Mommy hilton owns a mansion in florida which she purchased

Assignment Help Accounting Basics

Reference no: EM13597420

Mommy Hilton owns a mansion in Florida, which she purchased for $1,600,000 on June 1, 1998. On June 2, 2012, Mommy gifts the house to her daughter, Pairus. Mommy pays $120,000 in gift tax on the transfer based on the mansion's $1,200,000 fair market value on the date of the gift (already net of the $13,000 exclusion). What is Pairus's gain or loss in the mansion if she sells it for $1,320,000 on June 3, 2009?

Reference no: EM13597420

Questions Cloud

U-build it warehouse issues a 45-day note for 800000 to : u-build it warehouse issues a 45-day note for 800000 to thomson home furnishings co. for merchandise inventory. thomson

Mikhail chordan purchased a piece of gold furniture worth : mikhail chordan purchased a piece of gold furniture worth 278000 for his office on october 15 2012. assuming i mikhail

Dec312009 xcorp had os 180000 shares of cs net income for : dec.312009 xcorp. had os 180000 shares of cs. net income for 2010 was 285000. outstanding options issued july 12010 to

Manufacturing co had 500 units three fifths completed in : manufacturing co. had 500 units three fifths completed in process at the beginning of the month. during the month 2000

Mommy hilton owns a mansion in florida which she purchased : mommy hilton owns a mansion in florida which she purchased for 1600000 on june 1 1998. on june 2 2012 mommy gifts the

Using the high-low method separate each mixed expense into : frankel ltd. a british merchandising company is the exclusive distributor of a product that is gaining rapid market

Botticelli inc was organized in late 2008 to manufacture : botticelli inc. was organized in late 2008 to manufacture and sell hosiery. at the end of its fourth year of operation

Abc company accepted a national credit card for a 3000 : abc company accepted a national credit card for a 3000 purchase. the cost of the goods sold is 2400. the credit card

Taylor industries purchased supplies for 1000 they paid 500 : taylor industries purchased supplies for 1000. they paid 500 in cash and agreed to pay the balance in 30 days. the

User Account

All Pages