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Rosie has owned a successful luncheonette for several years.

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Tired of the long hours...
Rosie has owned a successful luncheonette for several years. Tired of the long hours and eager to try another way of life, she decides to buy a fishing boat and start a charter service near Key West. The only obstacle is the sale of the following assets of the luncheonette to fund her fishing boat endeavor:
Asset
Building
Land Equipment SuppliesDate Acquired
1/12/86
1/12/86
2/9/13
Current yearAdjusted Basis
$ 5,000 ($6,600 if S-L depreciation used)
10,000
7,800
5,000
Original Cost
$50,000
10,000
25,000
5,000Hank, Rosie’s part-time cook, offers her $175,000 for the luncheonette, which Rosie believes is a fair price. However, she is concerned about the tax consequences of the sale. For example, she wonders how to allocate the sales price among the assets to receive the most advantageous tax results. Write a letter to Rosie about the best way to make the allocations and explaining the tax effects of your recommendations.
Submitted: 5 months ago.Category: Business and Finance Homework
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Answered in 31 minutes by:
11/16/2017
Business Tutor: F. Naz, Bachelor's Degree replied 5 months ago
F. Naz
F. Naz, Bachelor's Degree
Category: Business and Finance Homework
Satisfied Customers: 5,445
Experience: Have completed B.COM and CA Finalist
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Any deadline for this
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Customer reply replied 5 months ago
48 hours.It is Nov16, 10:49 AM here
Business Tutor: F. Naz, Bachelor's Degree replied 5 months ago

Hello

I have done 2 questions for you in past for which you took the refund so kindly let me know what was the reason so i can take care of that in this question, thanks.

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Customer reply replied 5 months ago
After you finish this question, I will let you know if its enough.
Customer reply replied 5 months ago
Please cite an outside source
Business Tutor: F. Naz, Bachelor's Degree replied 5 months ago

It is important to know before because if you would tell me after this one then the mistake which i did in past will also incur in this one, so please let me know first, thanks.

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Customer reply replied 5 months ago
I did not get 100% in the past questions. I wanted to wait until I got my grades to rate you but I wasnt allowed to wait.
Business Tutor: F. Naz, Bachelor's Degree replied 5 months ago

so how much you got?

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Customer reply replied 5 months ago
75
Business Tutor: F. Naz, Bachelor's Degree replied 5 months ago

Wow 75% is more than enough to pay and if you wanted to pay only for 100% you should have told me, in this kind of work such as 100% is like impossible to get, thanks.

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Customer reply replied 5 months ago
No 75% is not enough when I am paying more than $35. I am ok with not getting 100% but then do not force me to rate you before getting my grades back
Business Tutor: F. Naz, Bachelor's Degree replied 5 months ago

I did not forced you as well as what difference it will make whether you accept before results or after if you are already okay with getting no 100%

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Customer reply replied 5 months ago
I was told that my previous questions have have to be closed before working on the next ones. I am ok not getting a 100 but if I don't then that's how I will rate.I don't want to argue. If you are not interested in doing this question then opt out.
Business Tutor: F. Naz, Bachelor's Degree replied 5 months ago

Okay, i can provide the answer if you agree to pay for my previous 2 questions and again for this i cannot guarantee 100%, thanks. Please let me know if you are okay with this, thanks.

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Customer reply replied 5 months ago
I am not going back
Customer reply replied 5 months ago
But I can guarantee for this one that I won't ask for a refund if I rate you after my grades
Business Tutor: F. Naz, Bachelor's Degree replied 5 months ago
You don't have to go back we can adjust the difference here
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Customer reply replied 5 months ago
Please opt out if you are not interested but I am not truing up the past
Business Tutor: F. Naz, Bachelor's Degree replied 5 months ago

Okay, I am opting out, thanks.

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