Part 1: Kathleen received land as a gift from her grandfather. At the time of the gift, the land had a FMV of $105,000 and an adjusted basis of $85,000 to Kathleen's grandfather. One year later, Kathleen sold the land for $110,000. What was her gain or (loss) on this transaction?

a.. No gain or loss

b. ($5,000)

c. $20,000

d. $25,000

Part 2 If numbers were

FMV $85,000 at time of gift and adjusted basis was $110,000 to Kathleen's grandfather. One year later Kathleen sold the land for $80,000 what would her gain or (loss) be in this transaction be?

a. No gain or loss

b. ($5,000) loss

c. $5,000 gain

d. $30,000 gain

Arriving and delivering a load of company executives for a business meeting at a destination far from home base requiring an overnight stay, a company’s pilot requested approval from the company finance office to pay to either have the company’s jet brought into the fbo's hangar overnight to protect it from a forecast snowfall or to have it de-iced by the fbo the following morning well-before scheduled departure. the company was under considerable financial pressure at the time, and the pilot’s requests were denied because of the cost. so, early the following morning, the pilot was up on the wing of the jet sweeping off an accumulation of snow and ice with a borrowed push broom in preparation for the scheduled departure with the executives, but slipped and fell to the ground, suffering a broken neck. the business was organized as a limited partnership, owned by 3 limited partners and one general partner. as a cost-saving measure, the company had dropped its workers’ compensation insurance before the accident. analyze the potential liability for the pilot’s injuries of each of the following, showing your reasoning clearly: the company the general partner the limited partners analyze how the outcome would have been different, if the business had been organized as a corporation and observed all of the formalities to legitimize its corporate status. analyze how the outcome would have been different, if the pilot had been covered by workers’ compensation insurance.

Your debit card is stolen, and you report it to your bank within two business days. how much money can you lose at most? a. $500 b. $25 c. $50 d. $150

An allergy products superstore buys 6000 of their most popular model of air filters each year. the price of the air filters is $18. the cost of ordering and receiving shipments is $12 per order. accounting estimates annual carrying costs are 20% of the price. the supplier lead time is 2 days. the store operates 240 days per year. each order is received from the supplier in a single delivery. there are no quantity discounts. what is the store’s minimum total annual cost of placing orders & carrying inventory?