We appreciate your visit to Zeke s Zipline Adventures sold 6 acres of land used in the business The sales price was 12 000 and the adjusted basis of the. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
Answer:
$1,000
Explanation:
Zeke's zipline sold 6 acres of land
The sales price of the land was $12,000
The adjusted basis of the land was $9,000
Zeke received an amount of $4,000 at the time of sale
The remaining $8,000 will be received next year
Therefore, the amount of gain that will be recognised by Zeke in the Current year can be calculated as follows
Sales price-adjusted basis/sales price
$12,000-$9,000/$12,000
= $3,000/$12,000
= 0.25
Amount received at the time of sale × 0.25
= $4,000×0.25
= $1,000
Hence Zeke will recognise a gain of $1,000 in the Current year.
Thanks for taking the time to read Zeke s Zipline Adventures sold 6 acres of land used in the business The sales price was 12 000 and the adjusted basis of the. We hope the insights shared have been valuable and enhanced your understanding of the topic. Don�t hesitate to browse our website for more informative and engaging content!
- Why do Businesses Exist Why does Starbucks Exist What Service does Starbucks Provide Really what is their product.
- The pattern of numbers below is an arithmetic sequence tex 14 24 34 44 54 ldots tex Which statement describes the recursive function used to..
- Morgan felt the need to streamline Edison Electric What changes did Morgan make.
Rewritten by : Barada
