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subject -Income taxation( please do the calculation and get the correct answer for 1-3) show works. please note marked answer possibly wrong. thank you Questions
subject -Income taxation( please do the calculation and get the correct answer for 1-3) show works. please note marked answer possibly wrong. thank you
Questions 1-25-Multiple Choice Questions 1 through 3 Barry sold depreciable property used in his business to Ken for $172,000 cash plus a bond redeemable in 5 years for $85,000, but currently trading on the NYSE for $78,000. The property cost Barry $320,000 plus $35,000 in capital improvements and had actual accumulated depreciation at the time of the sale of $205,000. The amount of accumulated depreciation he should have taken was $180,000. realized on the sale of the depreciable property? 2. What is the adjusted basis of the property at the nme on un a. $320,000 (b) $175,000 320+ c. $115,000 d. $150,000. e. None of the above. 3. What is the recognized gain or loss? a. $70,000 Loss (b) $75,000 Gain c. $100,000 Gain d. $22,000 Gain c. None of the above Step by Step Solution
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