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wolverine [178]
3 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]3 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

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As Adelle Justice, director of Human Resources, you must remind both day-shift and swing-shiftemployees of the companies parking
Mashcka [7]

Answer:

Explanation:

8th March 2019

From

Adelle Justice

Director of Human Resources

ABC Inc.,

Florida – 12345

To

All Employees

ABC Inc.

Dear All,

Sub- ABC’s parking guidelines for employees

Greetings to all!

We have observed that the parking lot is highly congested and takes most of our valuable time in identifying, locating and taking our vehicles. All employees need to follow the below procedure to facilitate an organized parking space to reduce the waiting time in taking our vehicles.

Registration of vehicles is mandatory and it needs to be done with Employee Relations. After registration, ensure to receive the white stickers from the employee relations. Note- If the vehicles does not have white stickers, it would be ticketed.

Day-shift employees must park in Lots A and B in their assigned spaces.

Day-shift employees are forbidden to park at the curb.

Swing-shift employees may park at the curb before 3:30 pm

After 3:30 pm, swing-shift employees may park at any empty space except those marked Tandem, Handicapped, Van-pool, Car Pool or management.

Day-shift employees may loan their spaces to other employees if they know they will not be using them.

Procedure for registration-

           - Contact Team: Employee Relations

           - Venue: Cafeteria

           - Date: May 12th and 13th

           - Time: 11:30 a.m to 1:30 p.m and 3 p.m to 5 p.m

It is pertinent to note that you receive the white stickers from Employee Relations after you register the vehicles. If the vehicles do not have white stickers, then they will be ticketed.

We expect a high level of cooperation from you to have an organized parking space to reduce the traffic congestion which consumes most of our time.

Look forward to receiving your participation and cooperation.

If you have any questions, please feel free to contact me.

Regards,

Adelle Justice

           

4 0
3 years ago
Lynette received her bank statement for the month and she is now comparing it with the transactions that she logged in her check
Svetradugi [14.3K]

Answer:

C. Bank interest payment

Explanation:

Lynette will not compute the interests earned on his amount in his checkbook.

A banking fee will reduce the amount in the statement to the checkbook

A penalty exceeding transaction limit will also reduce the amount in the statement to the checkbook

ATM withdrawal not logged in the checkbook could also increase the check book figure and reduce the bank statement instead.

Thus the answer is C. Bank interest payment.

7 0
3 years ago
Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 5% charge on sales for using its c
ZanzabumX [31]

Answer:

Date      Account titles and explanation              Debit      Credit

May 20  Cash ($6,200 - $310)                              $5,890

              Credit card expenses ($6,200*5%)       $310

                    Sales                                                                    $6,200

               (To record the deposit)

3 0
3 years ago
A company makes $1 million in after-tax profits for the year. It spends the entire amount on new equipment. Which of the followi
tiny-mole [99]

Answer:

c. Its book value at the end of the year is $1 million greater than that of one year before.

Explanation:

When the entire retained earnings of $1 million are spent on buying the equipment, then company's assets will rise by $1 million and similarly, its equity will also rise by $1 million. So, Company' s book value at the end of the year will be $1 million greater than that of one year before.

8 0
3 years ago
Ulla is a farmer who farms in California's Central Valley where water usage is being restricted due to prolonged drought. She se
lisov135 [29]

Answer:

The market price is determined by the combined actions of both the buyers and sellers

Explanation:

In other words, the market price is determined by the <em>clash of supply and demand</em>, which are the two basic economic determinants. Although Ulla is affected by a drought, she knows she cannot raise the sugar beet price, as her competitors would beat her. On the other hand, they could increase the price if all of the beet sellers throughout the US were affected by a drought.

6 0
4 years ago
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