Want this question answered?
Realized gain or loss is measured by the difference between the amount realized from the sale or other disposition of property and the property's adjusted basis at the date of dispositionAnswer: TrueRealized gain or loss is the difference between the amount realized and the property's adjusted basis.
Maybe.. The best way to describe the situation is to think of it as a sale of the property. You don't have to pay taxes on insurance proceeds up to the amount of your tax basis on the property. You will have to pay taxes on any payments above your tax basis. If you receive more than your basis you pay tax on the gain. This is assuming the property is a total loss. If it was repaired, then your basis would transfer to the repaired property, no loss, no gain.
Yes, generally a corporation must recognize gain or loss upon a distribution of propoerty in liquidation, computed as if the property were sold to teh distributee shareholder at its fair market value. Code Sec. 336(a). The type of gain or loss recognized (e.g., ordinary, capital, Section 1231) depends on the nature of the property to the corporation, as well as the property's holding period.
foreign Exchange loss will be charged in P&l A/c
To account for the declaration of a property dividend, you must first restate the property at fair value, recognizing any gain or loss as the difference (125,000) between the property's fair value (750,000) and carrying value (625,000) at the DATE OF DECLARATION. Investment in securities 125,000 Gain of appreciation of securities 125,000 Retained Earnings 750,000 Property Dividends payable 750,000 At the DATE OF DISTRIBUTION of the property dividends: Property Dividends payable 750,000 Investment in securities 750,000
Please guide me to compute profit or loss made on sales of land
cheese
Realized gain or loss is measured by the difference between the amount realized from the sale or other disposition of property and the property's adjusted basis at the date of dispositionAnswer: TrueRealized gain or loss is the difference between the amount realized and the property's adjusted basis.
Maybe.. The best way to describe the situation is to think of it as a sale of the property. You don't have to pay taxes on insurance proceeds up to the amount of your tax basis on the property. You will have to pay taxes on any payments above your tax basis. If you receive more than your basis you pay tax on the gain. This is assuming the property is a total loss. If it was repaired, then your basis would transfer to the repaired property, no loss, no gain.
Asset Account (debit) Unrealized Gain/Loss on Investment (credit) This journal entry is increasing your asset but at the same time putting the funds it has been increased into a "holding" account until the gains/losses can be realized. When the asset matures or sells you make an entry to realize the gain/loss which have now become taxable income. Unrealized Gain/Loss on Investment (debit) Interest Income; Realized Gain/Loss (credit) You will also need an JE to account for what is happening with the asset. Cash (debit) (unless you are going to roll over the asset. If that's the case keep amount rolling over in asset account.) Asset Account (credit)
Yes, generally a corporation must recognize gain or loss upon a distribution of propoerty in liquidation, computed as if the property were sold to teh distributee shareholder at its fair market value. Code Sec. 336(a). The type of gain or loss recognized (e.g., ordinary, capital, Section 1231) depends on the nature of the property to the corporation, as well as the property's holding period.
foreign Exchange loss will be charged in P&l A/c
The term is "thermodynamic equilibrium."
To account for the declaration of a property dividend, you must first restate the property at fair value, recognizing any gain or loss as the difference (125,000) between the property's fair value (750,000) and carrying value (625,000) at the DATE OF DECLARATION. Investment in securities 125,000 Gain of appreciation of securities 125,000 Retained Earnings 750,000 Property Dividends payable 750,000 At the DATE OF DISTRIBUTION of the property dividends: Property Dividends payable 750,000 Investment in securities 750,000
You will never be able to take a loss for the decrease in value during the time it was a personal use property. At best, you'll be able to take a loss for any further decrease in value after you convert it to a rental property. It is very important that you get an appraisal at the time you convert it. If you sell it for a loss, your basis for determining a loss will be the lesser of the following two numbers: 1) The FMV of the property on day it was converted to rental use minus depreciation allowed or allowable. 2) The original adjusted basis of the property minus depreciation allowed or allowable. On the other hand, your basis for determining a gain will be the original adjusted basis minus depreciation allowed or allowable. If you have a gain use the loss basis and a loss using the gain basis, then your gain is considered to be zero.
The decibel is used to express gain or loss relative to a known value. In fiber optics, the decibel is most commonly used to describe signal loss through the link after the light has left the transmitter.
It's a foreign exchange gain or loss, so when you exchange currencies, you can either make a gain or a loss from it (profit or loss).