How much is sweeney gain on the sale

Assignment Help Accounting Basics
Reference no: EM132663169

Problem - Sweeney originally contributed $175,000 in cash for a one-fourth interest in the Gilbert LLC. During the several years that Sweeney was a member of the LLC, his share of the LLC's income was $90,000 and he withdrew $75,000 cash. The LLC's liabilities are $80,000, of which Sweeney's share is $20,000. The LLC has $40,000 of hot assets, of which Sweeney's share is $10,000. Sweeney sells his LLC interest to Jana for $225,000 cash, with Jana also assuming Sweeney's share of the LLC's liabilities. How much is Sweeney's gain on the sale, and what is its character? How much is Jana's adjusted basis for her LLC interest?

Reference no: EM132663169

Questions Cloud

What is privatization : List and explain in detail the different perceptions of government held by citizens. What is privatization? What are the benefits of privatization?
Define psychopathology in your own words : Define psychopathology in your own words. Explain how practices involving psychopathology in criminal justice settings differ from other situations involving.
What is his basis in the inventory : The land's basis is $70,000, and the fair market value is $60,000. How much gain or loss does Bruno recognize, and what is his basis in the inventory
What methods can be used to assess nutritional status : What methods can be used to assess nutritional status? What type of interventions improve adherence to recommendations on nutritional intake?
How much is sweeney gain on the sale : How much is Sweeney's gain on the sale, and what is its character? How much is Jana's adjusted basis for her LLC interest
What is ratio of the total number of executed instruction : What is the ratio of the total number of executed instructions of pA over that of pB and How many times is each instruction executed?
What is a wet lease for an aircraft : What is a "wet lease" for an aircraft, and how does it differ from a "fractional ownership arrangement" governed by 14 CFR 91 Subpart K?
What are the equivalent of part operations specification : What are the equivalent of Part 135 Operations Specifications, which are issued by the FAA to each Fractional Aircraft Ownership Program Manager
Find out what is the general perception about the brand axe : Find out what is the general perception about the brand AXE. Gather insights around AXE that could be useful for AXE's future marketing activities.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Ron barber cpa is auditing the financial statements of dgf

ron barber cpa is auditing the financial statements of dgf inc. a publicly held company. during the course of the audit

  What is your understanding for the cybersecurity framework

Question - What is your understanding for the Cybersecurity Framework? What role does it have in the function of accounting

  Prepare a straight-line amortization table

Legacy issues $550,000 of 9.5%, four-year bonds dated January 1, 2017, Prepare a straight-line amortization table for the bonds' first two years

  Calculate the balance in accumulated depreciation

Computing second-year depreciation and accumulated depreciation At the beginning of 2016, Logan Service purchased a used airplane at a cost of $46,000,000.

  For this discussion post describe the different reasons

for this discussion post describe the different reasons that the u.s. government local governments and corporations

  Determine net purchases and ending inventory

Determine net purchases and ending inventory given goods available for sale were $15,800 and beginning inventory was $8,200

  Prepare the statement of Stockholder Equity

Prepare the statement of Stockholder's Equity for the year ended December 31, 2021, in the 'Income Statement' tab

  Prepare the acquisition journal entries on first july

Prepare the acquisition journal entries on 1 July 2010. Prepare all consolidated journal entries including non-controlling interest.

  What is working condition fringe benefit

What are some examples of benefits that are nontaxable to 2%+ shareholder-employees? Specifically, what is working condition fringe benefit?

  Preparing a statement of cash flows

Prepare a statement of cash flows (indirect method)for walker corportion for 2010. The 2010 and 2009 balanccer sheets of walker corporation follow. the 2010 income statement is also provided.

  The accrual -basis net income was 107000 in computing net

the accrual -basis net income was 107000. in computing net income the company recorded 12600 of depreciation expense

  Check and received payment from bank

The defendant received a check drawn on plaintiff's bank. The defendant endorsed the check and received payment from his bank. That bank sent the check for collection to the plaintiff's bank,

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