What is the amount of ordinary income

Reference no: EM1373994

A C corporation gets a machine for $100,000 and placed it in service on August 15, 2007. The corporation elected S corporation status at the starting of 2011. On February 13, 2012, the property was sold for $40,000, payable in four yearly installments of $10,000 plus interest. Evaluate what is the amount of ordinary income to be reported from the sale?

Reference no: EM1373994

Questions Cloud

Evaluate the overhead rates for dept a and b : Evaluate the overhead rates for Dept A and B and evaluate the contract cost using the rates is in question 1 and the subsequent information

Supply demand graph to explain watermelon prices : The demand for watermelons is highest during summer and lowest during winter. Yet watermelon values are normally not bigger in summer than in winter.

Why do you assume that best buy rather than one of best buy : Why do you Assume that Best Buy, rather than one of Best Buy's big suppliers such as Sony or Panasonic, is considering eliminating rebates.

Can you suggest why procurement denies the payment : Procurement Department refuses to make the last payment, although the funds are available. Considering the role of a PM in fulfilment of tasks, Can you suggest why procurement denies the payment.

What is the amount of ordinary income : On February 13, 2012, the property was sold for $40,000, payable in four yearly installments of $10,000 plus interest. Evaluate what is the amount of ordinary income to be reported from the sale?

Is an analyst always in control of this kind of situation : Illustrate what are her options. Is an analyst always in control of this kind of situation. FastPak, the nation's fourth-largest overnight package service carrier, is headquartered.

Evaluate the cost recovery deduction : She takes additional first year depreciation. Evaluate the cost recovery deduction with respect to the asset for 2013.

Illustrate what is the value of coefficient of determination : If you were going to use multiple regressions to develop such a model, illustrate what other quantities variables might you comprise. Illustrate what is the value of the coefficient of determination in this problem.

Identify the areas of consumer surplus and producer surplus : Create a supply and demand graph and identify areas of customer’s surplus and producer surplus. Given the demand curve, determine what impact will an risee in supply have on amount of customer surplus shown in your diagram?

User Account

All Pages