An appraiser is looking for comparable sales and finds a property that recently sold for $204,500. She finds that the buyer was able to assume the seller's fully amortizing mortgage, which had monthly payments based on a 7 percent interest. The balance of the loan at the time of sale was $141,500 with a remaining term of 15 years (monthly payments). The appraiser determines that if a $141,500 loan was obtained on the same property, monthly payments at the market rate for a 15-year fully amortizing loan would have been 8 percent with no points. Required: a. Assume that the buyer is expected to benefit from the interest savings on the assumable loan for the entire loan term. What is the cash equivalent value of the property? b. What is the cash equivalent value of the property if you assumed that the buyer is only expected to benefit from interest savings for five years because he would probably sell or refinance after five years? Complete this question by entering your answers in the tabs below. Required A Required B Assume that the buyer is expected to benefit from the interest savings on the assumable loan for the entire loan term. What is the cash equivalent value of the property? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Cash equivalent value < Required A Required B >

Brian acquired a rental house in 2004 for a cost of $80,000. Straight-line depreciation on the property of $26,000 has been claimed by Brian. In January 2020, he sells the property for $120,000, receiving $20,000 cash on March 1 and the buyer's note for $100,000 at 10 percent interest. The note is payable at $10,000 per year for 10 years, with the first payment to be received 1 year after the date of sale. Calculate his taxable gain under the installment method for the year of sale of the rental house. In your computations, round any division to two decimal places. Gain reportable in 2020 is $fill in the blank 1.

Stephen purchased a rental property on 03 August 2020 and has rented the property from this date.He incurred the following expenses when purchasing the property –> $6,320 Lender’s Mortgage Insurance> $15,987 Stamp duty on transfer of the property> $1,500 Mortgage broker’s fee> $750 Conveyancing fees> $600 Bank loan establishment fee> $700 Stamp duty on the mortgageCalculate how much Stephen can claim in borrowing costs for the 2021 year and select the correct answer below. $1,766 $1,658 $1,311 $1,442 $1,879

Laura sold her office building to the accounting firm that bought her firm. Unfortunately, she had to repossess the building after less than a year. Choose the response that correctly states the amount of Laura's gain or loss on the repossessed real property, based on the following facts. The building had a fair market value of $54,000 on the date of repossession. The unpaid balance of the installment obligation at the time of repossession was $56,000, the gross profit percentage was 25%, and the costs of repossession were $600. (a) Loss of $13,400 (b) Loss of $11,400 (c) Gain of $11,400 (d) Gain of $13,400

Lorissa owes Waterbury State Bank $200,000. During the current year, she isunable to make the required payments on the loan and negotiates the followingterms to extinguish the debt. Lorissa transfers to Waterbury ownership ofinvestment property with a value of $90,000 and a basis of $55,000, and commonstock with a value of $50,000 and a basis of $70,000. Lorissa also pays Waterbury$5,000 cash, and Waterbury forgives the remaining amount of debt. Before theagreement, Lorissa's assets are $290,000, and her liabilities are $440,000.Determine how much gross income Lorissa has from the extinguishment of the debt.

The answer I got for C was 225,818 but I want someone to verify it.

Bob, not a dealer, sold an apartment building for $600,000.  His adjusted basis in the building was $350,000 and it was subject to $40,000 of depreciation recapture.  Bob received $150,000 in the year of sale, the buyer assumed Bob’s mortgage payable of $240,000, and the buyer gave Bob an 8% (the current Federal rate) note of $210,000 due in five years.  The interest on the note was payable each June 30, beginning in the year following the year of the sale.  Bob incurred $30,000 of selling expenses which he paid in the year of sale.  Compute Bob’s installment sales gain that should be reported in the year of sale.