mrs. heyer inherited real estate from her mother. the mother's basis in the real estate was $382,000, and the fair market value at the date of the mother's death was $900,000. the mother's taxable estate was only $2.4 million, so the estate did not owe any federal estate tax. this year, mrs. heyer sold the real estate for $875,000. compute her gain or loss recognized on sale. multiple choice $493,000 gain $25,000 loss $0 $875,000 gain

Question

10-12-2022
Business

contestada

mrs. heyer inherited real estate from her mother. the mother's basis in the real estate was $382,000, and the fair market value at the date of the mother's death was $900,000. the mother's taxable estate was only $2.4 million, so the estate did not owe any federal estate tax. this year, mrs. heyer sold the real estate for $875,000. compute her gain or loss recognized on sale. multiple choice $493,000 gain $25,000 loss $0 $875,000 gain

Respuesta :

Otras preguntas

Which 19th century social reform cause was Lucretia Mott most closely associated with? A) temperance B) suffrage C) abolition D) education

Which of the following actions did Theodore Roosevelt take, while president, to support his "Big Stick" motto? Select one: a. He required every state to plant o

Is carbon present in all organisms and in the atmosphere

The ____ forms the border between Mexico and the United States

An adjective can describe both a A. verb and an adjective. B. noun and a pronoun. C. pronoun and an adjective. D. noun and a verb

Why won't Ajax approach Odysseus? A)He does not want the pain of feeling alive when dead. b)He cannot surpass Achilles. c)He is fleeing from Hercules. d)He hate

Which sentence has a misplaced adjective phrase? a. The stew in the pot needs some more seasoning. b. My cousin from Arkansas is coming to visit later this mon

A solution containing HCl would likely have

Which statements correctly describe why the Renaissance began in the Italian city-states? Choose all answers that are correct. A. The ruins of the Roman Empire

Wood, plastic, rubber and air are good insulators because a. they conduct charge. b. charge flows easily. c. they don’t have free electrons. d. they have lo

jaiswaljyoti jaiswaljyoti · Answer 1 · 2022-12-22T16:48:59+01:00

The correct answer is Gain of $493,000 as the difference between Mrs. Heyer's basis in the property, which was identical to her mother's basis of $382,000, and the sales price of $875,000 constitutes Mrs. Heyer's gain on the sale of the real estate. As a result, the sale's gain was recorded at $493,000 ($875,000 - $382,000).

The difference between an asset's sale price and its cost or valuation less cumulative depreciation as of the disposal date determines the gain or loss on disposal of that asset.

A disposal account, which is a gain or loss account that appears in the income statement, is used to record the difference between the disposal proceeds and the net carrying amount of the fixed asset being sold.

Visit here to learn more about sales: https://brainly.com/question/13839711

#SPJ4