mounts allocated to Class VI and Class VII assets will likely be amortized by the buyer over how many years:

11

Question 1 For a multifamily acquisition, the seller credit for property tax is $54,356.20. The property tax bill for 2023 is $124,000. What date is the closing set for in 2023? O 6/8/2023 O 6/7/2023 O 6/10/2023 O 6/9/2023 O6/11/2023

Problem 7-6A (Algo) Record amortization and prepare the intangible assets section (LO7-5) The following information relates to the intangible assets of University Testing Services (UTS): a. On January 1, 2024, UTS completed the purchase of Heinrich Corporation for $3,306,000 in cash. The fair value of the net identifiable assets of Heinrich was $3,000,000. b. Included in the assets purchased from Heinrich was a patent valued at $92,400. The original legal life of the patent was 20 years; there are 12 years remaining, but UTS believes the patent will be useful for only eight more years. c. UTS acquired a franchise on July 1, 2024, by paying an initial franchise fee of $362,000. The contractual life of the franchise is 10 years. Required: 1. Record amortization expense for the intangible assets at December 31, 2024. 2. Prepare the intangible asset section of the December 31, 2024, balance sheet. Complete this question by entering your answers in the tabs below. Required: Required 2…

Which of the following statements concerning intangibles is true? a. a copyright should be considered an intangible with an indefinite lifeb. organization costs must be expensed as incurredc. a patent should be amortized over the shorter of the inventor’s life or its economic lifed. the registration of a trademark or tradename lasts for 20 years and is nonrenewable

b

Exercise 8-19 (Algorithmic) (LO. 2) Euclid acquires a 7-year class asset on May 9, 2022, for $153,000 (the only asset acquired during the year). Euclid does not elect Immediate expensing under § 179. He does not claim any available additional first-year depreciation. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Euclid's cost recovery deduction for 2022 and 2023. 2022: S 2023: S

Identy the type(s) of gain or loss that would be recognized on the following asset sales as capital,  Section 1231,  Ordinary, Section 1245 recapture, Section 291 recapture, or Section 125 unrecaptred gain. a.  gain on the sale of stock by an individual  ________________ b.  gain on the sale of a building used for 15 years by a corporation_____________ c.  gain on the sale of a  machine used by a business for four years sold at a  price less that its original cost____________________ d.  gain on the sales of inventory______________________ e.  loss on the sale of equipmment used in a business for three years_________ f.  gain on the sale of a machine used by a business for 11 months__________ g.  Loss on th factoring of receivables______________ h.  gain on sales of a building used  by a sole  proprietorship for eight years in excess of its original cost._______________________

kk.2

1.   Excess of tax depreciation over book depreciation   $ 208,600   2.   Accrual, for book purposes, of estimated loss contingency frompending lawsuit that is expected to be settled in 2020. The losswill be deducted on the tax return when paid.   ( 46,900 ) 3.   Accrual method used for book purposes and installment methodused for tax purposes for an isolated installment sale of an investment.   224,500           $ 386,200   In analyzing the temporary differences, you find that $ 30,700 of the depreciation temporary difference will reverse in 2020, and $ 115,300 of the temporary difference due to the installment sale will reverse in 2020. The tax rate for all years is 20%.Indicate the manner in which deferred taxes should be presented on Sage Company’s December 31, 2019, balance sheet.