Best writers. Best papers. Let professionals take care of your academic papers

Order a similar paper and get 15% discount on your first order with us
Use the following coupon "FIRST15"
ORDER NOW

4 questions, accounting

Facts and information listed below is needed to resolve questions 75 and 77: 

Need assignment help for this question?

If you need assistance with writing your essay, we are ready to help you!

OUR PROCESS

Order

Payment

Writing

Delivery

Why Choose Us: Cost-efficiency, Plagiarism free, Money Back Guarantee, On-time Delivery, Total Сonfidentiality, 24/7 Support, 100% originality

On January 1st, Zachary purchased an office building and land (inclusive of acquisition costs) for a total $10,333,000.  Zachary and his advisers determined that the land represented 15% of the total purchase price.  Subsequent to closing, Zachary hire a third party provider to perform a cost segregation study of the building; as a result, $1,000,000 was reclassified to be personal property having a recovery period of 7 years or less.  

75. What would the adjusted tax basis of the building be on December 31st of year 3 (rounded to $1K)?

76. What is the adjusted tax basis of the personal property at the end of year 9 (rounded to $1K)?

77. What would the unrecaptured Section 1250 gain (taxed at the 25% rate) be if the land, building and personal property were sold for 15,333,000 at the end of year 10?  

78. What would be the adjusting journal entry to record the payment of a self amortizing qualified nonrecourse senior first mortgage bearing market interest on a loan that is secured by a data center in Boston, MA?  Please list the account name (description) and whether it would be an increase or decrease to that account / (a debit or a credit – description – and then increase or decrease).

"Order a similar paper and get 15% discount on your first order with us
Use the following coupon
"FIRST15"

Order Now