Gifts of appreciated depreciable property may trigger recapture of depreciation of cost-recovery deductions to the donor as of the date of gift.
Answer the following statement true (T) or false (F)
False
The depreciation recapture will apply when the donee recognizes the gain at the later disposition.
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?Compiling information on basic economic variables such as the unemployment rate and inflation rate is referred to as _____ among Fed members.
A. ?code-halo analytics B. ?up-and-down economics C. ?real-time data mining D. ?economic sequencing
Under the Uniform Commercial Code (UCC), which of the following remedies is available to both buyers and sellers?
A. Recovering profit from the resale of nonconforming goods by the other party B. Damages in the amount of the difference between the contract price and the market price of goods C. Recovering the total value of goods in the contract D. Obtaining specific performance of the contract
Which of the statements below is TRUE?
a. Decreases in accounts payable constitute a source of cash ow because you are using your suppliers to help nance your business operations. b. The increase in working capital accounts necessary to support a project also provides for cost increases at the end of the project. c. An increase in working capital can be brought about by an increase in inventory. d. Decreases in accounts receivables constitute a use of cash flow because you are helping your customers finance their purchases.
Gump Shrimp Company On January 1, 2011, Gump Shrimp Company purchased a ship for $1,000,000. It has a ten-year useful life and a salvage value of $100,000. The company uses the double-declining-balance method. Refer to the information provided for Gump Shrimp Company. What would be the book value of the ship after ten years?
A) $200,000 B) $400,000 C) $ 0 D) $100,000