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Facts and information below are needed to resolve questions 24 through 26: Jim Realty LLC, a partnership...

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Accounting

Facts and information beloware needed to resolve questions 24 through 26:

Jim Realty LLC, a partnership owned entirely by individuals,sells an apartment building for $72,200,000. The basis of thebuilding immediately prior to the sale is as follows

Original Cost -

Unadjusted Tax Basis

AccumulatedDepreciation

land15,000,000-
Building60,000,000(20,000,000)
Furniture & Fixtures Original Cost300,000(100,000)

24. Using the above information, determine the gain orloss on the sale of the apartment building to the individualowners.

25. Assuming that the allocation of the selling price is$20,000,000 to land, $52,000,000 to building and $200,000 tofurniture and fixtures, prepare an estimate of the totaltaxes for the owners on the sale.

26. Prepare an alternative calculation for the sale with thetotal sales price of $72,200,000 that would result in lower taxesfor the individuals

Answer & Explanation Solved by verified expert
3.7 Ratings (447 Votes)
24 The gain or loss on the sale of the apartment building to the individual owners Selling Price 72200000 Less Adjusted basis of building Land 15000000 Building 60000000 Less Accumulated Depreciation 20000000 40000000 Furniture and Fixtures 300000 Less Accumulated Depreciation 100000    See Answer
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