Whats is the belitas adjusted basis in the land? if belita, Ask an Expert

Accounting

Sanchez co. sold land ot Benita Sanchzes for $100,000 who owns 60% of the outstanding stock of Sanchez. The company;s adjusted basis in the land was $120,000.

a. Compute the company's realized and recognized gain or loss.

b. Whats is the Belita's adjusted basis in the land?

c. If Belita sold the land for $90,000 after 2 years, what woudl be her realized and recognized gain or loss?

d. If Belita sold the land for $105,000 after 2 years, what woudl be her realized and recognized gain or loss?

e. if Belita sold the land for $145,000 2 years after she purchased it, compute realized and recognized gain or loss.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9433370

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