Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Susan transferred property to her solely owned corporation, DA Inc. The property had an adjusted basis to Susan of $60,000 and a fair market value of $100,000 on the date of the transfer and the corporation assumed an $80,000 liability on the property. On the same day, and in exchange for the property she transferred to DA Inc., Susan received a payment of $10,000 and 10 additional shares of SDA Inc.'s only class of stock. How much gain was recognized by Debra as a result of this transaction?

a. 0.

b. $10,000.

c. $20,000.

d. $30,000.

e. $40,000.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M939487

Have any Question? 


Related Questions in Accounting Basics

Ginos restaurant is a popular restaurant in boston

Gino's Restaurant is a popular restaurant in Boston, Massachusetts. The owner of the restaurant has been trying to better understand costs at the restaurant and has hired a student intern to conduct an activity-based cos ...

In a recent city meeting it was agreed that the city was

In a recent city meeting, it was agreed that the city was going to build a new town hall. Long-term bonds, intergovernmental transfers, and public donations will be used to construct and maintain the building. The major ...

Exercise recording receivables and identifying their effect

Exercise: Recording receivables and identifying their effect on financial statements Davos Company performed services on account for $160,000 in 2016. Davos collected $120,000 cash from accounts receivable during 2016, a ...

Writing assignment cash and receivablesassignment

Writing Assignment: Cash and Receivables Assignment Goals: - Obtain research experience in the Accounting Standards Codification - Obtain experience using SEC filings and the SEC website - Practice writing concise accoun ...

Question 1 owners of business firms are the only people who

Question 1 Owners of business firms are the only people who need accounting information. Question 2  Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote oper ...

Discussion liabilities please respond to the followingfor

Discussion: "Liabilities" Please respond to the following: For this week's eActivity, research one publicly traded company in which you are interested using the Internet and/or Strayer databases. Locate the company Websi ...

The purpose of an assignment is to ensure that the learner

The purpose of an assignment is to ensure that the Learner is able to: - Demonstrate an understanding of accounting principles. - Systematically record the financial aspects of business transactions. - Prepare financial ...

Accounting individual assignmentpart 1 - royal oak taxation

ACCOUNTING INDIVIDUAL ASSIGNMENT PART 1 - Royal Oak Taxation Advisory Service has the following transactions for the month of December 2016: Dec. 1 Commenced business by depositing $50 000 in a bank account in the name o ...

1 ahn nguyen a vietnamese joint stock company has net

1. Ahn Nguyen, a Vietnamese Joint Stock Company has net income of 52,000 Vietnamese Dong, () and the following items: Depreciation Expense   16,000 Accounts Receivable Increase                    12,000 Inventory Decreas ...

Last year cmc recorded a deferred tax asset related to

Last year, CMC recorded a deferred tax asset related to product warranties and a deferred tax asset related to accelerated depreciation. A 75% valuation allowance was also established. However, with an upcoming internati ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro