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FinnZ [79.3K]
2 years ago
6

How to report sale of inherited property on tax return?

Business
1 answer:
IrinaVladis [17]2 years ago
3 0

Your share of the sales proceeds from the sale of a home you had inherited should be reported on Schedule D in the Investment Income section of TaxAct. You would enter "Inherited" as the date the property was acquired, then enter the cost basis, date of sale, and the sales proceeds.

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An example of consumer spending when calculating the GDP using the expenditures approach is _____.
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purchase of weapons for the military

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2 years ago
Consultants notified management of Goo Goo Baby Products that a crib toy poses a potential health hazard. Counsel indicates that
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Answer:

Income statement will have an increased expense of $4.8 million and Revenue and cost of goods sold will decrease. In balance sheet the inventory will be decreased by the amount of crib toy inventory available.

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Income Statement will show an expense of $4.8 million in this period as the cost of recall of inventory due to health hazard. Also sales and cost of goods sold will decrease by the amount of sales of crib toy in sales and by the amount of crib toys cost in cost of goods sold and will ultimately result in decrease in a gross profit of a company.

In the Balance Sheet the amount of Inventory will be decreased by the amount of crib toys available in stock.

8 0
3 years ago
Refer to Landfall Service. Because the company is known for its ability to produce lawn furniture more efficiently than any othe
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The company must have absolute advantage.

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3 0
2 years ago
While developing a new product line, Cook Company spent $3 million two years ago to build a plant for a new product. It then dec
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C

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3 0
3 years ago
On July 8, Jones Inc. issued an $75,700, 8%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends o
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Answer:=Jones recognizes $386.9  as interest

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=$386.9

Jones recognizes $386.9  as interest in the current fiscal year.

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3 years ago
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