Maurice Tutor

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Category > Accounting Posted 24 Aug 2017 My Price 7.00

Norm’s mortgage

46.   LO.1 Norm is negotiating the sale of a tract of his land to Pat. Use the following classification scheme to classify each of the items    contained in the proposed

sales contract:

 

Legend

DARN ¼ Decreases amount realized by Norm IARN ¼ Increases amount realized by Norm DABN ¼  Decreases adjusted basis to Norm  IABN  ¼  Increases adjusted basis to Norm  DABP    ¼  Decreases adjusted basis to  Pat

IABP        ¼  Increases adjusted basis to  Pat             

a.      Norm is to receive cash of $50,000.

b.     Norm is to receive Pat’s note payable for $25,000, payable in three years.

c.      Pat assumes Norm’s mortgage of $5,000 on the land.

d.     Pat agrees to pay the realtor’s sales commission of $8,000.

e.      Pat agrees to pay the property taxes on the land for the entire year. If each party paid his or her respective share, Norm’s share would be $1,000 and Pat’s share would be $3,000.

f.      Pat pays legal fees of $500.

g.     Norm pays legal fees of $750.

 

 

 

 

 

Answers

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

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