Business, 01.04.2021 15:40 graymonky12

Mr. Almond farmed a total of 200 acres of land, comprised of two parcels of land located about one-half mile apart. One parcel was 120 acres, and the second parcel was 80 acres. Mr. Almond found moving his workers and equipment between the two parcels to be very expensive. He approached the ABC farming partnership, which owned 80 acres next to Mr. Almond’s 120-acre parcel, about joining the partnership. Mr. Almond has a cost basis of $100,000 in his 80 acres. The fair market value of his 80 acres at the time of the proposed exchange was $400,000, and the fair market value of the ABC partnership’s 80 acres was $350,000. In 2020, Mr. Almond transferred his 80 acres to the ABC partnership and received a $350,000 interest in the ABC partnership, plus $50,000 cash. What was the amount of Mr. Almond’s recognized gain in 2020?

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 15:20

Garfield corporation is considering building a new plant in canada. it predicts sales at the new plant to be 50,000 units at $5.00/unit. below is a listing of estimated expenses. category total annual expenses % of annual expense that are fixed materials $50,000 10% labor $90,000 20% overhead $40,000 30% marketing/admin $20,000 50% a canadian firm was contracted to sell the product and will receive a commission of 10% of the sales price. no u.s. home office expenses will be allocated to the new facility. the contribution margin ratio for garfield corporation is

Answers: 2

Answer

Business, 22.06.2019 16:30

Bernard made a gift of $500,000 to his brother in 2014. due to bernard’s prior taxable gifts he paid $200,000 of gift tax. when bernard died in 2019, the applicable gift tax credit had increased. at bernard’s death, what amount related to the $500,000 gift to his brother is included in his gross estate?

Answers: 3

Answer

Business, 22.06.2019 16:40

An electronics store is running a promotion where for every video game purchased, the customer receives a coupon upon checkout to purchase a second game at a 50% discount. the coupons expire in one year. the store normally recognized a gross profit margin of 40% of the selling price on video games. how would the store account for a purchase using the discount coupon?

Answers: 3

Answer

Business, 22.06.2019 22:20

Which of the following events could increase the demand for labor? a. an increase in the marginal productivity of workers b. a decrease in the amount of capital available for workers to use c. a decrease in the wage paid to workers d. a decrease in output price

Answers: 1

Answer

You know the right answer?

Mr. Almond farmed a total of 200 acres of land, comprised of two parcels of land located about one-h...

Questions