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Marcie owns a 10 percent interest in a shopping mall located in Portland, Maine. Her adjusted basis for her interest is $250,000, and its fair market value is $900,000. She exchanges it for undeveloped land in York, Pennsylvania, that is held by her sister, Sandra. Marcie is aware of the §1031 related-party requirement that neither she nor Sandra dispose of the property received for a two-year period. Both Marcie and Sandra intend to hold the properties as long-term investments. However, they agree to notify each other if a disposition does take place within two years of the exchange.
During the next six months, the land that Marcie received in the exchange continues to appreciate. Due to poor management, however, the value of Sandra's interest in the shopping mall declines to $700,000. As a result, Sandra is angry with Marcie and vows "never to speak to Marcie, her husband, or any of Marcie's children again."As Marcie receives no communication from Sandra during the next 18 months, she assumes that her gain of $650,000 will continue to be deferred. Evaluate Marcie's assumptions and justify your answer.
1. What are the three primary causes of cash flow problems faced by a small business? Explain cash flow management using the cash-to-cash cycle. What are the three sources from which cash can be obtained for a business?
Present some arguments to convince him that accounting data should still be based on cost.
Prepare the journal entries to record the depot and theasset retirement obligation for the depot on January 1, 2007. Basedon an effective interest rate of 6%, the present value of the asset retirement obligation on January 1, 2007, is $41,879.
Discuss the reasons for Yahoo's proposed acquisition of Tumbler. Has it been successful? How much will Yahoo receive from the IPO of Alibaba?
the expected activity for the year was distributed among the companys four products as follows expected activity
Which of the following schedule provides disclosure requirements for Non-Listed Companies under Companies Ordinance 1984?
Blaine Inc. shows the following data relating to its pension plan for 2011:
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the controller of sagehen enterprises believes that the company should switch from the lifo method to the fifo method.
What is the present value on January 1, 2001, of the gain or loss to shareholders as a result of the anticipated rate of inflation being 6 percent and the actual rate being 9 percent?
Compute the amount of under-applied or over-applied manufacturing overhead. Clearly indicate whether the overheadis under-applied or over-applied.
Assume you are reviewing a company's annual report. In addition to actual revenues reported in the income statement, what other information disclosed would give you help in estimating this company's future revenues?
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