Question
1.. Kishan exchanged office building for land. Building orginal cost 45000 and adjusted value 20000. Land had fair market value of 40000 and also Kishan
1.. Kishan exchanged office building for land. Building orginal cost 45000 and adjusted value 20000. Land had fair market value of 40000 and also Kishan gave 4000 in transaction. What is the basis of land after exchange?
2. Asha purchased super computer for 3,000,000 (5 Year property) on sept 27. with MACRS Section 1, what Asha's maximum cost recovery for this year?
3. This year Mike sold business equipment for 100,000. Mike bought that twp years ago for 90000 and claimed 25000 depreciation expenses. in the past five years Mike reported 14000 section 1231 loss. what is the amount of gain or loss?
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Managerial Accounting Tools For Business Decision Making
Authors: Weygandt, Kimmel, Kieso
4th Edition
0470478535, 978-0470478530
