What was the amount of the real estate fee?
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- where did you get $1150/12 for the depreciaition expenseBoot Realty LLC receives cash of $75,000 upon completing a Section 1031 exchange. The cash received will be treated as: A long-term gain. Taxable. Reduction in the basis of the replacement property. A deferment until the replacement property is sold. Closing costs payment.Determine the treatment of a loss on rental property under the following facts: Basis $650,000 FMV before the loss 800,000 FMV after the Joss 200,000 The amount of the loss is $ which is a deduction for AGI - v.
- Compute the following. 1. Total gain. 2. Contract price. 3. Payments received in the year of sale. 4. Recognized gain in the year of sale and the character of such gain. а. (Hint: Think carefully about the manner in which the property taxes are han- dled before you begin your computations.) b. Same as parts (a)(2) and (3), except that Kay's basis in the property was $35,000.What is the sellars gain on repossessed property with a fair market value of 17,000 on the date of repossession, where the sellers basis is13,000, and the costs of repossession were 900? Gain of 12,100, gain of 4,000, gain of 3,100 or 900.Assume the seller owes $113,000 on a loan for the land. After receiving the $770,000 cash in, the seller pays $113,000 that's owed.
- the following expeditures were incurred by Obermeyer company in purchasing land : cash price $70,000, accured taxes $3,000, attorneys' fee $2500, real estate broker's commission $2000, and clearing and grading $3500. what is the cost of the lamnd?A building with an appraisal value of $135,757 is made available at an offer price of $158,563. The purchaser acquires the property for $34,867 in cash, a 90-day note payable for $23,496, and a mortgage amounting to $58,384. The cost basis recorded in the buyer's accounting records to recognize this purchase isWould you please explain how to find the minimum taxable capital gain to be reported in Year 2? sold capital property in Year 1 for net proceeds of $500,000. The property has an adjusted cost base of $100,000. C received $200,000 at the time of the sale and a note for the balance to be paid in equal annual instalments over the following three years. What is the minimum taxable capital gain to be reported in Year 2?
- Is a deduction allowed under the MACRS rules for depreciable real estate (used in a business or held for investment) in the year the property is sold? If so, explain how it is calculated. O A. Yes, a deduction is allowed under the MACRS rules for depreciable real estate in the year the property is sold. It is assumed that the asset is held for the entire year. The amount of depreciation is computed by taking 100% of the annual depreciation. O B. No, there is no deduction allowed under the MACRS rules for depreciable real estate in the year the property is sold. O C. O D. Yes, a is deduction allowed under the MACRS rules for depreciable real estate in the year the property is sold. It is assumed that the asset is held for half the year. The amount of depreciation is computed by taking 6/12's of the annual depreciation. Yes, depreciation for real estate is computed using tables that follow the mid-month convention, so depreciation is allowed in the year of sale. The amount of…Following are descriptions of land purchases in four separate cases. Requireda. Determine the cost used for recording the land acquired in each case.b. Record the journal entry for each case on the date of the land’s acquisition. Note: Round your answers to the nearest whole dollar. Case One 1. At the midpoint of the current year, a $32,000 check is given for land, and the buyer assumes the liability for unpaid taxes in arrears of $800 at the end of last year and those assessed for the current year of $720. a. Determine the cost used for recording the land acquired.Cost of land $Answer b. Record the journal entry on the date of the Account NameDr.Cr. Answer Answer Answer To record land acquisition.The decedent had the following data: Value of property at the time of sale 4,500,000Value of consideration 5,000,000Value of property at the time of death 5,500,000 What is the amount includible in the gross estate?