Lester purchased 53,125.75Php worth of goods on March 7 from Elmer’s Enterprise at 12/6 8/10 n/40. If he pays on March 17, how much will Lester pay? a. 53,125.75Php b. 48,875.69Php c. 46,750.66Php d. Cannot be determined e. None of the above

NO.25

On August 1 of year 0, Dirksen purchased a machine for $26,250 to use in its business. On December 4 of year 0, Dirksen sold the machine for $22,250. Use MACRS Table. (Loss amounts should be Indicated by a minus sign. Do not round percentages used for calculations. Round other Intermediate computations to the nearest whole dollar amount. Leave no answer blank. Enter zero If applicable.) a.) What are the amount and character of the gain or loss Dirksen will recognize on the sale? Description Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss) Amount $(4,000) b)b. What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead? Description Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss) Amount

[The following Information applies to the questions displayed below.] On August 1 of year 0, Dirksen purchased a machine for $20,000 to use in its business. On December 4 of year 0, Dirksen sold the machine for $18,000. Use MACRS Table. Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Leave no answer blank. Enter zero If applicable. b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 Instead? Note: Round other Intermediate computations to the nearest whole dollar amount. Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) $1231 gain or (loss) Amount

On August 1 of year 0, Dirksen purchased a machine for $23,750 to use in its business. On December 4 of year 0, Dirksen sold the machine for $21,500. Use MACRS Table. Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.   b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead?

None

(LO. 3) For each of the following independent transactions, calculate the recognized gain or loss to the seller and the adjusted basis to the buyer. If an amount is zero, enter "0". a. Kiera sells Parchment, Inc. stock (adjusted basis $29,000) to Phillip, her brother, for its fair market value of $2,800. b. Darnell sells land (adjusted basis $89,000) to his nephew, Boyd, for its fair market value of $41,800. c. Susan sells a tax-exempt bond (adjusted basis $43,300) to her wholly owned corporation for its fair market value of $23,300. d. Sinbad sells a business truck (adjusted basis $17,400) that he uses in his sole proprietorship to his cousin, Agnes, for its fair market value of $11,000. e. Martha sells her partnership interest (adjusted basis $149,600) in Pearl Partnership to her adult daughter, Kim, for $193,100. Seller's Recognized Gain/Loss Recognized gain Recognized loss Buyer's Adjusted Basis 1111

Elvera Easton traded in copying equipment with an adjusted basis of $10,000 for other copying equipment valued at $6,000. She also received $2,500 in cash, and her mortgage of $3,000 on the traded copying equipment was wiped out. What is her recognized gain on this exchange, if any

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