FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ava exchanges a machaine used in her business with Gailfor another machine. The basis of Ava's old machine is $50000, the fmv $66000 and she

Ava exchanges a machaine used in her business with Gailfor another machine. The basis of Ava's old machine is $50000, the fmv $66000 and she gives gail cash of $14000 Gails basis in her machine is $70000 and the FMV IS $80000. what is Ava's adjusted basis in the new machine she receives.? Choose one?

a. $66000

b. $50000

c. $80000

d. $64000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting In An Economic Context

Financial Accounting In An Economic Context

Authors: Jamie Pratt

7th Edition

0470128828, 978-0470128824

More Books

Students also viewed these Accounting questions

Question

★★★★★
Oriole Savings Association has a ratio of equity capital to total assets of 9 percent. In contrast, Cardinal Savings reports an equity-capital-to-asset ratio of 7 percent. What is the value of the...

Answered: 1 week ago

Question

★★★★★
(a)Explain the concept of Resources Mobilization. (b) With the aid of a diagram explain Solow growth model. (c) One of the positive effects of population growth on economic growth is "Economies of...

Answered: 1 week ago

Question

★★★★★
Focus on the interview.

Answered: 1 week ago

Question

★★★★★
Adams, Inc. customers mail in their orders to the Adams customer service center where clerks open the orders and review them for accuracy. The clerks then key orders into the computer at which time...

Answered: 1 week ago

Question

★★★★★
Select the string that is not an element of the set: {a,b}0{a,b}1{a,b}2 a. b. b c. a a d. a b a Select the set that is not equal to {4,3,2,1,0}. a. {0,4,3,2,1} b. {xZ:x

Answered: 1 week ago

Question

★★★★★
The Westfield branch of Security Home Bank has submitted the following cost data for last year: Teller wages $ 157,000 Assistant branch manager salary 67,000 Branch manager salary 87,000 Total $...

Answered: 1 week ago

Question

★★★★★
For the following situation, identify the fallacy (or fallacies) associated with it. The Fallacies were 1) There are data mining tools that we can turn loose on our data repositories, and find...

Answered: 1 week ago

Question

★★★★★
Convert the following IPv6 address given in binary to its canonical text representation shown in step 1. 11010011 00000101 11111100 10101010 00000000 11000000 11100111 00111100 01010000 11000001...

Answered: 1 week ago

Question

★★★★★
Imagine your sister calls you and starts sharing the difficulty she is having at work with the team she is leading. Many members of her team are experiencing interpersonal conflict with each other...

Answered: 1 week ago

Question

★★★★★
Subject :- CREDIT & RISK MANAGEMENT Total Marks: 10 SEMESTER FALL 2021 CREDIT & RISK MANAGEMENT (FIN625) Assignment 2 - Due Date: February 22, 2022 Topic: COLLATERAL ABC bank is a well-established...

Answered: 1 week ago

Question

★★★★★
Portions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income Statement For the Year Ended December 31, 2024 ($ in thousands) Revenues and gains: Sales Gain on...

Answered: 1 week ago

Question

★★★★★
=+3. How do competencies, strategy, structure, and the external environment combine to create a successful organization?

Answered: 1 week ago

Question

★★★★★
=+5. Walmart argues that it provides valuable jobs to small communities and should be allowed to grow. Critics argue that these jobs are often low paying, with few benefits. What is your position? Is...

Answered: 1 week ago

Question

★★★★★
=+Which do you prefer? What is your impression of Walmarts new logo and slogan?86 Do you get the sense that Walmart is genuine in its commitment to sustainability issues, or is it just an example of...

Answered: 1 week ago

Previous Question Next Question