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Problem - On June 1, 2013, Mario entered into a contract to sell real estate for $1 million (adjusted basis $200,000). The sale was conditioned on a rezoning of the property for commercial use. A $50,000 deposit placed in escrow by the purchaser was refundable in the event the rezoning was not accomplished. After considerable controversy, the application was approved on November 10, and two days later, the sum of $950,000 was paid to Mario's estate in full satisfaction of the purchase price. Mario had died unexpectedly on November 1. Discuss the estate and income tax consequences of this set of facts if it is assumed that the sale of the real estate occurred:
a. After Mario's death.
b. Before Mario's death.
When do you think the sale occurred? Why?
During the current year merchandise is sold for $795,000.the cost of the merchandise sold is $477,000. (A) whats is the amount of gross profit?
Jill Morris is presently leasing a small business computer from Eller Office Equipment Company. The lease requires 10 annual payments of $4,000 at the end of each year and provides the lessor (Eller) with an 8% return on its investment. You may us..
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Byron incurred a loss on November 30 sale of $220,000. Ignoring income taxes, what amount should be reported in the 2010 income statement as the net income or loss under 'discontinued operations'?
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George plans to sell his customers a special for a ski package weekend. He is able to purchase the package from the providers for $175 each. The ticket packages will be sold for $225 each and the ski resort and lodging facilities intend to reimbur..
MacDonald Products, Inc., of Clarkson, New York, has the option of (a) proceeding immediately with production of a new top-of-the-line stereo TV that has just completed prototype testing or (b) having the value analysis team complete a study. Whic..
Compute each partners share of the $112,000 net income for the year - Allocating profits and losses to the partners
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