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On April 4, 2015, mexco sold stock it held as an investment. It had 300000 short term capital loss on the sale. It also sold a building, equipment, and the land under the building on July 1, 2015. Information about each asset is presented below. Mexco used MACRS depreciation on the equip and straight line dep. on the building. Additionally Mexo had a 75000 code sec 1231 loss last year and it has no code sec 1231 gains or losses in previous years. Mexco did not sell any other assets this year. What are the tax results of the sale?
Building Cost 700k Accum dep. to sale date 400k, amt realized on the sale 500k
Equip cost 200k, accum dept to sale 130k, amt realized on the sale 90k
Land cost 100k, amt realized on sale 300k
During its first year of operations, Chocolate Passion, Inc., had sales of $361,000, all on account. Industry experience suggests that Chocolate Passion’s uncollectible will amount to 2% of credit sales. At December 31, 2012, accounts receivable tota..
tasknbspyou are required to research apes110 the code of ethics for professional accountants.after researching apes110
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A measure of the effectiveness with which management utilizes a company's resources, regardless of how those resources are financed.
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