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
wolverine [178]
2 years ago
9

Logan and Johnathan exchange land, and the exchange qualifies as like kind under § 1031. Because Logan's land (adjusted basis o

f $130,500) is worth $156,600 and Johnathan's land has a fair market value of $123,975, Johnathan also gives Logan cash of $32,625. a. Logan's recognized gain is $fill in the blank 1. b. Assume that Johnathan's land is worth $140,940 and he gives Logan $15,660 cash. Logan's recognized gain is ________
Business
1 answer:
Nimfa-mama [501]2 years ago
7 0

Answer:

A. $26,100

B. $15,660

Explanation:

Calculation to determine Logan recognized gain

A. Based on the information given in a situation where  Johnathan's land is worth the amount of  $123,975, Logan's recognized gain will be the amount of $26,100 which is the lesser of the amount realized as  gain  ($156,600 realized amount − $130,500 adjusted basis = $26,100) or the fairmarket value of the boot received amount of  ($32,625)

Therefore Logan recognized gain will be $26,100

B. Based on the information given Ina situation were Johnathan's land is worth the amount of $140,940, Logan's recognized gain will be the amount of $15,660, the lesser of th amount realized as gain ($156,600 realized amount − $130,500 adjusted basis = $26,100) or the fairmarket value of the boot received of the amount of ($15,660).

Therefore Logan recognized gain will be $15,660

You might be interested in
The manager of a large hotel refuses to rent a room to a blind person with a guide dog. What California Fair Housing law has the
Anvisha [2.4K]

Answer:

<u>Unruh Civil Rights Act</u>

Explanation:

Remember, in the United States individual states often enact their own laws. One such law is the Unruh Civil Rights Act that protects persons with disabilities.

By his actions the Hotel Manager has violated the California fair housing law under the Unruh Civil Rights Act which mandates that;

All persons irrespective of their disability are <em>entitled</em> to full and equal accommodations or fair housing privileges or services in all business establishments of <em>every</em> kind whatsoever.

3 0
3 years ago
On March 1, Young Co. borrowed $1,000 by extending their past-due account payable with a 120-day, 6% interest-bearing note. On J
tamaranim1 [39]

Answer:

This entry would be recorded by Young with a credit to <u>cash account</u> in the amount of <u>$1,020</u>.

Explanation:

The complete journal entry for June 29 should be

  • Dr Notes Payable account 1000
  • Dr Interest Expense account 20
  • Cr Cash account 1020

The total interest due = $1,000 x 6% x 4/12 =$20

Notes payable is a liability account and it decreases, so it should be debited.

All expenses are debited.

Cash is an asset account and it decreases, so it should be credited.

7 0
3 years ago
Objectives are Multiple Choice the means by which a marketing goal is to be achieved, usually characterized by a specified targe
omeli [17]

Answer:

a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.

Explanation:

A business objective is defined as measurable achievements a company wants to attain within a given period of time.

It acts as a compass that shows that activities are on track to realise business goals.

The steps to get a favourable result are outlined, resources to be used are usually stated and a time frame given to get results.

Goals on the other hand are general results that a company wants to attain. Objectives are more specific.

5 0
3 years ago
​in a buying center, the person who has the formal or informal power to choose or approve the selection of a supplier or brand i
Archy [21]
The answer is that the person is known as "decider".

<span>There are many people present in an organization or company who are involved in the purchase decision, these people together makes a buying center. In buying center all those people have their own roles and are known as according to their roles. such as, purchasers, users, initiators, evaluators etc.</span>
7 0
3 years ago
What is the relationship between gold standard and the concept of representative money?
ANTONII [103]
<span>It is the value of the gold that backs the value of representative money.</span>
5 0
3 years ago
Other questions:
  • Guardian security, inc., and hedge fund corporation enter into an oral contract under which guardian security agrees to provide
    5·1 answer
  • Advances in technology are constantly changing how people work and conduct business. true or false
    12·2 answers
  • The slope and position of the long-run aggregate supply curve
    15·2 answers
  • Luci has worked as a customer service representative for two years. She believes that this job has improved her ability to cope
    15·1 answer
  • URGENT!!!
    10·1 answer
  • g Novelli Corporation makes a product whose variable overhead standards are based on direct labor-hours. The quantity standard i
    15·1 answer
  • two divisions: the Beta Division and the Alpha Division. The Beta Division has sales of $235,000, variable expenses of $132,600,
    7·2 answers
  • The current price of a non-dividend-paying stock is $80. Over the next six months it is expected to rise to $90 or fall to $74.
    13·1 answer
  • Write merits of one dimensional diagrams ?​
    14·2 answers
  • Assuming no change in government spending, an decrease in taxes of $80 billion with an mpc of 0.50 will add a total of $________
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!