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Author Question: Billy and Sue are married and live in Texas, a community property state. They jointly own real ... (Read 100 times)

corkyiscool3328

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Question 1

Allison buys equipment and pays cash of $50,000, signs a note of $10,000 and assumes a liability on the property for $3,000. In addition, Allison pays an installation cost of $500 and a delivery cost of $800. Allison's basis in the asset is
◦ $60,000.
◦ $63,000.
◦ $63,500.
◦ $64,300.

Question 2

Billy and Sue are married and live in Texas, a community property state. They jointly own real property with an adjusted basis of $200,000. When the property has a FMV of $450,000, Billy dies leaving all of the property to Sue. If she later sells the property for $650,000, what is Sue's gain on the sale?
◦ $200,000
◦ $225,000
◦ $325,000
◦ $450,000


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Marked as best answer by corkyiscool3328 on Sep 13, 2020

234sdffa

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corkyiscool3328

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Reply 2 on: Sep 13, 2020
Excellent


cici

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Reply 3 on: Yesterday
:D TYSM

 

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