McCoy’s Fish House purchases a tract of land and an existing building for $820,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, McCoy pays closing costs, including title insurance of $1,200. The company also pays $10,400 in property taxes, which includes $7,200 of back taxes (unpaid taxes from previous years) paid by McCoy on behalf of the seller and $3,200 due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $41,000 to tear down the old building and remove it from the site. McCoy is able to sell salvaged materials from the old building for $5,600 and pays an additional $11,300 to level the land. Required:Determine the amount McCoy’s Fish House should record as the cost of the land. (Amounts to be deducted should be indicated by a minus sign.)

Tom and carol are resident aliens, married, and want to file a joint return. they have two children. sydney is 5 years old and a resident alien. benjamin is 2 years old and a u. s. citizen. both children lived with the parents in the united states all year. tom, carol, and sydney have individual taxpayer identification numbers (itins). benjamin has a social security number. tom earned $30,000 in wages. carol had $8,000 in wage income. they had no other income. tom and carol provided all the support for sydney and benjamin. sydney and benjamin attended daycare while tom and carol were at work. tom and carol did not receive dependent care benefits from a dependent care benefits plan or flexible spending account. the daycare center provided the baker's with a statement indicating the amount of $3,250 paid for 2018, their name, address and valid employer identification number. 6. who can tom and carol claim as a qualifying child for the child tax credit? a. sydney b. benjamin c. both sydney and benjamin d. neither sydney or benjamin