Anton purchases a building on May 4, 2000, at a cost of $270,000. The land is properly
Question:
Anton purchases a building on May 4, 2000, at a cost of $270,000. The land is properly allocated $30,000 of the cost. Anton sells the building on October 18, 2017, for $270,000. What is the character of Anton's gain or loss on the sale if he uses the regular MACRS system and the building is
a. An apartment building
b. An office building
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (4 reviews)
a The depreciation on the apartment building is 151993 resulting in an adjusted basis of 118007 at t...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Concepts In Federal Taxation 2018
ISBN: 9781337386074
25th Edition
Authors: Kevin E. Murphy, Mark Higgins
Question Posted:
Students also viewed these Business questions
-
Anton purchases a building on May 4, 1999, at a cost of $270,000. The land is properly allocated $30,000 of the cost. Anton sells the building on October 18, 2016, for $270,000. What is the character...
-
Anton purchases a building on May 4, 1994, at a cost of $270,000. The land is properly allocated $30,000 of the cost. Anton sells the building on October 18, 2011, for $270,000. What is his gain or...
-
Anton purchases a building on May 4, 1993, at a cost of $270,000. The land is properly allocated $30,000 of the cost. Anton sells the building on October 18, 2011, for $270,000. What is the character...
-
2) WWW.myitlab.com is an example of a(n). O domain name O protocol prefix OURL omni box
-
If we assume the gas does not condense to a liquid, what volume is approached for a gas at 0C cooled by 273 Celsius degrees?
-
Continuation of Exercise 4-140. What should the mean life equal in order for 99% of the lasers to exceed 10,000 hours before failure?
-
The F-test for two standard deviations is very sensitive to the normality assumption. In Exercises 7 and 8, determine whether the statement is true or false. If the statement is false, rewrite it as...
-
Professor Stone complains that student teacher ratings depend on the grade the student receives. In other words, according to Professor Stone, a teacher who gives good grades gets good ratings, and a...
-
6. Edna's Laundry Services just completed pro forma statements using the percentage-of-sales approach. The pro forma shows a projected external financing need of -$5,500. Interpret this figure. What...
-
It is commonly recommended that hot foods be cooled first to room temperature by simply waiting a while before they are put into the refrigerator to save energy. Despite this commonsense...
-
Avalon Inc., buys equipment costing $150,000 in 2014 and sells it in 2017. Avalon deducts $94,000 in depreciation on the equipment before the sale. What is the character of the gain or loss on the...
-
They buys a rental house in 2010 for $75,000. In 2017, she sells it for $86,000. They properly deducted $22,000 in depreciation on the house before its sale. a. What is the amount and character of...
-
How many levels are there in the organizations hierarchy? Is authority centralized or decentralized? Describe the span of control of the top manager and of middle or first-line managers.
-
Taxation and tax cuts are fodder for volatile debate among political leaders. Many of them claim that tax cuts help strengthen the economy by freeing up money to increase spending. Others claim that...
-
Exchange rates affect international businesses because the exchange rate a. impacts the relative costs of imports and exports. b. can impact the trade deficits and trade surpluses of a country. c....
-
Amit Patel, as part of his compensation package, was offered an opportunity to purchase his companys stock at a later date at its current, lower price. Which of the following was Amit given? a. A...
-
Profit sharing could mean that in a good year, employees get bonuses, or it could refer to the companys contributions to an employee retirement plan. True or False
-
The following trial balance was extracted from the books of Old NV on 31 December 2021. (a) Provide for: (i) An audit fee of 38,000. (ii) Depreciation of plant at 20% straight-line. (iii)...
-
A skiing event has 16 participants for the slalom. The 5 participants with the fastest speeds will be listed, in the order of their speed, on the leader board. How many different ways are there for...
-
The diameter of a sphere is 18 in. Find the largest volume of regular pyramid of altitude 15 in. that can be cut from the sphere if the pyramid is (a) square, (b) pentagonal, (c) hexagonal, and (d)...
-
Faldo, Inc., provides medical coverage to employees through a self-insured plan. Nick, the president of Faldo, receives $3,400 in medical expense reimbursements from the plan during the current year....
-
Hamid's employer provides a high-deductible health plan ($1,200 deductible) and contributes $500 to each employee's Health Savings Account (HSA). Hamid makes the maximum allowable contribution to his...
-
Tia is married and is employed by Carrera Auto Parts. In 2011, Carrera established high-deductible health insurance for all its employees. The plan has a $2,400 deductible for married taxpayers....
-
3. Given that T z=sin(2uv), u = xy, v = xy. Use chain rule to find Oz/Or when x = 1, y = 1. [5 marks] 4. Find Oz/Or if z as a two variables function in x and y is defined implicitly by + cos 2...
-
Fill in the table below for the following zero-coupon bonds, all of which have par values of $1,000. Use semi-annual periods. (Do not round intermediate calculations. Round your answers to 2 decimal...
-
How does electrostatic force differs from gravitational force. Provide an example that illustrates the differences and similarities between these two forces.
Study smarter with the SolutionInn App