{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T18:12:24-04:00", "answer_date": "2024-05-26 18:12:24", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1753648", "url": "\/study-help\/questions\/all-of-the-assets-are-1231-assets-automobile-2000-gain-1753648", "question_creation_date_js": "2024-05-26T18:12:24-04:00", "question_creation_date": "May 26, 2024 06:12 PM", "meta_title": "[Solved] All of the assets are $1231 assets: autom | SolutionInn", "meta_description": "Answer of - All of the assets are $1231 assets: automobile $2,000 gain, machinery $5,000 gain, furniture $1,000 loss, and equipmen | SolutionInn", "meta_keywords": "assets,$1231,automobile,$2,000,gain,machinery,$5,000,furniture,$1,000,loss,equipment,$9,000", "question_title_h1": " All of the assets are $1231 assets: automobile $2,000 gain, machinery $5,000 gain, furniture $1,000 loss, and equipment $9,000 loss. This results in $7,000", "question_title": " All of the assets are $1231 assets: automobile $2,000 gain, machinery", "question_title_for_js_snippet": "All of the assets are $1231 assets automobile $2,000 gain, machinery $5,000 gain, furniture $1,000 loss, and equipment $9,000 loss This results in $7,000 ordinary gain and $10,000 1231 loss The $1231 look back rule only applies when there is a net 1231 gain The general rule regarding the exchanged basis in a like kind exchange is O The basis is equal to the fair market value of the new property The basis is equal to the fair market value of the old property O The basis is equal to the adjusted basis of the old property O The basis is equal to the cost basis of the old property All of these ", "question_description": "\"image", "transcribed_text": "All of the assets are $1231 assets: automobile $2,000 gain, machinery $5,000 gain, furniture $1,000 loss, and equipment $9,000 loss. This results in $7,000 ordinary gain and $10,000 1231 loss. The $1231 look-back rule only applies when there is a net 1231 gain. The general rule regarding the exchanged basis in a like-kind exchange is: O The basis is equal to the fair market value of the new property. The basis is equal to the fair market value of the old property. O The basis is equal to the adjusted basis of the old property. O The basis is equal to the cost basis of the old property. All of these.", "related_book": { "title": "Fundamental Managerial Accounting Concepts", "isbn": "978-0077632427, 77632427, 78025656, 978-0078025655", "edition": "7th edition", "authors": "Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/276.jpg", "uri": "\/textbooks\/fundamental-managerial-accounting-concepts-7th-edition-276", "see_more_uri": "" }, "free_related_book": { "isbn": "979-8491158850", "uri": "\/textbooks\/floral-accounting-ledger-book-debit-and-credit-accounting-ledger-log-book-for-personal-small-business-or-home-based-businesses-1st-edition-979-8491158850-125668", "name": "Floral Accounting Ledger Book Debit And Credit Accounting Ledger Log Book For Personal Small Business Or Home Based Businesses", "edition": "1st Edition" }, "question_posted": "2024-05-26 18:12:24", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-22", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/4-pts-a-lottery-winner-will-receive-05-mulhon-at-332800", "description": "4 pts A lottery winner will receive $0.5 mulhon at the end of each of the next se yearn. What is the future value of her winnings at the time of her final payment, given that the interest rate is 6%...", "stars": 3 }, { "url": "\/rollins-and-cohen-cpas-offer-three-types-of-services-to", "description": "Rollins and Cohen, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been...", "stars": 3 }, { "url": "\/study-help\/supervision-concepts-skill\/visit-one-or-more-of-the-following-websites-which-each-1806293", "description": "Visit one or more of the following websites, which each provide links to a variety of hypothetical practice tests: a. SHL Talent Measurement: Practice Tests: http:\/\/www....", "stars": 3 }, { "url": "\/study-help\/psychology\/what-questions-do-you-have-for-us-1980596", "description": "What questions do you have for us?", "stars": 3 }, { "url": "\/fourdrive-theory-is-conceptually-different-from-maslows-needs-hierarchy-as", "description": "Four-drive theory is conceptually different from Maslows needs hierarchy (as well as ERG theory) in several ways. Describe these differences. At the same time, needs are based on drives, so the four...", "stars": 3 }, { "url": "\/study-help\/questions\/you-buy-a-share-of-the-ludwig-corporation-stock-for-9879621", "description": "You buy a share of The Ludwig Corporation stock for $23.10. You expect it to pay dividends of $1.11,$1.1921, and $1.2803m Years 1,2 , and 3, respectively, and you expect to sell it at a price of...", "stars": 3 }, { "url": "\/study-help\/questions\/a-medical-center-is-interested-in-studying-the-impact-an-4447942", "description": "A medical center is interested in studying the impact an electronic medication information system could have on the percentage of patients who experience an adverse drug reaction (ADE) due to...", "stars": 3 }, { "url": "\/study-help\/questions\/part-d-consider-the-function-m-x-3-fx-1004598", "description": "Part D Consider the function, m (x 3) f(x) = (x+5) (x 8) where m represents a real number. #9 Using what you know about rational functions, what is the equation of the horizontal asymptote? #10 Use...", "stars": 3 }, { "url": "\/study-help\/questions\/forten-companys-current-year-income-statement-comparative-balance-sheets-and-5486769", "description": "Forten Company's current year Income statement, comparative balance sheets, and additional Information follow. For the year. (1) all sales are credit sales, (2) all credits to Accounts Receivable...", "stars": 3 }, { "url": "\/study-help\/questions\/compose-a-thoughtful-response-to-the-original-post-with-a-999625", "description": "Compose a thoughtful response to the original post with a reference source and link, This week I'd like to dive into the company Amazon, and how they implement information systems for strategic...", "stars": 3 }, { "url": "\/study-help\/questions\/brief-the-following-case-by-using-filar-for-structure-and-5454578", "description": "Brief the following case by using FILAR for structure and discuss the legal rules that applied to each issue and the reasons for the decision. Wright v. McArthur, 2005 BCSC 1797 case in a document...", "stars": 3 }, { "url": "\/study-help\/questions\/9-a-dual-cycle-operates-with-an-air-intake-of-1024189", "description": "9. A dual cycle operates with an air intake of 1 bar and 50C. The compression ratio is 15:1 and the maximum pressures and temperatures reached in the cycle are 75 bar and 2200C. (a) Sketch a p-V and...", "stars": 3 }, { "url": "\/study-help\/questions\/forten-company-statement-of-cash-flows-use-the-following-information-8399095", "description": "FORTEN COMPANY Statement of Cash Flows Use the following information for the Problems below. Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, ( al...", "stars": 3 }, { "url": "\/study-help\/questions\/prairie-outfitters-inc-a-retailer-accepts-payment-through-credit-cards-during-august-162444", "description": "Prairie Outfitters, Inc., a retailer, accepts paymnent through credit cards. During August, credit card sales amounted to $12,000. The processor charges a 3% fee. Assuming that the credit card...", "stars": 3 }, { "url": "\/study-help\/corporate-finance\/16-suppose-the-september-eurodollar-futures-contract-has-a-price-1675893", "description": "16. Suppose the September Eurodollar futures contract has a price of 96.4. You plan to borrow $50m for 3 months in September at LIBOR, and you intend to use the Eurodollar contract to hedge your...", "stars": 3 }, { "url": "\/study-help\/corporate-finance\/11-what-is-the-rate-on-a-synthetic-fra-for-1675888", "description": "11. What is the rate on a synthetic FRA for a 180-day loan commencing on day 180? Suppose you are the counterparty for a borrower who uses the FRA to hedge the interest rate on a $10m loan. What...", "stars": 3 }, { "url": "\/study-help\/corporate-finance\/12-suppose-you-are-the-counterparty-for-a-lender-who-1675889", "description": "12. Suppose you are the counterparty for a lender who enters into an FRA to hedge the lending rate on $10m for a 90-day loan commencing on day 270. What positions in zero-coupon bonds would you use...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/data-concerning-a-recent-periods-activity-in-the-assembly-department-1753647", "next": "\/study-help\/questions\/e15-shane-cooke-began-a-business-cooke-company-on-january-1753649" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": " All of the assets are $1231 assets: automobile $2,000 gain, machinery", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/all-of-the-assets-are-1231-assets-automobile-2000-gain-1753648" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } } }