53. Alice owns land with an adjusted basis of $610,000, subject to a mortgage of $350,000. Real estate taxes are $9,000 per calendar year and are payable on December 31. On April 1, 2014, Alice sells her land subject to the mortgage for $650,000 in cash, a note for $600,000, and property with a fair market value of $120,000. What is the amount realized?

d. $1,722,219 More test answers on https://studyhippo.com/inc-tax-chp-14/

55. The bank forecloses on Lisa’s apartment complex. The property had been pledged as security on a nonrecourse mortgage, whose principal amount at the date of foreclosure is $750,000. The adjusted basis of the property is $480,000, and the fair market value is $750,000. What is Lisa’s recognized gain or loss?

a. $270,000 More test answers on https://studyhippo.com/inc-tax-chp-14/

63. Joyce’s office building was destroyed in a fire (adjusted basis of $350,000; fair market value of $400,000). Of the insurance proceeds of $360,000 she receives, Joyce uses $310,000 to purchase additional inventory and invests the remaining $50,000 in short-term certificates of deposit. She received only $360,000 because of a co-insurance clause in her insurance policy. What is Joyce’s recognized gain or loss?

c. $10,000 gain More test answers on https://studyhippo.com/inc-tax-chp-14/

In January, Lance sold stock with a cost basis of $26,000 to his brother, James, for $24,000, the fair market value of the stock on the date of sale. Five months later, James sold the same stock through his broker for $27,000. What is the tax effect of these transactions?

Disallowed loss to Lance of $2,000; gain to James of $1,000. More test answers on https://studyhippo.com/tax-accounting/

An acquisition premium is the amount by which the price offered for an existing business exceeds: A. the fair market value of similar companies in the same geographic locale. B. the preacquisition market value of the target company. C. the comparable value of similar companies within the same market. D. the amount paid as a down payment to be held in escrow until closing. E. the difference between the amount that was offered and the amount that is escrowed.

B. the preacquisition market value of the target company. More test answers on https://studyhippo.com/management-455-chapter-8/

How does an increase in the fair market value of an asset affect the financial statements?

No affect More test answers on https://studyhippo.com/learn-smart-chapter-1/

The valuation of assets on the balance sheet is generally based on A) selling price B) what it would cost to replace C) current fair market value as established by independent appraisers D) historical cost

D) historical cost More test answers on https://studyhippo.com/accounting-exam-1-practice-test-qs/

The valuation of assets on the balance sheet is generally based on a. current fair market value as established by independent appraisers b. what it would cost to replace the asset c. historical cost d. selling price

c. historical price More test answers on https://studyhippo.com/accounting-chapter-1/

The difference between the price paid to acquire another company and the fair market value of that company’s net assets can be referred to as

goodwill, a gaap filler, or a master valuation account More test answers on https://studyhippo.com/ch-12-intangible-assets/

Which of the following statements is not correct with respect to contributions to a private not-for-profit? A) Contributions to a not-for-profit are recorded at fair market value at the date of receipt. B) Contributions of assets other than cash to a not-for-profit are recorded at the donor’s basis. C) Contributions to a not-for-profit may be restricted as to purpose or time or for plant acquisition. D) Revenues, including contributions are considered to be unrestricted unless donor-imposed restrictions apply.

B) Contributions of assets other than cash to a not-for-profit are recorded at the donor’s basis. More test answers on https://studyhippo.com/ch-10-accounting-for-private-not-for-profit-organizations/

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