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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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3 years ago
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What is included in a speaking outline that is not included in a working outline?
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3 years ago
Charleston, Inc. has Accounts Receivable of $170,000 and an Allowance for Doubtful Accounts of $11,000. If it writes-off a custo
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$159,000

Explanation:

The double entry to record the writes off balances which are the bad debts of Customers who will not pay the debt, will include debit to allowance which is decrease in the allowance and credit to accounts receivable which is also a decrease to accounts receivable:

Dr Allowance for doubtful account $1,100

Cr Accounts Receivable                           $1,100

Similarly the increase in Allowance for Doubtful Accounts of $11,000 will be treated totally opposite of the decrease in Allowance for Doubtful Accounts above:

Dr Accounts Receivable               $11,000

Cr Allowance for doubtful account    $11,000

Now, the increase in allowance is deducted from opening accounts receivables and vice versa. The treatment is given below:

Opening balance of Accounts receivables             $170,000

Accounts Receivable                                                ($1,100)

Allowance for Doubtful Debt    ($11,000 - $1,100)   <u>   $9,900 </u>

Accounts Receivable (Net)                                       $159,000

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