Yakov sells a parcel of land for $75,000 cash and the buyer assumes Yakovsliability of $10,000 on
Question:
Yakov sells a parcel of land for $75,000 cash and the buyer assumes Yakov’sliability of $10,000 on the land. Yakov’s basis is $64,000. What is the gain or loss on the sale?
a. $1,000 loss.
b. $1,000 gain.
c. $11,000 gain.
d. $21,000 gain.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 0% (1 review)
d ...View the full answer
Answered By
Branice Buyengo Ajevi
I have been teaching for the last 5 years which has strengthened my interaction with students of different level.
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Fundamentals Of Taxation 2022
ISBN: 9781264209408
15th
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander
Question Posted:
Students also viewed these Business questions
-
Multiple Choice Questions 1. Jim sells a parcel of land for $70,000 cash and the buyer assumes Jims liability of $10,000 on the land. Jims basis is $62,000. What is the gain or loss on the sale? a....
-
1. Joe buys a piece of land on January 3 rd of the current year. He pays$10,000 in cash. What is Joes basis in the land? 2. Suppose Joe gives the seller $7,000 in cash and a note for $3,000 paying...
-
Steve Drake sells a rental house on January 1, 2012, and receives $130,000 cash and a note for $55,000 at 10 percent interest. The purchaser also assumes the mortgage on the property of $45,000....
-
For light that originates within a liquid and strikes the liquid-air interface, the critical angle is 39. What is Brewster's angle for this light?
-
A regional express delivery service company recently conducted a study to investigate the relationship between the cost of shipping a package (Y), the package weight (X1), and the distance shipped...
-
How could the auditor, Arthur Andersen in this case, have performed Enron's audits and not caught the fraud? Is it possible for a financial statement auditor to perform an audit in compliance with...
-
Use a process simulator to determine the heat required to vaporize \(45 \mathrm{~mol} \%\) of a liquid stream entering an evaporator at \(150^{\circ} \mathrm{F}\) and \(202 \mathrm{psia}\) and...
-
The budget director of Natalias Florist has prepared the following sales budget. The company had $100,000 in accounts receivable on July 1. Natalias Florist normally collects 100 percent of accounts...
-
. Hafnaoui Company reported pretax net income from continuing operations of $800,000 and taxable income of $500,000. The book-tax difference of $300,000 was due to a $200,000 favorable temporary...
-
I. THE CASE 0 n February 15, 2019, the Chief Operating Officer of Larson Industries, Pete Moreen, announced a major step forward for the company: Today, we have entered into an agreement to sell our...
-
Patel Industries, a sole proprietorship, sold the following assets in 2021: a. The following questions relate to the sale of the warehouse: (1). What is the adjusted basis of the warehouse? (2). What...
-
Jose purchased a vehicle for business and personal use. In 2021, he used the vehicle 18,000 miles (80%) for business and calculated his vehicle expenses using the standard mileage rate (mileage was...
-
The function s(t) describes the motion of a particle along a line. (a) Find the velocity function of the particle at any time t 0. (b) Identify the time interval(s) on which the particle is moving...
-
Golden Wedding Dress Company designs custom wedding dresses for brides to be. The person preparing the adjusting entries at year-end was unable to complete the adjustments due to illness. You have...
-
Mandy takes some money from the business bank account to pay some of her personal expenses. What is the part of the business's accounting equation will change?
-
Find equations for two lines through the origin that are tangent to the ellipse 7x2168x + y+ 62 = 0 Enter the equation of the line with the smaller slope first. y= y= 7
-
How to write a paper for an interviewing a client with a stroke condition?. Any examples and references for this conditions .
-
Choose a prominent figure (former or current) of a criminal justice organization/agency and research a minimum of 2 articles that discuss decisions they made or that profile their leadership role....
-
Why is financial planning more important for women than men?
-
Let X be a random variable taking on values a1, a2, . . . , pr with probabilities p1, p2, . . . , pr and with E(X) = μ. Define the spread of X as follows: This, like the standard deviation, is a...
-
Derrick owns a farm in eastern North Carolina. A hurricane hit the area and destroyed a farm building and some farm equipment and damaged a barn. Due to the extensive damage throughout the area, the...
-
Rebecca is a doctor with an AGI of $125,000 before consideration of income or loss from her dog breeding business. Her home is on 15 acres, 10 of which she uses to house the animals and provide them...
-
Eric, who is single, participates in an activity that is appropriately classified as a hobby. The activity produces the following revenue and expenses: Revenue ..$12,000 Property taxes . 2,000...
-
Owen hikes 3 miles in 45 minutes. Given that the distance is directly proportional to the duration he walks, find the constant of proportionality and write an equation to represent the direct...
-
Adieu Company reported the following current assets and current liabilities for two recent years: Dec. 31, 20Y4 Dec. 31, 20Y3 Cash Temporary investments Accounts receivable Inventory Accounts payable...
-
Balance Sheet Income Statement Cash Noncash Contributed Earned Transaction Asset + Assets = Liabilities + Capital + Capital Revenue Expenses = Net Income Beginning bal. 80,000 135,000 70,000 110,000...
Study smarter with the SolutionInn App