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FOR 2018 TAX YEAR. Exercise 14-24 (Algorithmic) (LO. 2)...

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Accounting

FOR 2018 TAX YEAR.
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Exercise 14-24 (Algorithmic) (LO. 2) Decer owns a large tract of land and subdivides it for sale. Assume that Dexter meets all of the requirements of 5 1237 and during the tax year sells the first eight lots to eight different buyers for $74,600 each. Dexter's basis in each lot sold is $52.220, and he incurs total selling expenses of $2.984 on each sale. What is the amount of Dexter's capital gain and ordinary income? If required, round your answers to the nearest dollar. of which s Decter has a realized and recognized gain of $ as a capital gain. is classified as ordinary income and eBook Calculator Exercise 14-24 (Algorithmic) (LO. 2) Dexter owns a large tract of land and subdivides it for sale. Assume that Dexter meets all of the requirements of 5 1237 and during the tax year sells the first eight lots to eight different buyers for $74,600 each. Dexter's basis in each lot sold is $52.220, and he incurs total selling expenses of $2.984 on each sale. What is the amount of Dexter's capital gain and ordinary income? If required, round your answers to the nearest dollar. Dexter has a realized and recognized gain of is classified as ordinary income and as a capital gain

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