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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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7 0
3 years ago
A foreign company has offered to buy 75 units for a reduced sales price of $320 per unit. The marketing manager says the sale wi
belka [17]

Answer:

an increase in the operating income by $16,322

Explanation:

The computation of the impact in the operating income is given below:

Variable cost of 75 units (1300000 × 75 ÷ 12700)   7,678

Sale price of 75 units (75 × 320)  24,000

Increase in operating income (24000 - 7678)   $16,322

hence, the impact in the operating income is that there is an increase in the operating income by $16,322

4 0
3 years ago
One approach to organization is putting activities that are similar under one person. ________ called this ""unity of direction.
IgorLugansk [536]

Answer:

Explanation:

One approach to organization is putting activities that are similar under one person. Fayol called this ""unity of direction."" . Fayol was the first person who outlined the functions of management. He has fourteen principles of management; Unity of directions is one of the principle which narrates that  One boss, one plan for a group, of activities having the same objective. As unity of direction principle, it leads all the members of the organization towards a common goal to achieve its objective.

5 0
3 years ago
If inflation in the U.S. is projected at 3% annually for the next 5years and at 7% annually in Turkey for the same time period,
GrogVix [38]

Answer:

6.86011 Turkish liras per US dollar

Explanation:

US's inflation 3% for the next 3 years

Turkey's inflation 7% for the next 3 years

current Lira/Dollar spot rate (L/$) = 5.6702 (liras per dollar)

  • inflation rate US = (1 + 0.03)⁵ = 1.159274
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difference = 1.402552 / 1.159274 = 1.20985 x current spot rate = 1.20985 x 5.6702 = 6.86011

Since the Turkish inflation rate is higher than the American inflation rate, then the Turkish lira will depreciate faster than the US dollar.

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3 years ago
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The answer to your question is B.
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