User Account

All Pages

What amount and type of gain and loss

Assignment Help Accounting Basics
Reference no: EM132430252

Question - This year, Alpine Inc., sold a business property and it had on since 1983 and again at $600,000. It also sold a shopping center he developed in 1987 at a loss of 900,000. If Alpine has no other section 1231 transactions for the year, as a result of these two transactions it will have what amount and type of gain and/or loss?

A. $300,000 in a long term capital loss

B. $300,000 ordinary loss

C. $600,000 long-term capital gain and a $900,000 ordinary loss

D. $600,000 short term capital gain and a $900,000 long term capital loss.

Reference no: EM132430252

Questions Cloud

How is ardvark net section gain characterized : Ardvark has not had any net section 1231 losses during the prior five years. Current year, how is Ardvark's net Section 1231 gain characterized
What is the return on investment for the investment center : Last year, the investment center's ROI was 12.2%. What is the return on investment for the investment center for the current year
What are the ideologies of liberalism and conservatism : What are some similarities and differences of the ideologies of Liberalism and Conservatism?
What is the allowable short term capital loss : What is the allowable short term capital loss that Linda may deduct on her return for this year to offset her ordinary compensation income
What amount and type of gain and loss : If Alpine has no other section 1231 transactions for the year, as a result of these two transactions it will have what amount and type of gain and/or loss
What is the research methodology : What is the research Methodology? How were the data collected?What are the most important Conclusions? What did the authors learn?
Prepare the entries to record sales and collections : During the period, it had net credit sales of $878,100 and collections of $704,650. Prepare the entries to record sales and collections during the period
Define extent of issue by offering current statistics : Explain which populations may be most affected and whether or not the family your group created for this project matches typical family addressing this issues.
What is the Ned loss : Dan gave Ned 500 shares of devices Inc. common stock when the shares had a basis of $15,000. What is Ned's loss

Reviews

Write a Review

Accounting Basics Questions & Answers

  Estimate a cost formula for custodial supplies expense

Using the high-low method, estimate a cost formula for custodial supplies expense. Prepare a scattergraph using the data given above.

  Rich co had a loss due to earthquake damage totaling 100000

rich co. had a loss due to earthquake damage totaling 100000. this loss was both unusual and infrequently occurring.

  Differences between managerial and financial accounting

Describe the differences between managerial and financial accounting. Describe the differences as they relate to the users of the information.

  Determine budgeted overhead at standard volume

Actual overhead costs for June were $280,000, and output was 6,000 units. Determine the Budgeted overhead at standard volume

  Which project should the management choose and why

Farmer George Tractors Ltd has £500,000 to invest. -- Which project should the management choose, and why?

  The bootsie holding company has sales exceeding 10 billion

the bootsie holding company has sales exceeding 10 billion and each of its three wholly-owned subsidiaries has sales

  Compute the depreciation expense for each of the four years

The salvage value was revised to $4,100. Compute the depreciation expense for each of the four years, Year 1 - Year 4

  Explain failure to appropriately include the factor

You must also explain whether failure to appropriately include the factor in the calculation would result in overstating or understating the net present value of the project.

  Revenue and expense data for rogan technologies corporation

Prepare an income statement in comparative form, stating each item for both 2010 and 2009 as a percent of sales. Round to one decimal place.

  On january 1 2008 a company issued 10 10-year bonds payable

on january 1 2008 a company issued 10 10-year bonds payable with a par value of 720000. the bonds pay interest on july

  Fireout inc manufactures steel cylinders and nozzles for

fireout inc. manufactures steel cylinders and nozzles for two models of fire extinguishers 1 a home fire extinguisher

  Nando company uses the weighted-average method in its

nando company uses the weighted-average method in its process costing system. department j is the second of three

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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