C. Ronnie wants to sell his for P350,000 Patrick offers to buy the car at P300,000. The parties negotiated and agreed on P325,000. What is the fair market value of the car?
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- Dudley Morgan gives Barbara Norman property worth $325,000. Dudley's basis in the property is $220,000. (a.) If Barbara sells the property for $375,000, what is her gain or loss on the sale? (b.) If Barbara sells the property for $295,000, what is her gain or loss? (c.) If the fair market value equals $270,000 and Barbara sells the property for $230,000, what is the gain or loss? * Explain in Full detail.Maud exchanges a rental house at the beach with an adjusted basis of $225,000 and a fair market value of $200,000 for a rental house at the mountains with a fair market value of $180,000 and cash of $20,000. What is the recognized gain or loss? a. ($20,000) b. ($25,000) c. None of these d. $20,000 e. $0Hasanian is intended to buy a house having price of $600000. He approaches to Islamic bank to buy a house and therefore paid 20% as a down payment i.e. $120000 while the remaining 80% i.e. $480,000 provided by Islamic bank. Under the agreement 20% of house belonging to Hasanian while remaining 80% to Islamic bank. As per the market, fair rental for the same type of house is $4000 per month. Therefore, Hasanian pays $3200 as rent for the 80% share of Islamic bank at the beginning of the agreement. Islamic bank has provided this financing for 30 years. Taking into consideration rental value of the house and the time duration of the financing, Islamic bank has asked Hasanian to pay fixed monthly payments which consist each month rent for using the bank share of house and equal monthly payment to buy bank’s portion of the house. Using the above information you are required to make a monthly payment excel spreadsheet.
- Mr. Anthony orally agreed to sell his refrigerator for P10,000 to Ms. Johnson who made a partial payment of P4,000. Later, Mr. Anthony denied there was such a sale. Can Ms. Johnson enforce the sale considering that the contract was oral and the price was more than P 500? Explain.Angela exchanges a rental house at the beach with an adjusted basis of $180,000 and a fair market value of $160,000 for a rental house at the mountains with a fair market value of $148,000 and cash of $12,000. What is Angela’s recognized gain or loss? Group of answer choices $148,000 ($20,000) $12,000 $0Assume that A values his house at $90,000. B is willing to pay $110,000 for A’s house in order torelocate closer to work. After signing a contract, B’s employer announces that the company will moveto another city. In view of this fact, the value of the house to B is reduced to $75,000. From anefficiency viewpoint, who should own the house, A or B?How will the parties achieve efficiency in allocating the house if the court enforces the contract?
