c. What is the partnership's basis in the contributed equipment? 292,800 X
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- Exercise 14-20 (Algorithmic) (LO. 3) Sebastian purchases two pieces of equipment for $161,000. Appraisals of the equipment indicate that the fair market value of the first piece of equipment is $112,700 and that of the second piece of equipment is $177,100. What is Sebastian's basis in these two assets? If required, round your interim calculations to two decimal places. Use rounded amounts in subsequent computations. If required, round final answers to the nearest dollar. Sebastian's basis for the first piece of equipment is $ 43,953 X and $ 108,031 X for the second piece of equipment. Show Transcribed Text 1st equip 2nd equip 1st ratio 2nd ratio 1st basis 2nd basis S 112700 177100 289800 SUM(E10:E11) 0.39 =E10/(E12) 0.61 =E11/(E12) C 43828 E10 E14 108228 =E11*E15 112700 177100 289800 -SUM(G10:G11) 0.39 0.61 43953 =G10 G14 108031 =G11 G15Accounting 1. Sally has the following for 2021: a $12,000 § 1245 gain a $38,000 § 1231 gain a $36,000 § 1231 loss a $2,000 § 1231 lookback loss a $18,000 long-term capital gain a $3,500 long-term capital loss. a. Determine her ordinary gain or loss amount for 2021. Enter an absolute amount. b. Determine her LTCG or LTCL amount for 2021. Enter an absolute amount. 23. Molly exchanges a rental building, which has an adjusted basis of $625,000, and FMV of $715,000 for another rental house which has a fair market value of $565,000. She also receives $150,000 in cash. What is the recognized gain or loss the new rental house?Exercise 13-29 (Algorithmic) (LO. 3) Sebastian purchases two pieces of equipment for $137,000. Appraisals of the equipment indicate that the fair market value of the first piece of equipment is $95,900 and that of the second piece of equipment is $150,700. What is Sebastian's basis in these two assets? If required, round your interim calculations to two decimal places. Use rounded amounts in subsequent computations. If required, round final answers to the nearest dollar. Sebastian's basis for the first piece of equipment is $ 53,279 x and $ 83,721 x for the second piece of equipment. Feedback vCheck My Work When a taxpayer acquires multiple assets in a lump-sum purchase, the total cost must be allocated among the individual assets.
- EXERCISE 8-10. Problem Solving 2: Gain or loss on realization of non-cash assets; capital deficiency absorption. Joshua, Daniel, and Martha were partners sharing profit and losses in the ratio of 1:2:1, respectively. On March 15, 2019, they decided to liquidate. Capital balances of Joshua, Daniel, and Martha were P215,000, P75,000, and P85,000, respectively. Liabilities amounting to P100,000 had yet to be settled. Total assets, inclusive of P35,000 cash, totaled P475,000. All non-cash assets were sold for only 30% of their book values. Liquidating expenses of P5,000 were also incurred. It was also determined that all partners, except Daniel, were solvent. REQUIRED: 1. How much was the gain or loss on non-cash asset realization? 2. How much cash should Martha infuse to satisfy the liquidation process of the partnership?EXERCISE 8-9. Problem Solving 1: Selling price of non-cash assets; cash distribution. As of December 31, 2019, the books of May, Mae, and Mei showed capital balances of P300,000, P250,000, and P100,000, respectively, and cash balance of P25,000. They shared profits and losses equally. On that date, the partners decided to liquidate due to personal reasons. They sold all non-cash assets to Mia at a loss of P90,000. After settling the liabilities to external creditors amounting to P100,000, the partnership had enough cash to distribute to the partners that included a loan from May in the amount of P12,000. REQUIRED: 1. How much were the non-cash assets sold for? 2. How much cash was distributed to each partner?d. 6. Partners Manalo and Capuno receive an interest allowance of P100,000 and P150,000, respectively, and divide the remaining profits and losses in a 3:1 ratio. If the company sustained a loss of P110,000 during the year, what is the effect on Manalo's capital? a. P82,500 decrease b. P120,000 decrease C. P170,000 decrease d. P105,000 decrease
- Toni calculated her gains and losses from dispositions of Sec. 1231 assets near the end of 20x4. She has a net Sec. 1231 gain of $30,000 and Sec. 1231 lookback losses of $17,000. Which of the following transactions (if Toni completed it in 20x4) would increase her LTCG? O sale of business machine (SP $40,000; cost $56,000; AB $46,000). O sale of business land (held 13 months) (SP $40,000; cost $36,000; AB $36,000). Sale of business land (held 13 months) (SP $40,000; cost $56,000; AB $56,000). None of the answers provided is correct. O Sale of business machine (SP $40,000; cost $56,000; AB $16,000).Exercise 8-7 (Algorithmic) (LO. 6, 7) Jacob purchased business equipment for $114,300 in 2017 and has taken $68,580 of regular MACRS depreciation. Jacob sells the equipment in 2020 for $51,435. What is the amount and character of Jacob's gain or loss? If an amount is zero, enter "0". Jacob has § 1245 gain of $ and § 1231 gain of $Sub :AccountingPls answer very faast.I ll upvote. Thank You Peroni Corporation sold a parcel of land valued at $300,000. Its basis in the land was $250,000. For the land, Peroni received $150,000 in cash in the current year and a note providing Peroni with $150,000 in the subsequent year. What is Peroni's recognized gain in the current and subsequent year, respectively? Group of answer choices $0, $50,000 $10,000, $40,000 $25,000, $25,000 $50,000, $0 None of the choices are correct.
- Required Information [The following information applies to the questions displayed below.] In year 0. Longworth Partnership purchased a machine for $57,500 to use in its business. In year 3, Longworth sold the machine for $38,800. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $27,300. (Loss amounts should be Indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What are the amount and character of the gain or loss Longworth will recognize on the sale? Description Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) §1231 gain/(loss) AmountProblem 1-29 A Brief Overview of Capital Gains and Losses (LO 1.8) Compute the realized and recognized gain or loss for each of the following transactions and classify as short-term or long-term: a. Marge, a single taxpayer, receives $8,000 for the sale of stock she purchased six years ago for $3,000. b. Lisa, a single taxpayer, receives $3,000 for the sale of stock she purchased six months ago for $8,000. c. Bart and Maggie, married filing jointly taxpayers, receive $3,000 for the sale of stock they purchased three years ago for $10,000. d. Homer, a single taxpayer, receives $12,000 on the sale of his personal-use motorcycle. He purchased the motorcycle four months ago for $16,000. e. Mo, a single taxpayer, receives $16,000 on the sale of his personal-use motorcycle. He purchased the motorcycle four years ago for $12,000. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) rå ក T Gain/(loss) Realized 5,000 -5,000 -7,000 -4,000 ✓…Problem 1-29 A Brief Overview of Capital Gains and Losses (LO 1.8) Compute the realized and recognized gain or loss for each of the following transactions and classify as short-term or long-term: a. Marge, a single taxpayer, receives $8,000 for the sale of stock she purchased six years ago for $3,000. b. Lisa, a single taxpayer, receives $3,000 for the sale of stock she purchased six months ago for $8,000. c. Bart and Maggie, married filing jointly taxpayers, receive $3,000 for the sale of stock they purchased three years ago for $10,000. d. Homer, a single taxpayer, receives $12,000 on the sale of his personal-use motorcycle. He purchased the motorcycle four months ago for $16,000. e. Mo, a single taxpayer, receives $16,000 on the sale of his personal-use motorcycle. He purchased the motorcycle four years ago for $12,000. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) a. b. C. d. e. Gain/(loss) Realized $ $ $ Gain/(loss)…
