User Account

All Pages

What is als basis in the farm

Assignment Help Accounting Basics
Reference no: EM132427935

Question - Al's father and mother were placed in a nursing home. They gave him the family farm before their admission. The farm has been in the family for as long as his father can remember. His father has no idea what the original purchase price of the farm was. Al's parents have made the following improvements to the land while it was in their possession. Installed fencing $ 6,000 Built 2 new barns $45,000 Installed a new well $ 2,250 Addition to the house $35,000 Paved driveway $ 1,100 Installed storm windows $ 3,000. The farm's Fair Market Value was $335,000 at the time of changing hands. What is Al's basis in the farm?

a) $0

b) $83,000

c) $92,350

d) $335,000

Reference no: EM132427935

Questions Cloud

What is the purpose of overhead allocation : What is the purpose of overhead allocation? What things should be considered when choosing an overhead allocation method
What is Kyle filing status : Kyle, whose wife died in December 2016, filed a joint tax return for 2016. What is Kyle's filing status in 2019? Please explain
What is net cash received over the life of bond investment : The straight line method of amortization is used for both premiums & discounts. What is the net cash received over the life of the bond investment
Under armour case analysis questions : Under Armour Case Analysis Questions - Conduct a five forces analysis placing emphasis on the strength of competitive pressures
What is als basis in the farm : Al's father and mother were placed in a nursing home. The farm's Fair Market Value was $335,000 at the time of changing hands. What is Al's basis in the farm
How many units of each briefcase would be required : If managers decide to introduce the new leather briefcase, how many units of each briefcase would be required to break even in the coming year
Describe the industry in which organigram is operating : What evaluation criteria should Organigram use when assessing growth options while keeping in mind the recommendations from the Task Force?
Identify the four types of prisons : Identify the four types of prisons and explain the concept of prison as a total institution. Explain why jails play an important role in the criminal justice
What steps taken detect davids alleged industrial espionage : What steps might have been taken to detect David's alleged industrial espionage?What steps might have been taken to prevent his perpetrating such an offense?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture 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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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