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jekas [21]
3 years ago
8

Bud exchanges land with an adjusted basis of $ 22,000 and a fair market value of $ 30,000 for another parcel of land with a fair

market value of $ 28,000 and $2,000 cash. What is Bud's recognized gain or loss?
a. $0
b. $2,000
c. $6,000
d. $8,000
e. None of the above
Business
1 answer:
erastovalidia [21]3 years ago
6 0

Given :

Bud exchanges land with an adjusted basis of $ 22,000 and a fair market value of $ 30,000 for another parcel of land with a fair market value of $ 28,000 and $2,000 cash.

To Find :

What is Bud's recognized gain or loss.

Solution :

This is a transaction of like kind exchange.

So, gain or loss to be recognized is :

= ( 28000+2000) - 28000\\\\=\$ 2000

Therefore, option B) is correct.

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it is refered to as profit maximization condition

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Concord Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were
nexus9112 [7]

Answer:

$2,317,000

Explanation:

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8 0
3 years ago
Don kosec, vp of business services for time warner cable in northeast ohio says that their goal is to increase their sales in th
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5 0
3 years ago
The personal secretary of a top manager may have ________.
Gnom [1K]

Answer:

c. power but not authority

Explanation:

The personal secretary of a top managers may have power but not authority. Personal secretray is who keep the manager updated with his personal task like meeting, travelling, schedules and documentation he has power to do all this thing but dont have authority to order anything in the office or the firm. Personal secretary's responsibilitie and duties are restricted to the manager and at that level only. She couldnot order anyone to finish the task on stipulated time or deadline.

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3 years ago
An economy is experiencing a high rate of inflation. The government wants to reduce consumption by $36 billion to reduce inflati
Alisiya [41]

Answer:

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