Claude purchased raw land three years ago for $1,500,000 to develop into lots and sell to individuals planning to buildtheir dream homes. claude intended to treat this property as inventory, like his other development properties. beforecompleting the development of the property, however, he decided to contribute it to south peak investors llc when itwas worth $2,500,000, in exchange for a 10 percent capital and profits interest. south peak’s strategy is to hold land forinvestment purposes only and then sell it later at a gain. a) if south peak sells the property for $3,000,000 four years after claude’s contribution, how much gain or loss isrecognized and what is its character? [hint: see §724.]b) if south peak sells the property for $3,000,000 five and one-half years after claude's contribution, how much gain orloss is recognized and what is its character?

The systems analysis phase includes three activities – requirements modeling, data and process modeling, and consideration of development strategies. choose two of these activities, explain their differences, and discuss how they are used to accomplish the main objective which is to understand the proposed project.

Xyz corporation has provided the following data concerning manufacturing overhead for july: actual manufacturing overhead incurred $ 69,000 manufacturing overhead applied to work in process $ 79,000 the company's cost of goods sold was $243,000 prior to closing out its manufacturing overhead account. the company closes out its manufacturing overhead account to cost of goods sold. which of the following statements is true? multiple choice manufacturing overhead was overapplied by $10,000; cost of goods sold after closing out the manufacturing overhead account is $253,000 manufacturing overhead was underapplied by $10,000; cost of goods sold after closing out the manufacturing overhead account is $233,000 manufacturing overhead was underapplied by $10,000; cost of goods sold after closing out the manufacturing overhead account is $253,000 manufacturing overhead was overapplied by $10,000; cost of goods sold after closing out the manufacturing overhead account is $233,000

Trey morgan is an employee who is paid monthly. for the month of january of the current year, he earned a total of $4,538. the fica tax for social security is 6.2% of the first $118,500 earned each calendar year, and the fica tax rate for medicare is 1.45% of all earnings for both the employee and the employer. the amount of federal income tax withheld from his earnings was $680.70. his net pay for the month is .