What is the realized gain and the recognized gain

Assignment Help Accounting Basics
Reference no: EM132107600

Question - A taxpayer exchanged his old machine (adjusted basis of $2,500) for a smaller new machine worth $5,000 and received $1,000 cash. Depreciation of $7,500 had been taken on the old machine. What is the realized gain and the recognized gain, and how will any recognized gain be treated?

Reference no: EM132107600

Questions Cloud

Describe supertrends that are driving hp to change : Recommend how Meg Whitman could use Lewin's and Kotter's models of change to increase the probability of achieveing positive organizational change.
What is the amount and character of his recognized gain : If Jake sells the computer during the current year for $2,125, what is the amount and character of his recognized gain
What is the company cash flow : What is the Company's Cash flow? What is the difference between cash flow and net income? Evaluate managements statement: "with a $1,000 net loss
What can partners contribute to establish a capital account : What can Partners contribute to establish a capital account and What is the profit and loss allocations? What document is the ratio found in
What is the realized gain and the recognized gain : Depreciation of $7,500 had been taken on the old machine. What is the realized gain and the recognized gain, and how will any recognized gain be treated
Explain why volunteer sample is a poor study design : Explain why volunteer sample is a poor study design. How would you have designed this study
What is milsaps predetermined overhead rate for the year : Milsaps reported actual results as follows: direct materials cost of $280,000, What is Milsaps' predetermined overhead rate for the year
What was the ending balance in basil raw materials : Basil Industries reported the following information for December: What was the ending balance in Basil's Raw Materials Inventory account
Discuss about the coaching concepts and their importance : Coaching has become a widely used developmental practice in the international business environment for many years due to the numerous benefits associated.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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