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Vijay Inc. purchased a 3-acre tract of land for a building site for $320,000. On the land was a building with an appraised value of $120,000. The company demolished the old building at a cost of $12,000, but was able to sell scrap from the building for $1,500. The cost of title insurance was $900 and attorney fees for reviewing the contract was $500. Property taxes paid were $3,000, of which $250 covered the period subsequent to the purchase date. The capitalized cost of the land is:
a) $336,400.
b) $336,150.
c) $334,650.
d) $201,150.
Ted thomas a single taxpayer with no dependents has the following transactions in 2010- long term capital gain 18,000. If his agi were 25,000 what is the maximum rate at which it would be taxed?
The information below relates to Milton Company's trading securities in 2010 and 2011. (a) Prepare the journal entries for the following transactions.
Ben's property, which has an adjusted basis of $45,000, is condemned by the state government. The authorities replace his property with other qualified property which cost them $120,000. What is Ben's recognized gain?
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Net periodic pension cost recognized by an employer sponsoring a defined benefit pension plan may include a gain or loss component. Gains and losses requiring amortization:
General Products Company bought Special Products Division in 2010 and appropriately recorded 500,000 of goodwill related to the purchase.
Reiner Wholesale Merchandise had 20,000 shares of 5%, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2003. These data apply to each of the independent situations below.
If Dizbert Company concluded that an investment originally classified as available for sale would now more appropriately be classified as held to maturity, Dizbert would:
While examining cash receipts information, the accounting department determined the following information: opening cash balance $178.24, cash on hand $1,134.46, and cash sales per register tape $1,156.35.
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