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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

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3 years ago
Select all that apply On December 1, Christy Co. accepted a 60-day, 6%, $1,000 note due January 30. On December 31, the appropri
kykrilka [37]

Answer:

Notes Receivable for $1,000. Cash for $1,010. Interest Revenue for $5.  Interest Receivable for $5.

Explanation:

The journal entry to record the receipt of the payment is shown below:

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     To Interest receivable  $5 ($1,000 ×6% × 30 days ÷ 360 days)

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(being the receipts is recorded)

here cash is debited as it increased the assets and credited the interest receivable, interest revenue and note receivable as it increased the assets and revenue accounts

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3 years ago
Pat manages the customer care department of her firm. She is very happy with her team of 15 customer care representatives​ who'v
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Answer:

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Explanation:

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I hope you find this information is useful and interesting! Good luck!

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Explanation:

I don't know if that made sense lol

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It is False.

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Employers are typically required to withhold Social Security and Medicare taxes from an employee's paycheck and pay the employer's share of those taxes.

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To learn more about social security and medicare from given link

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