Roger jones sells real estate on march 2 for 512000 the, Financial Accounting

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Roger jones sells real estate on march 2 for 512000 the

Roger Jones sells real estate on March 2 for $512,000. The buyer, JJ Baker, pays the real estate taxes of $10,400 for the calendar year, which is the real estate property tax year. Assume that this is not a leap year.

Please make sure to show work for each question below and complete it before class on Thursday.

a. Determine the real estate taxes apportioned to and deductible by for Roger Jones, and the amount of taxes deductible for JJ Baker.

b. Calculate JJ Baker’s basis in the property and the amount realized by Roger Jones.

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Financial Accounting: Roger jones sells real estate on march 2 for 512000 the

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