Reference no: EM13925084
George sold land to an unrelated party in 2013. His basis in the land was $45,000 And the selling price was $120,000 - $30,000 payable at closing and $30,000 (plus 10% interest) due January 1, 2014, 2015, and 2016. What would be the tax consequences of the following?
(Treat each part independently and assume that (1) George did not elect out of the installment method and (2) the installment obligations have values equal to their face amounts. Ignore interest in you calculations.)
a. In 2014, George borrowed $40,000 from the bank. The loan was partially secured by the installment notes, but George was personally liable for the loan.
b. In 2014, George gave to his daughter the right to collect all future payments on the installment obligations.
c. On December 2014, George received the payment due on January 1, 2015. On December 15, 2015, George died, and the remaining installment obligation was transferred to his estate. The estate collected the amount due on January 1, 2016.
|
Draw the production possibilities curve
: a.) Draw the Production Possibilities Curve. b.) Determine the opportunity costs for a move from A to B; B to C; and C to D.
|
|
Explain how you would conduct a financial analysis
: Explain how you would conduct a financial analysis of a corporate customer/business to understand its financial strengths and financial risks.
|
|
Control over cash payments
: Purchase Order Receiving ReportVoucher Bank Reconciliation
|
|
Calculate the level of inventory and receivables
: Hypothetical Manufacturing Ltd provides you with the following details: Current assets of $12m. Current liabilities of $6m. Calculate the level of inventory and receivables.
|
|
What would be the tax consequences
: George sold land to an unrelated party in 2013. His basis in the land was $45,000 And the selling price was $120,000 - $30,000 payable at closing and $30,000 (plus 10% interest) due January 1, 2014, 2015, and 2016. What would be the tax consequenc..
|
|
Where qualitative and quantitative requirements can defined
: It is claimed that in respect to subjects where qualitative and quantitative requirements can be defined, the quantitative alternatives should be preferred
|
|
What is importance of understanding the operating leverage
: What is the importance of understanding the operating leverage, financial leverage, total leverage and breakeven point from a credit risk analysis perspective?
|
|
Payment of a dividend
: 1. External users want answers to all of the following questions except: 2. Debt securities sold to investors that must be repaid at a particular date some years in the future are called:
|
|
Technology and health care grading criteria
: Describe your product, service, or application (m-health, e-therapy, virtual physician visits, and so forth).
|