Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. rosalie is a real estate developer and owns proper

Rosalie is a real estate developer and owns property that is treated as inventory (not...

60.1K

Verified Solution

Question

Accounting

Rosalie is a real estate developer and owns property that is treated as inventory (not a capital asset) in her business. She contributed a parcel of this land (basis $40,000; fair market value $48,000) to a partnership, which will also hold it as inventory. After three years, the partnership sells the land for $60,000. The partnership will recognize a $20,000 capital gain on sale of the property.

True

False

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

In sporophyte dominant plants the diploid plant grows to be significantly larger than the haploid...

Biology
Q

The area of the positive plate is 125 cm and the area of the negative...

Physics
Q

For the given data 18 3 11 2 5 7 21 5 18 5 4...

Geometry
Q

Problem 2 1 point 10 cos 0 tan 0 Find the value of the six...

Basic Math
Q

The nervous system can be protected bywhich play an important role inprotecting us from various...

Basic Math
Q

3 273 2 R x 5x 10x C x 5x 5 The y intercept of...

Calculus
Q

What is one benefit of selecting an income-based repayment plan for your student loans?If you...

Finance
Q

Required information [The following information applies to the questions displayed below.] ...

Accounting
Q

1. Using a single plantwide rate, the company computes overhead cost...

Accounting
Q

Royal Lawncare Company produces and sells two packaged productsWeedban and Greengrow. Revenue and cost information...

Accounting
Q

how many of the ubits were started and complwted in october ane...

Accounting
Q

Pension data for Barry Financial Services Inc. include the following: ...

Accounting