Illustrate what is her recognized gain or loss

Assignment Help Financial Accounting
Reference no: EM13127958

Kelly inherits land which had a basis to the decedent of $95,000 and a fair market value of $50,000 on August 4, 2011, the date of the decedent’s death. The executor distributes the land to Kelly on November 12, 2011, at which time the fair market value is $49,000. The fair market value on February 4, 2012, is $45,000. In filing the estate tax return, the executor elects the alternate valuation date. Kelly sells the land on June 10, 2012, for $48,000. What is her recognized gain or loss?

Reference no: EM13127958

Questions Cloud

What was the net change in cash : How much cash flow did the company have from Operating, Investing and Financing actvities.
Would you expect npv based on net income to be higher : Would you expect the NPV based on net income to be higher or lower than the NPV calculated using cash flows?
Applications of bluetooth : Question 1Compare the applications of Bluetooth with those of IEEE 802.11?Question 2What are the benefits on Bluetooth compared with 802.11?
What percentage increase in sales would enable a company : What percentage increase in sales would enable a company with 2,000,000 in sales revenue to reach its goal of increasing its net profit of 340,000 by 15%?
Illustrate what is her recognized gain or loss : In filing the estate tax return, the executor elects the alternate valuation date. Kelly sells the land on June 10, 2012, for $48,000. Illustrate what is her recognized gain or loss?
Find mean number of travel days per year for outside : You need to estimate the mean number of travel days per year for outside salespeople. The mean of a small pilot study was 150 days, with a standard deviation of 42 days.
What is the molecular mass of paba : a solution of 8.32g of paba in 150g of chloroform boiled at 62.62C. what is the molecular mass of paba?
Respect to conversion costs : Ending inventory consisted of 5,000 units which were 80% complete with respect to materials and 60% complete with respect to conversion costs.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd