How much is Franco adjusted basis in the LLC interest

Assignment Help Accounting Basics
Reference no: EM132703296

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?

Reference no: EM132703296

Questions Cloud

What are the president constitutional lawmaking powers : Why is the president often called the chief legislator? What are the president's Constitutional lawmaking powers?
Prepare entries to close the firm income summary account : Prepare entries to close the firm's income summary account as of December 31 and to allocate the profit to the partners under
Rules-based compliance-values-based compliance program : What is the difference between a rules-based compliance program and a values-based compliance program? Can you have one without the other?
Endorsed as merit system-appointment system : There are three systems used to select Probation and Parole officers. The three systems are endorsed as the merit system, appointment system,
How much is Franco adjusted basis in the LLC interest : 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
One type of evidence is direct evidence : One type of evidence is direct evidence, which is based on personal knowledge or observation of the person testifying.
Compute the debt-to-equity ratios for both companies : Comment on your results and discuss what they imply about the relative riskiness of companies. Compute the debt-to-equity ratios for both companies.
Discuss government planning and entrepreneurial innovation : Find a peer-reviewed scholarly journal article discussing government planning and/or entrepreneurial innovation. Complete a review of the article by writing.
Changes in an organisation management : Develop practicable strategies on the ways in which an organisation can assess hazards and risks following changes in an organisation's management

Reviews

Write a Review

Accounting Basics Questions & Answers

  A us company makes a sale to a foreign customer payable in

a u.s. company makes a sale to a foreign customer payable in 30 days in the customers currency. the sale would be

  Calculate the company earnings per share on common stock

A company reported the following: Net income $270,000 and Preferred dividends $10,000. Calculate the company earnings per share on common stock

  What type of resolution is necessary for appointment

The Board of Directors of X Ltd., whose 20% of subscribed capital is held by A.P. Government, proposes to appoint Mr.Hari, a C.A., as its statutory auditor.

  Which company do you think would have a higher operating

which company do you think would have a higher operating leverage a software company that makes large investments in

  Shown on the next page are the financial statements

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.

  How many shares must be issued

If EC can issue common stock at market price of $80 per share, how many shares must be issued so that the company has $141 million after flotation costs to fund

  Basics of end-of-period adjustment

If a company failed to make the end-of-period adjustment to remove from the Unearned Management Fees account the amount of management fees that were earned, this omission would cause:

  Prepare a differential analysis dated August

The integrated circuit can be manufactured for $68 per unit, including variable costs of $42 per unit. Prepare a differential analysis dated August

  Prepare the journal entries to record first interest payment

On January 1, 2016, Knorr Corporation issued $700,000 of 6%, 5-year bonds dated January 1, 2016. Prepare the journal entries to record First interest payment

  Distance charges on her phone are not deductible

distance charges on her phone are not deductible and that the Employment/Business Related Long Distance Charges

  The balance sheet of lennox health foods at december 31

the balance sheet of lennox health foods at december 31 2011 reported 120000 shares of no-par common stock authorized

  Calculate tammy net tax payable or refundable

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

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!

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