Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Aug 2017 My Price 7.00

rental house

45.  LO.1 Kareem bought a rental house in March 2010 for $300,000, of which $50,000 is allocated to the land and $250,000 to the building. Early in 2012, he had a  tennis court built in the backyard at a cost of $7,500. Kareem has deducted $30,900 for depreciation on the house and $1,300 for depreciation on the court. In January

2015, he sells the house and tennis court for $330,000 cash.

a.      What is Kareem’s realized gain or loss?

b.     If an original mortgage of $80,000 is still outstanding and the buyer assumes the mortgage in addition to the cash payment, what is Kareem’s realized gain or loss?

c.      If the buyer takes the property subject to the $80,000 mortgage, rather than assuming it, what is Kareem’s realized gain or loss?

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Aug 2017 09:08 PM My Price 7.00

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