Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. explanation the minimum elected amount on the tran

Explanation The minimum elected amount on the transfer is an amount equal to the UCC....

70.2K

Verified Solution

Question

Accounting

Explanation The minimum elected amount on the transfer is an amount equal to the UCC. However, the ACB of the building to the corporation remains the same value as it was when it was owned by D. While the technical rules here are complex, the ACB should not change on the transfer unless D realized income or got the benefit of losses on the transfer. No income or losses would have been realized if D elected at UCC, so the corporation essentially "inherits" the ACB that D had on the building. [($360,000 $300,000)/2] Solution The answer is 30,000.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Launch a book from a cannon which is inclined at 45 degree to the horizontal and...

Physics
Q

Let A ? R, let f : A ? R be a function, and let...

Advance Math
Q

In sequential order, what are the three steps of PCR?Anneal primers, extend DNA, denature DNADenature...

Biology
Q

On a first class lever, a weight of 62 lb is 1.5 feet feet from...

Basic Math
Q

Which property is used to simplify 4/5y + 3(2/5x + 7/5y) to 5y + 6/5x?...

Basic Math
Q

Write the equation of the circle with a center of (-11, -12) and a radius...

Basic Math
Q

Evaluate the following integral in spherical coordinates The integral calculates the volume a R6 9...

Calculus
Q

Interest rates determine the present value of future amounts. (Round all numbers to the nearest...

Accounting
Q

Jones operates an upscale restaurant and he pays experienced cooks $39,000 per year. This year...

Accounting
Q

Full Answer Please And Solution 1. A bond, with a face...

Accounting
Q

journalize thse transactions EM221 Insert Draw Page Layout...

Accounting
Q

Incorrect Question 8 0/2 pts If the spot exchange rate between euros and dollars is...

Finance