How much gain must the sa general partnership recognize

Assignment Help Financial Accounting

Reference no: EM13131917

Sue and Andrew form SA general partnership. Each person receives an equal interest in the newly created partnership. Sue contributes $10,000 of cash and land with a FMV of $55,000. Her basis in the land is $20,000. Andrew contributes equipment with a FMV of $12,000 and a building with a FMV of $33,000. His basis in the equipment is $8,000, and his basis in the building is $20,000. How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew?

Reference no: EM13131917

Questions Cloud

What is brett outside tax basis in his llc interest : The building has an FMV of $45,000, an adjusted basis of $30,000, and is secured by a $35,000 nonrecourse mortgage that the business LLC will assume. What is Brett's outside tax basis in his LLC interest?

How many questions test contain to reduce standard deviation : How many questions must the test contain in order to reduce the standard deviation of Julie's proportion of correct answers to one-fourth its value for an 100-item test?

Compute shawn alternative minimum tax : Shawn, who is single and has no dependents, has a regular tax liability of $15,820, taxable income of $70,000, tax preferences of $25,000, and positive adjustments attributable to limitations on itemized deductions of $15,000. Shawn's alternative ..

List each alternative filing status available to unmarried : Maggie is single and supports her 85-year-old parents who live in a home rented for them by Maggie and who have no income. What is Maggie's filing status and why?

How much gain must the sa general partnership recognize : How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew?

Calculate the amount of heat trasnferred : Calculate the amount of heat trasnferred when 3.55 g of Mg(s) reacts at constant pressure. 2Mg(s) + 02(g) ---> 2MgO(s) heat= -1204kJ

Find what percent of the acid is dissociated : If the acid dissociation constant, Ksuba, for an acid HA is 8 x 10^-4 at 25 degree C, what percent of the acid is dissociated in a 0.50 M solution of HA at 25 degree C?

Discuss apple fairly presented this information : Explain how you would have advised Apple to adopt the new requirements, prospectively or retrospectively. Discuss whether or not Apple fairly presented this information in their financial statement and footnote disclosures, and state your rationale.

Define deferred tax expense : The deferred tax expense is the: a. increase in balance of deferred tax asset minus the increase in balance of deferred tax liability. b. increase in balance of deferred tax liability minus the increase in balance of deferred tax asset.

User Account

All Pages