Floyd report in total on this sale in the second year

Reference no: EM1378162

Floyd, a cash basis taxpayer, sold land in which he had a basis of $10,000, for $100,000. He received $25,000 on 1st January of the year of the sale. On 31st December of the year after the sale he received a payment of $75,000 plus interest on that amount at 8 percent per year. How much income must Floyd report in total on this sale in the second year?

Reference no: EM1378162

Questions Cloud

After receiving the confirmation ollie wrote back stating : Six weeks after receiving the confirmation Ollie wrote back stating that he had not agreed to the price of $2.50 per pound. Is Ollie bound to the confirmation?

Determined overhead rate for the year : actual manufacturing overhead was $181,500. The pre - determined overhead rate for the year must have been

What would angie price each cookie : Angie prices the cookies at $3.56 each. Suppose that Angie can sell cracked cookies for $1.10 each. What could Angie price each cookie?

Calculate barron''s criticism of comdisco''s accounting : Calculate Barron's criticism of Comdisco's accounting and the company's response. Do you approve with the company or Barron's?

Floyd report in total on this sale in the second year : How much income must Floyd report in total on this sale in the second year?

Discuss the advantages of using short term financing : Discuss why return on invested capital may be a better performance ratio than return on assets when comparing two firms.

Deliberate some differences between organizational culture : Deliberate some differences between organizational culture as well as organizational climate. Give at least one instance of some aspect of each in a place where you have worked or observed

Find the job costing approach : Prepare a 1-2 page paper describing the seven-step approach to job costing and how you would use each step to detail the job costing approach.

What are the key concerns that prevent western mnes : What are the key concerns that prevent Western MNEs from aggressively investing in emerging economies

User Account

All Pages