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blagie [28]
2 years ago
11

Nancy and Tonya exchanged assets. Nancy gave Tonya her personal residence with an adjusted basis of $280,000 and a fair market v

alue of $560,000. The house has a mortgage of $200,000, which is assumed by Tonya. Tonya gave Nancy a yacht used in her business with an adjusted basis of $250,000 and a fair market value of $360,000. What is Tonya's realized and recognized gain
Business
1 answer:
azamat2 years ago
7 0

Answer:

Realized gain  $110,000

Recognized gain  $110,000

Explanation:

The computation of the Tonya's realized and recognized gain is shown below:

Amount realized by Tonya (fair market value)  $560,000

Less; Amount given by Tonya

Yacht: adjusted basis  ($250000)

Assumption of Nancy's mortgage  ($200000)

Realized gain  $110,000

Recognized gain  $110,000

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Answer:

In California, if the tip is included in the service charge, Anne's employer must pay taxes for them. The employer is required to pay for these taxes in California, not the employee. Even though tips are not part of an employee's wage, they are still taxable. This means that Anne must include the $51 in her AGI.

5 0
3 years ago
It is important to identify and use only incremental cash flows in capital investment decisions:A) because they are the simplest
abruzzese [7]

Answer:

C) because ultimately it is the change in a firm's overall future cash flows that matter.

Explanation:

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3 years ago
What is it called when banks record which account gives up money and which account receives money when a customer writes a check
swat32

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Check Clearing

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4 0
3 years ago
Which of the following formulas would allow you to copy it into another cell while keeping the row reference fixed?
zhuklara [117]

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2 years ago
Which of the following is not a major influence on business buyer behavior? individual factors organizational factors environmen
Shtirlitz [24]

Answer:

procurement factors

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3 years ago
Read 2 more answers
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