Wayne Co. 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? $10,400 $4,400 $6,000 $0

Wayne Co. 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? $10,400 $4,400 $6,000 $0

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 64P

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Question

Denger

Wayne Co. 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?
O $10,400
O $4,400
O $6,000
$0

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