Risa exchanges an office building with a $600,000 adjusted basis for an apartment building with a $1,000,000 FMV and $200,000 of marketable securities. The other party indicates he had paid $175,000 for the securities a year earlier. What is Risa's basis for the securities?
A) $0
B) $175,000
C) $200,000
D) none of the above.
C) $200,000
The basis of non-like-kind property received equals its fair market value.
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Which of the following statements is true of the idea of public policy?
A. Courts have limited discretion in ruling on questions of public policy. B. The discretion of courts provide the legal system less flexibility that ensures a strict adherence to policies. C. Public policy is not affected by any social or economic change. D. A court's view of public policy is determined by what the court believes is in the best interests of society.
When accounting for a fair value hedge of a recognized asset or liability, on the date a firm enters the derivative contract and designates that contract as a fair value hedge,
a. no amount appears on the balance sheet for the derivative if the firm neither makes nor receives an initial payment. b. it recognizes the derivative as an asset if it makes an initial payment. c. it recognizes the derivative as a liability if it receives an initial payment. d. all of the above e. none of the above
In the context of self-reliance,people with anexternal locus of controlrely more on their own efforts and less on the actions of others.
Answer the following statement true (T) or false (F)
Bellucci Corporation has provided the following information: Cost per UnitCost per Period??Direct materials$7.10 ??Direct labor$3.95 ??Variable manufacturing overhead$1.75 ??Fixed manufacturing overhead $105,300??Sales commissions$1.00 ??Variable administrative expense$0.50 ??Fixed selling and administrative expense $36,450??? The incremental manufacturing cost that the company will incur if it increases production from 9,000 to 9,001 units is closest to (assume that the increase is within the relevant range):
A. $26.75 B. $24.50 C. $12.80 D. $30.05