What is clara gain on the sale

Assignment Help Accounting Basics
Reference no: EM131895840

Question - Using the following independent situations, answer the following questions:

Situation 1 - Clara received from her Aunt Sona, property with a FMV at the date of the gift of $51,400. Aunt Sona purchased the property five years ago for $44,300. Clara sold the property for $53,500. Assume Aunt Sona does not have MAGI of over $200,000.

1. What is the basis to Clara?

2. What is Clara's gain on the sale?

3. If Clara is in the 33% tax bracket, what is the tax on the gain (assuming she has no other gains/losses to be netted)?

Reference no: EM131895840

Questions Cloud

What is trade discount accounted for in accounting records : What is trade discount accounted for in accounting records? Give examples for income statement in service organization and merchandising companies
Explain the capital evaluation method strengths : Select one of the capital investment evaluation methods. Fully explain the capital evaluation method's strengths and weaknesses.
Analyze what nike has done to improve the given situation : Analyze what Nike has done to improve this situation since 2011 video. Include use of codes of ethics andother ethical standard implemented within organization.
Possess the allele for red-green color blindness : What proportion of their female progeny will possess the allele for red-green color blindness?
What is clara gain on the sale : Clara received from her Aunt Sona, property with a FMV at the date of the gift of $51,400. What is Clara's gain on the sale
What were the total cash receipts during march : March 1 Sold merchandise on credit to Dave Allen; issued Sales Slip 101 for $600 plus sales tax of $36. What were the total cash receipts during March
Prepare a memo to management regarding delayed wage payments : As the senior accountant, the Chief Financial Officer has asked you to prepare a memo to be sent to management notifying them of the delayed wage payments.
What is the author purpose for creating source : 1. What is the author's purpose for creating this source? 2. Who is the author's intended audience and why were they chosen? Please be specific
How the raven in edgar allen poe the raven helps : Analyze how the raven in Edgar Allen Poe's "The Raven" helps to develop the speaker's character. Be sure to use specific details from the poem to support

Reviews

Write a Review

Accounting Basics Questions & Answers

  Show how the 3000000 of short-term debt should be presented

on december 31 2014 hernandez company had 3000000 of short-term debt in the form of notes payable due february 2 2015.

  Aftertax cash flow from the sale

If the relevant tax rate is 34 percent, what is the aftertax cash flow from the sale of this asset? (Do not round your intermediate calculations.)

  Vanessa company is evaluating a project requiring a capital

vanessa company is evaluating a project requiring a capital expenditure of 480000. the project has an estimated life of

  The company experienced an unrealized decrease in the value

on january 1 2014 hammer company listed the following shareholders equity section of its balance sheetcontributed

  A bond issued by cornwallis inc 15 years ago has a coupon

a bond issued by cornwallis inc. 15 years ago has a coupon rate of 7 and a face value of 1000. the bond will mature in

  What is their production cost per unit for may

In June they plan to produce 3,000 units. What is their production cost per unit for May and total production costs for June

  What is a characteristic line

What is a characteristic line? How is this line used to estimate a stock's beta coefficient? Write out and explain the formula that relates total risk, market risk, and diversifiable risk.

  Compute roi, using net book value for each year

Compute ROI, using net book value for each year. Compute ROI, using gross book value for each year.

  Cost-volume-profit analysis is based on three basic

cost-volume-profit analysis is based on three basic assumptions. which of the following is not one of these

  Preparing a statement of cash flows

Preparing a Statement of Cash Flows from Changes in Balance Sheet Accounts

  Pereira estimates that the warranty cost

On August 1, 2010, Pereira Corporation has ready for sale 2,000 Wiglow instruments.

  Discuss what is wicker companys contribution margin ratio

What is Wicker Companys contribution margin ratio? Round to one decimal place

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!

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