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Question - Franco owns a 60% interest in the Dulera LLC. On December 31 of the current tax year, his basis in the LLC interest is $232,600. The fair market value of the interest is $255,860. In a proportionate current distribution, the LLC distributes $46,520 cash and equipment with an adjusted basis of $116,300 and a fair market value of $174,450 to him on that date.
How much is Franco's adjusted basis in the LLC interest after the distribution, and what is the amount of his basis in the equipment received?
a u.s. company makes a sale to a foreign customer payable in 30 days in the customers currency. the sale would be
A company reported the following: Net income $270,000 and Preferred dividends $10,000. Calculate the company earnings per share on common stock
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During the year, equipment was sold for $10,000 cash. This equipment cost $13,000 originally and had accumulated depreciation of $3,000 at the time of sale.
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Tammy's only other income during the 2017/18 tax year was gross salary of $36,290 for the period, Calculate Tammy net tax payable or refundable
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