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?
-
Mitch Jackson and Rosie Punter are part of the audit team for Hexagon Industries, a large manufacturing, private company client. The clients year-end was December 31, 2022, the end of fieldwork date...
-
Fine Candles Ltd has prepared the following draft profit analysis for the current year. Required Answer each of the following four independent situations. (a) If the companys manager is considering...
-
Cincinnati Cylinder Company began operations on January 1 to produce pneumatic cylinders used in a variety of machines. It used an absorption costing system with a planned production volume of...
-
Conduct an A-B-C analysis of the child's behavior. ABC Data Collection Time Antecedent Behavior Consequence How many instances of the problem behavior (tantrums) did you observe? What were...
-
Show that Gaussian elimination can be performed on A without row interchanges if and only if all leading principal sub matrices of A are nonsingular. [Hint: Partition each matrix in the equation A...
-
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...
-
1. How many poker hands consist of three cards of one rank and two cards of another rank? (Such a poker hand is called a "full house.") A poker hand consists of 5 cards selected from a standard deck...
-
The free cash flow of the firm is $350 million at the end of 2019. You believe the free cash flow will grow at 6% per year thereafter. What is enterprise value of the firm if the required return is...
-
Evergreen Corporation ( calendar year - end ) acquired the following assets during the current year Asset Date Placed in Service Original Basis Machinery October 2 5 $ 8 2 , 0 0 0 Computer...
-
Carl purchased an apartment complex for $ 2 . 3 million on March 1 7 of year 1 . of the purchase price, $ 9 0 0 , 0 0 0 was attributable to the land the complex sits on . He also installed new...
-
23. What is the result of the deficiency of NADPH oxidase in chronicgranulomatous disease? A) Poor adhesion of neutrophils to endothelial surfaces B) Increased production of Th-2 cells C) Increased...
-
Fraud Person-You must get approval for your selection from the instructor prior to beginning. The paper will cover-introduction of the fraudster, the background and history, how they committed the...
-
Why is it important for an entrepreneur to build a strong ethical culture for his or her firm?
-
In the operation of an automated production line with storage buffers, what does it mean if a buffer is nearly always empty or nearly always full?
-
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....
-
What choice is a multiple of 5? a) 93 b) 63 c) 65 d) 84
-
Determine how many tablets will be needed to give the dosage. Prepare a dosage of 6.4 mg using tablets with a strength of 1.6 mg.
-
(a). Company Inc., private consumer regulator firm, claims that the standard deviation of the rating of Formula One races in the town main car racing circuit was at least 15.34. (b). An outside...
Study smarter with the SolutionInn App