Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in 2021 an investor sold capital property for $80,

In 2021 an investor sold capital property for $80,000. The cost base of the property...

80.2K

Verified Solution

Question

Accounting

In 2021 an investor sold capital property for $80,000. The cost base of the property was $55,000. The investor agreed to the following payment schedule: $35,000 in 2021, $25,000 in 2022 and $20,000 in 2023. The investor elects to use the deferred proceeds method to report taxable income from this sale. How much would be the taxable capital gain reported by the investor in 2021?

A. $20,000

B. $14,063

C. $10,938

D. $10,000

E. None of the above

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

Medical Sciences
1.2K views

List 3 types of mutations in DNA sequence. How does each affect the resulting protein?

Basic Math
1.2K views

For PART B USE A TI 84 AND LIST THE STEPS THAT YOU DID! THANK YOU Researchers...

Accounting
1.2K views

The office manager for the Gotham Life Insurance Company orders letterhead stationery from an office products...

Physics
1.2K views

1 The charge on the square plates of a parallel plate capacitor is Q The...

Physics
1.2K views

5 The power radiated by a black body is P and it radiates maximum energy...

Basic Math
1.2K views

A 100 foot vertical tower is to be erected on the side of a hill...

Basic Math
1.2K views

The Miller Family Budget 20 20 10 20 30 Food Entertainment Utilities Savings Housing Q...

Algebra
1.2K views

Note: Triangle may not be drawn to scale.Suppose a = 5 and b = 6.Find:CAdegreesdegreesGive...

Algebra
1.2K views

If an arithmetic series has a 2 d 4 and n 29 what is S

Accounting
1.2K views

Preparing Contribution Income Statement and Computing Contribution Margin Ratio Assume Strands Salon, a San Diego...

Accounting
1.2K views

QUESTION 4 In the current year, Orion Corporation (E & P of S2 million) distributes...

Accounting
1.2K views

aberge company's manufacturing overhead is 35% of its total conversion costs. If direct labor is...