Brian is a 25 partner in the bc partnership on january 1 bc

Assignment Help Accounting Basics

Reference no: EM13572490

Brian is a 25% partner in the BC Partnership. On January 1, BC distributes $20,000 cash and land with a $16,000 fair value (inside basis $8,000) to Brian. BC has no liabilities at the date of the distribution. Brian's basis in BC is $16,000. What is the amount and character of Brian's gain or loss on the distribution?

Reference no: EM13572490

Questions Cloud

The firm issued 100000 shares of common stock what was the : a firm has 1000000.00 in its common stock account and 2500000.00 in its paid-in capital account. the firm issued

Wong corporation sold 2534000 7 5-year bonds on january 1 : wong corporation sold 2534000 7 5-year bonds on january 1 2012. the bonds were dated january 1 2012 and pay interest on

Andrew davis is the bookkeeper for cheyenne company andrew : andrew davis is the bookkeeper for cheyenne company. andrew has been trying to get the balance sheet of cheyenne

Calculate the effect on the companys total net operating : masse corporation uses part g18 in one of its products. the companys accounting department reports the following costs

Brian is a 25 partner in the bc partnership on january 1 bc : brian is a 25 partner in the bc partnership. on january 1 bc distributes 20000 cash and land with a 16000 fair value

A study indicates that 372000 of the fixed expenses being : boyles home center a retailing company has two departments bath and kitchen. the companys most recent monthly

In psychology social psychology is the scientific study of : in psychology social psychology is the scientific study of how peoples thoughts feelings and behaviors are influenced

Kathy is a 25 partner in the kdp partnership and receives : kathy is a 25 partner in the kdp partnership and receives 120000 cash in complete liquidation of her partnership

Income tax is a on income and not on receipt discuss this : income tax is a on income and not on receipt? discuss this statement and keep the main feature of the

Reviews

Write a Review

Required(*) Message

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?

Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

Accounting problems

Accounting problems, Draw a detailed timeline incorporating the dividends, calculate the exact Payback Period b) the discounted Payback Period. the IRR, the NPV, the Profitability Index.

Theory of interest - term structure of interest rates

Term Structure of Interest Rates

Write a report on internal controls

Write a report on Internal Controls

Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

Liquidity and profitability

Distinguish between liquidity and profitability.

What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

Capm and venture capital

CAPM and Venture Capital

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

User Account

All Pages