User Account

All Pages

How much gain will cosmo recognize from the contribution

Assignment Help Accounting Basics
Reference no: EM132270414

Question - Cosmo contributed land with a fair market value of $342,500 and a tax basis of $114,000 to the Y Mountain partnership in exchange for a 25 percent profits and capital interest in the partnership. The land is secured by $171,000 of nonrecourse debt. Other than this nonrecourse debt, Y Mountain partnership does not have any debt. (Leave no answer blank. Enter zero if applicable.)

a. How much gain will Cosmo recognize from the contribution?

b. What is Cosmo's tax basis in his partnership interest?

Reference no: EM132270414

Questions Cloud

What is the average collection period : Sabby Inc. has net credit sales of $2.4 million. Its opening accounts receivable is $545,000. What is the average collection period
Discuss about reforming the united states military : The founders of our Republic were keen students of Republican Rome. In fact, many of our institutions were deliberately patterned on Roman ideals.
Findings of the existing literature : Michael A. Clemens, Steven Radelet, Rikhil R. Bhavnani and Samuel Bazzi, argue that the findings of the existing literature can be classified into three
What percentage of american students drop out : P0S230 : What was the American economic participation rate as a percentage of the total population in 2000 versus 2011?
How much gain will cosmo recognize from the contribution : Cosmo contributed land with a fair market value of $342,500 and a tax basis of $114,000. How much gain will Cosmo recognize from the contribution
How much labor should be employed to minimize : If the firm is using 100 units of capital in? production AND the production price is $10, how much labor should be employed to minimize costs and maximize
What is one thing that the united states military does : In one paragraph, identify and describe a role that the United States military plays in the international community. In other words, when we look around.
Example of market : Explain how online retailing in today's world is an example of market.
Benefit from lowering its school leaving age : Discuss whether a country would benefit from lowering its school leaving age, considering the case of China.

Reviews

Write a Review

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

Free Assignment Quote

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

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd