Anton purchases a building on May 4, 2002, at a cost of $270,000. The land is properly
Question:
Anton purchases a building on May 4, 2002, at a cost of $270,000. The land is properly allocated $30,000 of the cost. Anton sells the building on October 18, 2020, for $270,000. What is the character of Anton’s gain or loss on the sale if he uses the regular MACRS system and the building is
a. An apartment building?
b. An office building?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
a The depreciation on the apartment building is 151993 with an adjusted basis of 118007 at the date ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Concepts In Federal Taxation 2021
ISBN: 9780357141212
28th Edition
Authors: Kevin E. Murphy, Mark Higgins, Randy Skalberg
Question Posted:
Students also viewed these Business questions
-
Anton purchases a building on May 4, 1999, at a cost of $270,000. The land is properly allocated $30,000 of the cost. Anton sells the building on October 18, 2016, for $270,000. What is the character...
-
Assume that the building in problem 68 is an apartment building held for investment. In addition to the sale of the building, Anton has the following capital gains and losses during 2020: Short-term...
-
Anton purchases a building on May 4, 1994, at a cost of $270,000. The land is properly allocated $30,000 of the cost. Anton sells the building on October 18, 2011, for $270,000. What is his gain or...
-
Under special case ll in the Routh Hurwitz, we replace the zero row with* Coefficients of the derivative of the auxiliary equation Coefficients of the auxiliary equation Arbitrary small numbers Roots...
-
Auto insurance companies are beginning to consider raising rates for those who use cell phones while driving. A consumer group claims that the problem really isn't too serious because only 10% of...
-
Kusmaul Electric sold $500,000, 10%, 10-year bonds on January 1, 2010. The bonds were dated January 1 and paid interest on January 1 and July 1.The bonds were sold at 104. Instructions (a) Prepare...
-
Should a forensic accountant have a CPA certificate? What other certificates are appropriates
-
The budget director of Jupiter Helmets Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the...
-
You??ve observed the following returns on Crash-n-BurnComputer??s stock over the past five years: 3 percent, ?10 percent,24 percent, 15 percent, and 16 percent. What was the arithmetic 2 answers
-
A lottery offers 500,000 prizes, two 100,000 prizes, and four 25,000 prizes. Fifty thousand tickets are sold at 50 each. Find the expectation if a person buys 25 tickets.
-
Thuy bought a rental house in 2012 for $75,000. In 2020, she sells it for $86,000. Thuy properly deducted $22,000 in depreciation on the house before its sale. a. What is the amount and character of...
-
Avalon, Inc., buys equipment costing $150,000 in 2017, and sells it in 2020. Avalon deducts $94,000 in depreciation on the equipment before the sale. What is the character of the gain or loss on the...
-
In each years NCAA basketball tournament there are four #1 seeds. For a #1 seed to make the Final Four, a team needs to win its first four games. Assume each #1 seed has a 0.7 chance to win each of...
-
a. What responsibility does the auditor have when he believes material errors or irregularities may exist? b. What are the possible effects of the foregoing on the auditor's standard report?
-
What are the steps for paying sales tax?
-
a. Can an examination made in accordance with generally accepted auditing standards be relied upon to detect illegal acts? Why or why not? b. What are the possible effects of illegal acts on the...
-
Jackson was a junior staff member of an accounting firm. He began the audit of the Bosco Corporation which manufactured and sold expensive watches. In the middle of the audit, he quit. The accounting...
-
What are the new features of Project Professional 2016?
-
Set out the arguments in favor of absorption costing?
-
Evaluate each logarithm to four decimal places. log 0.257
-
Identify the management, organization, and technology factors responsible for impeding adoption of internal corporate social networks.
-
Compare the experiences implementing internal social networks of the two organizations. Why were they successful? What role did management play in this process?
-
Should all companies implement internal enterprise social networks? Why or why not?
-
The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets 2021 2020 $ 85,100 71,000 67,800 $ 48,000 55,000 92,500 4,800 6,200 228,700...
-
Internal Rate of Return (IRR) : Find the IRR for a project with an initial investment of $100,000 and expected cash inflows of $30,000 annually for 5 years. How does the IRR help in assessing the...
-
The Cutting Department of Ivanhoe Company has the following production and cost data for July. Production Costs 1. Completed and transferred out 10,320 units. Beginning work in process $0 2. 2,580...
Study smarter with the SolutionInn App