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moneytt7508
20.12.2019 •
Business
Peroni corporation sold a parcel of land valued at $300,000. its basis in the land was $250,000. for the land, peroni received $150,000 in cash in the current year and a note providing peroni with $150,000 in the subsequent year. what is peroni's recognized gain in the current and subsequent year, respectively?
multiple choice
$0, $50,000.
$10,000, $40,000.
$25,000, $25,000.
$50,000, $0.
none of the choices are correct.
Solved
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Ответ:
$25,000, $25,000.
Explanation:
For computing the gain recognized, first we have to determine the gross profit percentage which is shown below:
= (Sale value of land - land basis) ÷ (Sale value of land)
= ($300,000 - $250,000) ÷ ($300,000)
= $50,000 ÷ $300,000
= 16.67%
Now the recognized gain would be
First year = $150,000 × 16.67% = $25,000
Second year = $150,000 × 16.67% = $25,000
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