subject
Business, 30.11.2019 03:31 lazymarshmallow7

Terry owns lakeside, inc. stock (adjusted basis of $80,000), which she sells to her brother, jake, for $64,000 (its fair market value). eighteen months later, jake sells the stock to pamela, a friend, for $78,000 (its fair market value). what is terry’s recognized loss, jake’s recognized gain or loss, and pamela’s adjusted basis for the stock?
terry's recognized loss jake's recognized gain (loss) pamela's basis
a. $ -0- $ -0- $78,000
b. $ -0- $14,000 $64,000
c. $ -0- $14,000 $78,000
d. $16,000 $14,000 $78,000
e. none of these.

ansver
Answers: 2

Other questions on the subject: Business

image
Business, 22.06.2019 00:40, mmsomefood85
Gdonald was unhappy that his company did not provide good transport facilities. he found it very strenuous to drive to work on his own, and this eventually led to job dissatisfaction. hence, he recommended ways to solve this problem. according to the evln model, this information suggests that donald's main reaction to job dissatisfaction was:
Answers: 3
image
Business, 22.06.2019 17:30, gena75
Betty contracted with scooby’s skate store to deliver a pair of skates to jake for his birthday. scooby’s owner was going on a trip and delegated the delivery of the skates to brian. brian failed to make delivery. can jake sue brian for breach of contract, as he was not a party to the original contract? explain your answer. brian was not a party to the original contract. why would a court hold him responsible for failing to make delivery? if you do not think a court would hold him responsible, explain your answer. can jake sue scooby’s skates for breach of contract? explain your answer.
Answers: 2
image
Business, 22.06.2019 22:00, thruhdyjgrt
Acompany's sales in year 1 were $300,000, year 2 were $351,000, and year 3 were $400,000. using year 2 as a base year, the sales percent for year 3 is
Answers: 2
image
Business, 22.06.2019 23:10, smcardenas02
Powell company began the 2018 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. during 2018, powell experienced the following events: sold merchandise costing $58,000 for $99,500 on account to prentise furniture store. delivered the goods to prentise under terms fob destination. freight costs were $900 cash. received returned goods from prentise. the goods cost powell $4,000 and were sold to prentise for $5,900. granted prentise a $3,000 allowance for damaged goods that prentise agreed to keep. collected partial payment of $81,000 cash from accounts receivable. required record the events in a statements model shown below. prepare an income statement, a balance sheet, and a statement of cash flows. why would prentise agree to keep the damaged goods?
Answers: 2
You know the right answer?
Terry owns lakeside, inc. stock (adjusted basis of $80,000), which she sells to her brother, jake, f...

Questions in other subjects:

Konu
Mathematics, 02.10.2020 15:01
Konu
English, 02.10.2020 15:01