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Category > Business & Finance Posted 14 May 2017 My Price 5.00

Mike Beasley buys and sells real estate

Mike Beasley buys and sells real estate. On December 31, 2016, his inventory of property included a tract of undeveloped land for which he had paid $835,000. The fair market value of the land was $935,000 at that date. How much income should Beasley report for 2016 in connection with this land?

 

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Alpha Geek
(8)
Status NEW Posted 14 May 2017 05:05 PM My Price 5.00

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Attachments

file 1494781520-1284035_1_636302541775616018_Land-value.xlsx preview (164 words )
12-----------840-----------35&-----------amp-----------;am-----------p;i-----------nfo-----------Id=-----------285-----------898-----------lan-----------d v-----------alu-----------eMi-----------ke -----------Bea-----------sle-----------y b-----------uys----------- an-----------d s-----------ell-----------s r-----------eal----------- es-----------tat-----------e. -----------On -----------Dec-----------emb-----------er -----------31,----------- 20-----------16,----------- hi-----------s i-----------nve-----------nto-----------ry -----------of -----------pro-----------per-----------ty -----------inc-----------lud-----------ed -----------a t-----------rac-----------t o-----------f u-----------nde-----------vel-----------ope-----------d l-----------and----------- fo-----------r w-----------hic-----------h h-----------e h-----------ad -----------pai-----------d $-----------835-----------,00-----------0. -----------The----------- fa-----------ir -----------mar-----------ket----------- va-----------lue----------- of----------- th-----------e l-----------and----------- wa-----------s $-----------935-----------,00-----------0 a-----------t t-----------hat----------- da-----------te.----------- $D-----------ec -----------31,-----------201-----------6Co-----------st -----------of -----------the----------- La-----------nd -----------pur-----------cha-----------sed-----------Fai-----------r v-----------alu-----------e o-----------f l-----------and-----------How----------- mu-----------ch -----------inc-----------ome----------- sh-----------oul-----------d B-----------eas-----------ley----------- re-----------por-----------t f-----------or -----------201-----------6 i-----------n c-----------onn-----------ect-----------ion----------- wi-----------th -----------thi-----------s l-----------and-----------?Th-----------e I-----------nco-----------me -----------to -----------be -----------rep-----------ort-----------ed -----------for----------- 20-----------16 -----------in -----------con-----------nec-----------tio-----------n
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