In which of the following situations would an IRS Section 1031 exchange not be allowed:
A: The properties are not of a like kind;
B: The exchanged properties are both vacant land;
C: One of the properties is a leasehold over 30 years;
D: One property is in California and the other is in Arizona.
Answer: A: The properties are not of a like kind;
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Work-In-Process Inventory, beginning 0 Units started 60,000 Units completed and transferred 48,000 Work-In-Process Inventory, end 12,000 Direct materials added $180,000 Direct labor $165,600 Factory overhead $82,800 The units in the ending Work-In-Process Inventory are 50 percent complete with respect to direct materials and 60 percent complete with respect to conversion costs. The unit cost of direct materials is ________. A) $1.00 B) $3.00 C) $3.33 D) $5.00
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