Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in 2019, taxpayer sold machinery with a fair value

In 2019, Taxpayer sold machinery with a fair value of $80,000 to an unrelated party...

60.1K

Verified Solution

Question

Accounting

In 2019, Taxpayer sold machinery with a fair value of $80,000 to an unrelated party who agreed to pay $20,000 in 2019 plus $20,000 in June of each of the next three years with interest. The machinery had an initial basis of $50,000 and accumulated depreciation of $26,000 at the sale date for an adjusted basis of $24,000. Determine the total gain Taxpayer must recognize in 2019 under the installment method.

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

Chemistry
1.2K views

1. Net ionic equationCr(OH)3+ HO2+-----given-----(CrO4)2+ + HO- 2. Cd⁄Cd2+(0.060mol/l) // Ag / Ag+(2.50mol/l)# a)Overallreaction b)Cell potential c)Which one is the...

Programming
1.2K views

Write a program in C++ that efficiently implements a skip list that holds integers. Your program...

Physics
1.2K views

1 0 V 2 5 V 3 10 V 4 V When an alternating voltage...

Physics
1.2K views

A 70 kg astronaut is repairing spaceship at a height of 640 km above the...

Physics
1.2K views

A uniform sphere is placed on a smooth horizontal surface and a horizontal force F...

Calculus
1.2K views

Solve for r to two decimal places.3= e ^3r

Accounting
1.2K views

Kroger sells different brands of Cookies that occupy high value shelf space. It...

Accounting
1.2K views

A number of activities that are part of a company ...

Accounting
1.2K views

Special Order, Traditional Analysis Fiorello Company manufactures two types of cold-pressed olive oil, Refined Oil...

Accounting
1.2K views

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

Accounting
1.2K views

Fill in the coca cola part for year 2020, 2019, 2018 Requirements ...

Finance
1.2K views

a. You have just purchased the options listed below. Based on the information given, indicate...