Ask Question
BusinessBusiness
14 October, 22:41

Allen owns land with an adjusted basis of $610,000, subject to a mortgage of $350,000. On April 1, Allen sold his land subject to the mortgage for $650,000 in cash, a note for $600,000, and property with a fair market value of $120,000. What is the amount realized

+2
Answers (1)
  1. 15 October, 02:13
    0
    Calculation of amount realized:

    Particular Amount

    Cash: $650,000

    Note: $600,000

    Fair market value: $120,000

    Mortgage Debt: $350,000

    The Amount realized was: $1,720,000

    Explanation: The $1,720,000 was realized by adding the mortgage cost he sold the land for which was $650,000 to the the note of $600,000, plus the market value which was $120,000, and adding finally, the mortgage debt which was $350,000 all amounting to a realized amount of $1,720,000
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Allen owns land with an adjusted basis of $610,000, subject to a mortgage of $350,000. On April 1, Allen sold his land subject to the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Smartshop's profits have been growing at 5% per year. this year their profits were approximately $500,000. what were their profits last year?
Answers (1)
An employee receives an hourly rate of $20.00, with time and a half for all hours worked in excess of 40 during the week. payroll data for the first week of the calendar year are as follows: hours worked, 48.00 federal income tax withheld, $130.
Answers (1)
Dimitri has several apple trees in his yard, and apples are a perfectly competitive market with a price of $2 per pound.
Answers (1)
Jack Corp. has a profit margin of 10.70 percent, total asset turnover of 1.45, and ROE of 18.61 percent. What is the firm's debt-equity ratio?
Answers (1)
Accountants not only provide financial information to the firm, they:
Answers (1)
New Questions in Business
One difference between total utility and marginal utility is that
Answers (1)
Michaels sets goals at the top of the organization. Then, breaks down these objectives for merchandise categories and regions. When these objectives reach the buyers, each objective is personalized. What does this process demonstrate?
Answers (1)
The underlying principle found in almost all codes of ethics established by professional organizations or corporations is
Answers (1)
g in nov the us unemployment rate was 8.7% the census bureau includes nine states i the northwest region assume the random variable of the interest is the number of thenrthwest states with an unemployment
Answers (1)
The number of days' sales in receivables A. is an estimate of the length of time the receivables have been outstandingB. measures the number of times the receivables turn over each yearC. is Net Credit Sales divided by Average ReceivablesD.
Answers (1)
Home » Business » Allen owns land with an adjusted basis of $610,000, subject to a mortgage of $350,000. On April 1, Allen sold his land subject to the mortgage for $650,000 in cash, a note for $600,000, and property with a fair market value of $120,000.
Sign Up Forgot Password?