What is the realized gain and recognized gain

Assignment Help Accounting Basics
Reference no: EM13152438

On January 2, Year 3, Tasha Corp purchased and placed into service 7-year MACRS tangible property costing $100,000. On December 31, Year 5, Tasha sold the property for $102,000, after having taken $47,525 in MACRS depreciation deductions. What is the realized gain, recognized gain and character (1231 (capital) v. ordinary)?

Reference no: EM13152438

Questions Cloud

How much energy in kilojoules is required : How much energy in kilojoules is required to convert 260 mL of water at its boiling point from liquid to vapor?
Find general solution of the ordinary differential equation : Find a general solution of the following ordinary differential equations and find the general solution of the following ordinary differential equation
What are the firm variable costs : Suppose the firm chooses this input combination. What is the firm's short run cost function? What are the firm's fixed costs? What are the firm's variable costs?
Movie option : Your first movie paper option is on the controversial 1997 movie, Amistad, directed by Stephen Spielberg. You are responsible for securing a copy of this film for viewing.
What is the realized gain and recognized gain : On December 31, Year 5, Tasha sold the property for $102,000, after having taken $47,525 in MACRS depreciation deductions. What is the realized gain, recognized gain and character (1231 (capital) v. ordinary)?
Parable of the prodigal son : I need 2 Paragraph answer to this questions or (16 to 17 sentences). My answer was'nt enough. Question: In the Parable of the Prodigal Son why do you think the father said, "this brother of yours was dead and is alive again;
Journal entry for one year insurance policy : On April 1, 2005, Hofiani Company purchased a one year insurance policy for $3,600. What was the journal entry which Hofiani Company made on April 1, 2005?
Price earnings ratio on common stock : Orchard"s net income for the year ended December 31 was $50,000. The yearly preferred dividend was declared. No capital stock transactions occurred. What was the price earnings ratio on Orchard"s common stock at December 31?
Price earnings ratio on common stock : Orchard"s net income for the year ended December 31 was $50,000. The yearly preferred dividend was declared. No capital stock transactions occurred. What was the price earnings ratio on Orchard"s common stock at December 31?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Equivalent units of the weighted average method

Compute the equivalent units of the weighted average method? Beginning inventory, 8000 partially completed Transferred out, 42000 gallons Ending inventory (materials are 10% complete; conversion costs are 20% complete) Started this month, 48000 gallo..

  Discussion of the feasibility of the project

Prepare a summary cash budget for the year, showing any borrowing and repayment of debt with interest. Discuss Big Als ability to repay the expansion loan. Include a discussion of the feasibility of the project. Include qualitative factors to be c..

  Calculate the reorder point for denim cloth

The Denim World sells fabrics to a wide range of industrial and consumer users. One of the products it carries is denim cloth, used in the manufacture of jeans and carrying bags.

  Analyzing and close a commerical loan

Management estimates that it costs $500 to analyze and close a commerical loan. This amount has been included in the $250,000 of inderict costs. How much of the $250,000 indirect costs should be allocated to the Consumer Department?

  Projects having payback period

Bonds uses a discount rate of 11 percent and wants projects to have a payback period of no longer than five years. Present value tables or a financial calculator are required.

  Annual depreciation and end of year accumulation

Prepare a schedule showing the annual depreciation and end of year accumulated depreciation for the first three years of the asset's life under the straight-line method.

  What was the firms budgeted payables balance

If purchases for April, May, and June were $200,000, $160,000, and $250,000, respectively, what was the firm's budgeted payables balance on June 30?

  Affecting the election

Mary, a U.S. citizen owned 25% of the stock of Floran Corporation, an electing S corporation. At the time of her death, the Floran stock may go to all the following without affecting the S election except

  Pervasive factors-misstate assertions in expenditure cycle

Identify several pervasive factors that might motivate management to misstate assertions in the expenditure cycle.

  Accounting for troubled debt restructuring

Ludwig, Inc., which owes Giffin Co. $2,400,000 in notes payable, is in financial difficulty. To eliminate the debt, Giffin agrees to accept from Ludwig land having a fair value of $1,830,000 and a recorded cost of $1,350,000.

  Process of cost committment during various phases

Using published sources, identify the process of cost committment during various phases of some product's life cycle. Try to find several examples so that you can contrast the rate of cost committment for different products.

  Ethical dilemma for the controller

Does the president's request pose an ethical dilemma for the controller?

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