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A taxpayer purchased business machinery on February 16, 2012, for $25,000. The machinery was sold for $26,000 on November 10, 2013. Depreciation information is as follows: Accelerated depreciation taken $9,000 Straight-line depreciation (7-year life) $5,000 What is the gain or loss on the sale of this machinery, and how will it be treated on the tax return? 1) $4,000 ordinary income and $6,000 Section 1231 gain 2) $4,000 ordinary income and $6,000 long-term capital gain 3) $9,000 ordinary income and $1,000 Section 1231 gain 4) $9,000 ordinary income and $1,000 long-term capital gain 5) None of the above
What are the partner's inital adjusted bases in their partnership interests? What is the PJD partnership's basis in its assets?
On December 31, 2011, Henry, a sole proprietor, sold for $65,000 a machine that was used in his business. The machine had been purchased in 2003 for $50,000, and when it was sold it had an adjusted basis of $30,000. For the year 2011, how should t..
Rachael and Ray form an equal partnership R&R on January 1, 20X1. Rachael contributes $100,000 in exchange for her one-half interest; Ray contributes land worth $100,000. Rays adjusted basis in the land is $30,000. Which of the following statement..
When designing an information system, the designers are increasingly concerned with the risks associated with technology and information system. Write a memo to the Vice President explaining to him the general nature of risk.
For Turgo Company, variable costs are 60% of sales, and fixed costs are $195,000. Management's net income goal is $75,000. Compute the required sales in dollars needed to achieve management's target net income of $75,000.
Profit margins and turnover ratios vary from one industry to another. What differences would you expect to find between the turnover ratios, profit margins, and DuPont equations for a grocery chain and a steel company?
Resources: Virtual Organizations
suppose a company paid dividend of 15 cents on its ordinary share of n1.50 each. the company expected to grow its
Lyle O 'Keefe invests $21,900 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 9 years. At the end of the 9 years, Lyle withdrew the accumulated amount of money.
What accounting assumption, principle, or constraint would Target Corporation use in each of the situations below Target was involved in litigation over the last year. This litigation is disclosed in the financial statements.
analyze the account balances for account receivable inentory and shortcurrent long-term deb. describe any observations
Prepare the appropriate entries for both the lessee and the lessor from the inception of the lease through the return of the equipment back to the lessor.
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