Pam owns a personal use boat that has a fair market value of $35,000 and an adjusted basis of $45,000. pam's agi is $100,000. calculate the realized and recognized gain or loss if:
a. pam sells the boat for $35,000.
b. pam exchanges the boat for another boat worth $35,000.
c. the boat is stolen and pam receives insurance proceeds of $35,000.
d. would your answer in part (a) change if the fair market value and the selling price of the boat were $48,000?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Pam owns a personal use boat that has a fair market value of $35,000 and an adjusted basis of $45,000. pam's agi is $100,000. calculate the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Michael keeps looking for his keys on the kitchen table, where he usually leaves them. eventually, he checks in his pocket and finds them.
Answers (1)
Dwelling forms include a liberalization clause. it says that any revision of coverage which broadens the insurance without an additional premium charge will be automatically applied to existing policies, if the revision is adopted during the policy
Answers (1)
Gideon company uses the direct write-off method of accounting for uncollectible accounts. on may 3, the gideon company wrote off the $2,000 uncollectible account of its customer, a. hopkins.
Answers (1)
According to Braswell, McCarthy, and McCarthy, criminal justice ethics is shaped by all of the following except A. criminal justice. B. a personal sense of justice. C. social context. D. the U. S. Constitution.
Answers (1)
Which of the following is characterized by private or corporate ownership of capital goods; investments that are determined by private decision rather than by state control; and determined in a free market?
Answers (1)
New Questions in Business
Which of the following is an example of the operations concerns of a business plan? A. Working out a pricing scheme B. Contacting potential investors C. Deciding who will do what and when D. Thinking out your mission statement
Answers (1)
El Capitan Foods has a capital structure of 37% debt and 63% equity, its tax rate is 35%, and its beta (leveraged) is 1.45. Based on the Hamada equation, what would the firm's beta be if it used no debt, i. e., what is its unlevered beta, bU?1.050.
Answers (1)
The total product curve: a. will become flatter as output increases if there are diminishing returns to the variable input. b. will be downward-sloping if there are diminishing returns to the variable input. c.
Answers (1)
Using monetary theory, one can show that the price level (index) in an economy is equal to: (a) the inflation rate minus the interest rate. (b) the average change in the level of trade over the past 5 quarters. (c) the velocity of money.
Answers (1)
According to circus founder P. T. Barnum, what happens without publicity? Question 3 options: Business failure Decline in customers Increased productivity Nothing
Answers (2)