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TiliK225 [7]
2 years ago
8

Mark exchanged an office building that he owned for over ten years for vacant land used by Sandy in her farming business. The of

fice building had a FMV of $3,150,000, which Mark purchased in 2010 for $1,725,000. Mark deducted $325,000 of depreciation, but because of an error, the amount of depreciation he should have taken was $480,000. Also, Mark received a $350,000 insurance reimbursement for damage to the office building, which he used to acquired equipment for his business. The office building had a $700,000 mortgage liability, which Sandy agreed to assume. The land had a FMV of $2,000,000 and cost Sandy of $1,825,000 excluding the cost improving the land with a parking lot, which cost Sandy an additional $110,000. Sandy took $40,000 of depreciation deductions on the parking lot. Additionally, Sandy also gave Mark cash of $100,000 and equipment valued at $350,000 with an adjusted basis of $300,000. Calculate Mark's basis in the vacant land after the transaction. How much gain or loss did Mark defer? Explain your answer including ALL components in the calculation of you answer. What rule did you rely on in determining your answer? Show all calculations Determine Sandy's recognize gain or loss. Also, what is her basis in the building after the transaction? Explain your answer and show all calculation.
Business
1 answer:
hram777 [196]2 years ago
3 0

Answer:

h

Explanation:

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Which of the following marketing budgets is based on marketing tasks? A. Bottom-up B. Customer-mix C. Percent-of-sales D. Top-do
Hunter-Best [27]
<h2><u>Answer:</u></h2>

The correct option is A (Bottom-Up)

<h3><u>Explanation:</u></h3>

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8 0
3 years ago
In the united states, business cycles have occurred against a backdrop of a long-run trend of?
Rus_ich [418]

In the united states, business cycles have happened against a backdrop of a long-run trend of rising real GDP.

<h3>What is Gross Domestic Product?</h3>

Gross domestic product (GDP) is a monetary indicator of the total market value of all the finished products that nations produce over a given time period. This measurement is frequently changed before it can be trusted as an indicator because of how complicated and subjective it is. The total monetary or market worth of all the finished goods and services produced within a nation's boundaries during a certain time period is known as the gross domestic product (GDP).

Economic activity goes through periods of boom and then contraction during business cycles. Both the general welfare of society and the welfare of private entities are affected by these developments. Business cycles are a sort of variation that may be found in the overall economic activity of a country. A business cycle is made up of expansions that occur roughly at the same time in many different economic activities, followed by contractions that are similarly widespread (recessions).

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3 0
2 years ago
Imagine that before black diamond initiated its greenfield venture in zhouhai, china, peter and wim asked for your advice. what
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7 0
3 years ago
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During the past year, a company reported net income of $230,000. Depreciation expense was $22,000. In December the company recei
tamaranim1 [39]

Answer: $259000

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