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 8.00

Rod Clooney

53.              Rod Clooney purchases Agnes Mitchell’s sole proprietorship for $990,000 on August 15, 2015. The assets of the business are as follows:

 

Asset                                                  Agnes’s Adjusted Basis                                   FMV

 

 

 

 

Accounts  receivable

$  70,000

 

$  70,000

Inventory

90,000

 

100,000

Equipment

150,000

 

160,000

Furniture and fixtures

95,000

 

130,000

Building

190,000

 

250,000

Land

25,000

 

75,000

Total

$620,000

 

$785,000

 

 

 

 

 

Rod and Agnes agree that $50,000 of the purchase price is for Agnes’s five-year covenant  not  to compete.

a.      Calculate Agnes’s realized and recognized gain.

b.     Determine Rod’s basis for each of the    assets.

c.      Write a letter to Rod informing him of the tax consequences of the purchase.  His address is 300 Riverview Drive, Delaware, OH 43015.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Aug 2017 09:08 PM My Price 8.00

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