Reference no: EM13132489
The TP owned an office building that had been held more than one year when it was sold for $567,000. The real estate had an adjusted basis of $45,000 for the land and $233,000 for the building. Straight-line depreciation of $162,000 had been taken on the building. What is the amount and initial character of the gain or loss from disposition of the real estate? Is any of the gain unrecaptured § 1250 (25%) gain?
A resident of St. Paul, Minnesota, wishes to retire in Sun City, Arizona. He owns a motel that has a current market value of $150,000. During his years of ownership of this motel he has taken $60,000 in allowable straight line depreciation. His current adjusted basis for the motel is $90,000. He has advertised the motel for sale and has received the following offers:
Offer No. 1: $150,000 in cash
Offer No. 2: An even exchange for a motel located in Sun City with a fair market value of $150,000.
Offer No. 3: An even exchange for Ford Motor Company stock with a fair market value of $150,000.
Mr. Green seeks your advice as to the tax consequences attached to each offer. Assume that he will no other sale of business assets or capital assets during the year. What is your advice?
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Calculate the resulting ph
: Calculate the resulting pH if 400 mL of 0.50M HCl is mixed with 300 mL of 0.080 M NaOH.
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How much caco3 is produced
: CaCN2 + 3 H2O -> CaCO3 + 2 NH3 . How much CaCO3 is produced if 47.5 moles NH3 are produced?
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Briefly discuss the operating performance
: Briefly discuss the operating performance and financial positions of Sepracor Industry averages for these ratios in 2007 were ROA 3.5%; Return on Equity 16%; and Debt to Assets 75%. Based on this analysis, would you make an investment in the compa..
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What is the molar concentration of the ammonia
: If 18.4 mL of 0.800 M HCl solution are needed to neutralize 5.00 rm mL of a household ammonia solution, what is the molar concentration of the ammonia?
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Business assets or capital assets during the year
: Mr. Green seeks your advice as to the tax consequences attached to each offer. Assume that he will no other sale of business assets or capital assets during the year. What is your advice?
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Determine the amount of manufacturing overhead
: Determine the amount of manufacturing overhead that would have been applied to all jobs during the period.
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Prepare the sales revenues section of the income
: Milton Company provides this information for the month of November, 2007: sales on credit $150,000; cash sales $50,000; sales discount $2,000; and sales returns and allowances $8,000. Prepare the sales revenues section of the income statement base..
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Current provision for income taxes
: Didde's effective income tax rate is 34% for 2011. What amount should Didde report in its 2011 income statement as the current provision for income taxes?
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Find fuel efficiencies of each of the cars in a week
: The two cars drove a combined total of 1450 miles, and the sum of their fuel efficiencies was 40 miles per gallon. What were the fuel efficiencies of each of the cars that week?
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