Russell Company acquired land in 2023 for a building site at a cost of $40,000. A building was constructed on the site in 2024. At the company's 12/31/2024 year-end, the assessed valuation of the land for tax purposes is $27,000, a qualified appraiser placed the fair value of the land at $48,000, and a recent firm offer for the land was for a cash payment of $46,000. What value should be reported for the land in the 12/31/2024 balance sheet? Select one: $46,000 $40,000 $48,000 $27,000

Russell Company acquired land in 2023 for a building site at a cost of $40,000. A building was constructed on the site in 2024. At the company's 12/31/2024 year-end, the assessed valuation of the land for tax purposes is $27,000, a qualified appraiser placed the fair value of the land at $48,000, and a recent firm offer for the land was for a cash payment of $46,000. What value should be reported for the land in the 12/31/2024 balance sheet? Select one: $46,000 $40,000 $48,000 $27,000

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 34P

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