Character of foreaker gain

Assignment Help Accounting Basics
Reference no: EM13130332

Foreaker LLC sold a piece of land that it uses in its business for $52,000. Foreaker bought the land two years ago for $42,500. What is the character of Foreaker's gain?

A. $9,500 Section 1221

B. $9,500 Section 1250

C. $9,500 Section 1245

D. $9,500 Section 1231

Reference no: EM13130332

Questions Cloud

Determine which single factor carries the most weight : Analyze the factors involved in translating the statements of a foreign entity operating in a highly inflationary economy and determine which single factor carries the most weight. Explain your rationale.
Illustrate what is antoine tax basis in the stock receive : The corporation assumed a liability of $50 on the property transferred. Illustrate what is Antoine's tax basis in the stock received in the exchange?
How to use the multiplication rule for independent evants : Sample without replacement when testing batches of products. When sampling without replacement, should you use the multiplication rule for independent or dependent events.
Fraction-centimeter and meter : Write the fraction. There are 100 centimeters in a meter. What fractional part of a meter does 7 centimeters represent?
Character of foreaker gain : Foreaker LLC sold a piece of land that it uses in its business for $52,000. Foreaker bought the land two years ago for $42,500. What is the character of Foreaker's gain?
Calculate difference in pressure between methane & ideal gas : 12.0 moles of gas are in a 5.00 L tank at 23.9 C. Calculate the difference in pressure between methane and an ideal gas under these conditions.
Determining the score which is needed on test : To pass a course, you must have a final average of at least 60%. If a student scores 42 and 74 on the first two tests, what must be earned on the third test to pass the course?
Problem relating to depreciation expense : Bateman Corporation sold an office building that it used in its business for $800,000. Bateman bought the building ten years ago for $600,000 and has claimed $200,000 of depreciation expense. What is the amount and character of Bateman's gain or l..
Is normal model used to represent sampling distribution : The professor plots a histogram of these several proportions. Should a Normal model be used to represent the sampling distribution of the proportion of tails?

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Problem related to manufacturing overhead

Manufacturing overhead is allocated at 130% of direct labor costs. Actual manufacturing overhead was $86,500, and jobs costing $225,000 were?

  Actual rate of pay for direct labor

The standard number of hours that should have been worked for the output attained is 10,000 direct labor hours and the actual number of direct labor hours worked was 10,500. If the direct labor price variance was $10,500 unfavorable, and the stand..

  Taxpayer sells depreciable business property

A business taxpayer sells depreciable business property with an adjusted basis of $400,000 for $32,000. The taxpayer held the property for more than a year. The taxpayer has an $8000 long term capital loss.

  What are other areas where they may be fraud risk

Fraud is more than just the intentional misstatement of financial statements. What are other areas where they may be fraud risk that are perhaps not on the level of financial statement misstatement?

  Generally accepted accounting principles-operating budget

Explain generally accepted accounting principles applied to the health care industry and how they are applied to your Operating Budget Projection.

  Taxation of scholarships

Hope receives an $18,500 scholarship from State University. The university specifies that $8,500 is for tuition, books, supplies, and equipment, while $10,000 is for room and board. In addition, Hope works part-time at the campus library and earns..

  What will be the journal entry to record the formation

B. Tanner contributed $14,000 in cash plus office equipment valued at $7,000 to the TC Partnership. At the same time Chen will invest a building which is worth $90,000 to the partnership. What will be the journal entry to record the formation of t..

  Forensic-type fieldwork phase

What is meant by the forensic-type fieldwork phase of an audit?

  Is the related lease finance or operating lease

If he sells the pubs abd then leases them back would you expect Lion Nathan to change how it accounts for the depreciation of he building?

  Lifetime learning credit-modified agi

In the fall of 2013, James went back to school to earn a masters degree. He incurred $7,000 of qualified educational expenses and his modified AGI for the year was $40,000. His Lifetime Learning Credit is:

  Regarding the efficient market hypothesis

Which of the following is true regarding the efficient market hypothesis?

  How cash and working capital will be affected for following

Indicate how each of the following six different transactions that Dynamic Mattress might make would affect (i) cash and (ii) net working capital:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd