Answer:
Miguel cannot keep the listings; they belong to Imperial Realty.
Explanation:
Since Miguel decides to work for Millennium Real Estate instead and want to transferred his license but at the time of switching, he listed two properties.
So as a salesperson he cannot keep the listing as it belongs to a broker not a salesperson and the broker should also be reassigned to the new salesperson plus it also belongs to the imperial realty which he has not part anymore
Answer:
correct option is $16,000
Explanation:
given data
basis = $30,000
fair market value = $200,000
liability = $16,000
current E&P = $30,000
to find out
Puffin's E&P after taking into account the distribution
solution
we know that E and P will decrease by higher of the adjusted basis and fair market value of the distributed property
so distribution loss is not taken into consideration to find out E and P
and we have given current E & P of Puffin is = $30,000 that is reduce to
reduce = basis - liability
reduce = $30000 - $16000 = $14000
so after distribution current E & P remaining will be $16000
so correct option is $16,000
Answer:
1 and a half months worth of depreciation
Explanation:
The advantage of starting to depreciate an asset purchased on December is that next year you will be able to depreciate it for a full year under MACRS. Generally, when you purchase an asset, you have to use the half year convention and your depreciation expense for the first year will be low compared to the second year. But if you start depreciating your asset in the current year, even if you purchased it on December and the depreciation expense is not that significant, the next year you will be able to depreciate it at the second year rate.
Answer:
Gem City's Internal Service Fund received a residual equity transfer of $50,000 cash from the General Fund.
This $50,000 transfer should be reported in Gem's Internal Service Fund as a credit to;
D. Transfers.
Explanation:
An internal Service fund can be defined as a fund used in most governments to keep records of goods and services that are moved between departments on the basis of cost reimbursement. An example of an Internal Service fund is when one department offers goods and services to another department. In our case, the Gem City's Internal Service Fund received a residual equity transfer of $50,000 from the General Fund in form of cash. An equity transfer is the transfer of the ownership of shares from one entity to another. In this case from the General Fund to the Gem City's Internal Service Fund.
To record the transaction above, the residual equity transfer of $50,000 to the Internal Service Fund should be recorded as a debit to Cash and a credit to Transfers. The reporting of Transfers is usually on a separate line in the Statement of Revenues and Expenses for the fund. It comes immediately after the line item: Operating Income/Loss before Transfers and Additions.
Answer: condition precedent
Explanation: In simple words, a condition precedent refers to the set of affairs or contract that are necessary to happen in a contract or else no contractual duty will arise on both sides of the contract. Thus it can be considered as a contract that must occur.
In the given case, the real estate contract arise on the condition that the buyer sells his current home or otherwise no contract exist. Hence this act could be considered as condition precedent.
