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Bob sells investment property in the city for $1.2 million in which he has a basis of $300,000 to Sue. Sue pays Bob $240,000 in cash and gives him a promissory note for $960,000 for the balance owed in the purchase. In the installment payment that is made the next year by Sue, she pays Bob a payment of which $48,000 is principal. How much gain must Bob recognize with respect to this payment? a. $48,000 b. $0 c. $12,000 d. $36,000 e. $22,500.
during its most recent fiscal year pacific stores sold 200000 electric screwdrivers at a price of 15 each. fixed costs
If annual overhead costs are expected to be $750,000 and direct labor costs are expected to be $1,000,000, then:
You have a client considering plans for transferring her wealth over the next five to ten years. Given the uncertainty in this area of the tax code, what are some key factors to consider in deciding whether to accelerate transfers into 2012 or del..
aaa lock manufacturing co. makes and sells several models of locks. the cost records for the zforce lock show that
Determine the gain on sale that Liz Claiborne reported in 2011 when it disposed of its brand names. What would have been the company's Income (Loss) from Operations for this year had it not sold its Liz Claiborne brand names? Determine the Income fro..
parrett corp. acquired one hundred percent of jones inc. on january 1 2009 at a price in excess of the subsidiarys fair
The following transactions involve intangible assets of Penner Co occurring on or near Dec 31, 2004. Write journal entries needed at the date to record the transaction and at December 31, 2005 to record any resultant amortization. Write NA if no e..
On April 1, 2007 when the machine has a market value of 27,500, it is exchanged for a machine with a fair value of 135,000 and the proper amount of cash is paid. The exchange lacked commercial substance.
You've been asked to write down a memo explaining the process and address concerns by using citations from authoritative auditing literature.
as a tax preparer one of your clients without tax liability is reviewing his taxes before submission and is surprised
the amount of overhead applied to the product exceeds the amount incurred is the difference called underapplied
a business purchases 40000 merchandise on credit terms 210 n 30 on june 6 2009. if it pays for the merchandise on june
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