The installment sale method can be used for all of the following transactions except
A. the sale of a painting by an art collector.
B. the sale of an individual's personal car.
C. the sale of a sole proprietor's office building.
D. the sale of a yacht by a shipbuilder.
Answer: D
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Luke's offshore drilling rig with a $700,000 adjusted basis is destroyed by a hurricane. He collects $620,000 from the insurance company and purchases a new drilling rig for $600,000.a.What are the tax consequences of these transactions?b.What is the basis of the new rig?
What will be an ideal response?
To determine whether a lottery winner would prefer to receive the money in a single lump sum immediately or receive an equal amount over a period of years, you would use which type of time value of money calculation?
a. The future value of a single amount. b. The present value of a single amount. c. The future value of an annuity. d. The present value of an annuity.
Which of the following statements concerning direct financing leases is true?
A) The net investment in the lease should be adjusted each year by material increases (but not decreases) in estimated unguaranteed residual values. B) The lessor reports only interest revenue on the income statement. C) Initial direct costs result in an increase in Unearned Interest Revenue-Leases by an amount equal to these costs in the year the costs are incurred. D) The lessor's gross margin is amortized over the life of the lease.
Which of the following is a metric of lead generation?
A) net promoter score B) partner recruitment by program C) key opportunities (pipeline) D) top 10 ad headlines