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Drew and Emma formed the equal D&E Partnership on January 1 of the current year. Drew contributed $50,000 of cash and land with a fair market value of $100,000 and an adjusted basis of $80,000. Emma contributed equipment with a fair market value of $150,000 and an adjusted basis of $60,000. Emma had previously used the equipment in her sole proprietorship.
a. How much gain or loss will Drew, Emma, and the partnership realize?b. How much gain or loss will Drew, Emma, and the partnership recognize?c. What bases will Drew and Emma take in their partnership interests?d. What bases will D&E take in the assets it receives?e. Are there any differences between inside and outside basis?f. How will the partnership depreciate any assets it receives from the partners?
Bonadio Ekectrical Supplies distributes electrical components to the construction idustry. The company began as a local suookier 15 yrs ago and has rwon rapidly to become a major competitor in the north central US.
Prepare a 2011 balance sheet for Cornell Corp. based on the following information: cash = $136,000; patents and copyrights = $630,000; accounts payable = $215,000;
H owns 50% of the stcok of Y corporation and has a basis for that stock of $25,000. His wife W owns the remaining 50% of the stock at a basis of $25,000. H has all his stock redeemed for its fair market value of $250,000. What is H's tax treatment..
If he sells the pubs abd then leases them back would you expect Lion Nathan to change how it accounts for the depreciation of he building?
Forest Products, Inc., busy and develops natural resources for profit. Since 2006, it has had the following activities:
Equestrain Roads sold $50,000 of goods and accepted the customer's $50,000 10% 1-year note receivable in exchange. Assuming 10% approximates the market rate of return, what would be the debit in this journal entry to record the sale?
Suppose that on June 1, Rockin' Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of $500. During June, Michael Martell, fund custodian, signs the following petty cash tickets:
Barry owns a 30% interest in a partnership that earned $300,000 this year. He also owns 30% of the stock in a C corporation that earned $300,000 during the year.
Explain the differences between manual and system controls. Which type of control is preferable and why? Give an example of each of these controls that you encounter in your daily life.
If risk is to be analyzed in a qualitative way, place the following investment decisions in order from the lowest risk to the highest risk:
A company expected its annual overhead costs to be $900,000 and direct labor costs to be $1,000,000. Actual overhead was $870,000, and actual labor costs totaled $1,100,000. How much is the company's predetermined overhead rate to the nearest cent..
What financial instruments (financial assets and financial liabilities) are not eligible for an entity to use the fair value option of accounting?
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