspect of the global segment of the general environment

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5 0
2 years ago
Martin Jackson receives an hourly wage rate of $30, with time and a half for all hours worked in excess of 40 hours during a wee
goblinko [34]

Answer: 1009.75

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Hence Option B is correct.

7 0
4 years ago
Read 2 more answers
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