Purchase Solution

Various Accounting problems

Not what you're looking for?

Ask Custom Question

(TCO E) Josh sold a piece of business equipment that had an adjusted basis to him of $50,000. In return for the equipment, Josh received $80,000 cash and a painting with a fair market value of $20,000 from the buyer. The buyer also assumed Josh's $25,000 loan on the equipment. Josh paid $5,000 in selling expenses. What is the amount of Josh's gain on the sale? (Points: 6)
1- $90,000
2- $125,000
3- $80,000
4- $70,000

(TCO I) Ben's property, which has an adjusted basis of $25,000, is condemned by the state government. The authorities replace his property with other qualified property which cost them $120,000. What is Ben's recognized gain? (Points: 6)
1- $35,000
2- $85,000
3- $120,000
4- $0

(TCO D) Sean, a calendar year taxpayer, purchased stock on June 18, 2006, for $7,000. The stock became worthless on June 4, 2007. What is Sean's loss in 2007?
1- $7,000 long-term capital loss
2- $7,000 short-term capital loss
3- No loss
4- $7,000 itemized deduction for investments

Purchase this Solution

Solution Summary

The solution answer multiple question realted to Josh, Ben's property & Sean accounting situations

Solution Preview

1 - 70,000 =(80000+20000+25000-50000-5000)
2 - 120,000 (new property)
3 - $7,000 long-term capital loss .(Worthless securities ...

Purchase this Solution


Free BrainMass Quizzes
Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.

Transformational Leadership

This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.

MS Word 2010-Tricky Features

These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.

Balance Sheet

The Fundamental Classified Balance Sheet. What to know to make it easy.