My church recently split off and sold a vacant parcel of land. The Church is a 503C. Do we need to pay state and county real estate transfer tax on this sale?
Tag Archives: corporation
Is a non profit corporation (church) exempt for real estate transfer tax in the State of Michigan?
Posted in Land For Sale
Tagged 503c, C. Do, CHURCH, corporation, county real estate, Estate, Michigan, non, parcel, parcel of land, profit, profit corporation, split, State, state of michigan, tax, transfer, vacant parcel
Will my strategy be effective in deferring gain recognition on sale of the land?
If i own investment land(350,000 FMV and 120,000 adjusted basis)that i am interest in selling.several prospective clients have offered to pay cash,but i want to avoid recognizing my entire gain in the year of sale.I am considering selling it to our family corporation in return for 20 year-9% corporate debt oligation.Th corporation can then sell the land to an unrelated party for cash.
Posted in Land For Sale
Tagged basis, Cash, corporation, FMV, Gain, investment, Land, recognition, sale, strategy
Accounting question, current ratio, quick ratio, Please help.?
Information from River Corporation’s balance sheet at December 31, 2008, and income statement for the year ended December 31, 2008, is as follows:
Cash
$
15,000
Cost of Goods Sold
515,000
Unearned Revenue
25,000
Rent Expense
24,000
Accounts Receivable, net
115,000
Accounts Payable
13,000
Equipment, net
165,000
Interest Payable
1,780
Net Income
48,000
Inventory
212,000
Salaries Payable
12,000
Short-term Investments
8,000
Office Supplies
1,250
Prepaid Insurance
6,000
Land
35,000
Long-term Notes Payable
60,000
Sales Revenue
1,825,000
Interest Expense
1,350
Insurance Expense
800
——————————————————————————–
Requirement 1:
Calculate River Corporation’s current and quick ratios. (Round answer to 2 decimal places.)
Current ratio
Quick ratio
Requirement 2:
Calculate the corporation’s accounts receivable turnover ratio. The Accounts Receivable balance at December 31, 2007, was $122,000. (Round answer to 2 decimal places.)
Accounts receivable turnover
Requirement 3:
On average, how many days does it take River to collect its receivables? (Round answer to 2 decimal places.)
Days to collect receivables
Posted in Land For Sale
Tagged accounting, balance, balance sheet, corporation, current ratio, december, december 31, Income, income statement, information, question, quick ratio, ratio, River, sheet, year ended december
Can a real estate company put up for sale signs on leased commercial land?
I work for a corporation that leases part of the land where our store is. The guy that owns the land wants to sell it and is basically trying to force us to buy it. He has went through a local realty company and they are putting up for sale “real estate only” signs. I am thinking about going out and taking them down because it takes away from out business. It could also lead people to believe that we are going out of business. To sum it up… We are a corporation, this is commercial property and the lease won’t be up for about a year. Any advice?
Posted in Land For Sale
Tagged business, Company, corporation, Estate, going out of business, guy, Land, Part, real estate company, realty, realty company, sale, SIGNS, Store
Selling Land through FSBO ( For Sale By Owner)?
I currently own a few pieces of land (buildable lots in normal cities) and the properties are under a corporation name. I wanted to know if I want to sell them FSBO, for sale by owner, where can I find out the exact forms and stuff I may need to have buyer sign. Does anyone know of a service or a website that assists in FSBO Sales? All help will be appreciated it. Thanks.
Posted in Land For Sale
Tagged anyone, buyer, buyer sign, corporation, fsbo, Land, name, owner, sale, SIGN, stuff