On July 16, 2020, Logan acquires land and a building for $500,000 to use in his sole proprietorship. Of the purchase price, $400,000 is allocated to the building, and $100,000 is allocated to the land. Cost recovery of $4,708 is deducted in 2020 for the building (nonresidential real estate). a. What is the adjusted basis for the land and the building at the acquisition date? Land Building b. What is the adjusted basis for the land and the building at the end of 2020? Land Building
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- Aber Company buys land for $145,000 in 2021. As of 3/31/22, the land has appreciated in value to $151,000. On 12/31/22, the land has an appraised value of $155,400. By what amount should the Land account be increased in 2022? Group of answer choices $6,000 $4,400 $0 $10,400Download Schedule D of 1040, given the following information, complete through part III of Schedule D: Nicholas Jack with social security number 555-25-5566. He has an STCL carryover of $250 from last year. Land was sold for $40,000. The land was received as a property settlement on January 10, 2020, when the land’s FMV amounted to $35,000. His ex-wife’s basis for the land, purchased on January 10, 2004, was $20,500. Marketable securities held as an investment were sold for $25,000. The securities were inherited from his uncle, who died on April 12 of the current year when FMV of the securities was $26,000. The uncle purchased the securities on July 12, 2000, for $10,000.Sol purchase lands as an investment on Jan 12, 2015 for $85,000. On Jan 31, 2019 Sold sold the land for $90,000 cash. What is the nature of the gain or loss?
- Q6. Land was acquired for $200 000 on 1 July 2017. On 30 June 2018 it has a fair value of $150 000. On 30 June 2020, due to increased population, the land is considered to have a fair value of $270 000. Write the journal entries needed.Sadaf Oman Company purchased a land for RO 250,000 in 2010. In October 2020, the company sold this land for RO 1,000,000. In addition, the company purchased a building for RO 80,000 in July 2019. The land and building were reported on the December 31, 2019 statement of financial position at O a. None of the options are correct O b. RO 750,000 and RO 80,000, respectively OC RO 0 and RO 40,000, respectively O d. RO 200,000 and RO 80,000, respectively O e. RO 1,000,000 and RO 80,000, respectivelyrespectivelySadaf Oman Company purchased a land for RO 250,000 in 2010. In October 2020, the company sold this land for RO 1,000,000. In addition, the company purchased a building for RO 80,000 in July 2019. The land and building were reported on the December 31, 2019 statement of financial position at O a. None of the options are correct O b. RO 750,000 and RO 80,000, respectively OC RO 0 and RO 40,000, respectively O d. RO 200,000 and RO 80,000, respectively O e. RO 1,000,000 and RO 80,000, respectively
- On October 3, 2023, Stella purchased an office building for $2,200,000. The land was valued at $500,000. On July 5, 2027 Stella sold the office building. Calculate Stella’s cost recovery deduction for 2023. Calculate Stella’s cost recovery deduction for 2027.In year 0, Longworth Partnership purchased a machine for $53,000 to use in its business. In year 3, Longworth sold the machine for $42,400. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $22,800. Note: Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Problem 3-41 Part-a (Algo) a. What are the amount and character of the gain or loss Longworth will recognize on the sale? b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $61,750?01. Martin owns land that is classified as PPE. The land has previously been valued at cost. The land will be revalued using the revaluation model to its fair value on December 31 (the company's year-end). Before revaluation, the land's carrying value was $100,000. The fair value is $125,000 as of December 31, 2021. What journal entry is required to record the revaluation? What entry would've been made if the fair value on December 31, 2022, is $90,000? 02. 1,000,000 of XYZ's no-par common shares were initially offered at a price of $13, Later, XYZ bought back 6,000 shares of these shares at $ 17 a share. XYZ is incorporated under the Canada business corporation Act and therefore retired these shares. Requirement Record the retirement of the shares. 03. ABC. declare a dividend of $100,000 and pays it all at once. Provide the journal entry needed to document the $100,000 dividend if: The dividend is paid in cash The dividend is paid in company stock (stock dividend)
- Q5. PK Ltd acquires a block of land on 1 January 2017 for $200 000 in cash. Due to increased housing demand in the area, the land has a fair value of $290 000 on 1 January 2018.However, the market value falls to $140 000 on 30 June 2019. Write the journal entries needed.Moran owns a building he bought during year 0 for $223,000. He sold the building in year 6. During the time he held the building, he depreciated it by $53,500. What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? (Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable.) Problem 11-44 Part-a (Algo) a. Moran received $200,000. Description Amount Total Gain/(Loss) Recognized Unrecaptured §1250 gain (and §1231 gain) Remaining §1231 gain (loss)What is the journal entry Declan's Designs recorded to recognize the sale of PPE in 2022? Question 7 options: Dr. Cash $6,000Dr. Accumulated Depreciation $1,000Dr. Loss on Sale of PPE $5,000 Cr. PPE $12,000 Dr. Cash $4,000Dr. Accumulated Depreciation $3,000Dr. Loss on Sale of PPE $5,000 Cr. PPE $12,000 Dr. Cash $16,000Dr. Accumulated Depreciation $1,000Dr. Loss on Sale of PPE $5,000 Cr. PPE $22,000 Dr. Cash $4,000Dr. Accumulated Depreciation $1,000Dr. Loss on Sale of PPE $5,000 Cr. PPE $10,000