Reference no: EM132780980
ABCD is a cash basis partnership & has 4 equal (25%) partners. ABCD has the following assets with no liabilities:
Cash $200,000
Uncollected Receivables- Basis to ABCD of $0 & FMV $100,000
Land- Basis to ABCD $50,000 & FMV $95,000
Inventory- Batch#1- Basis to ABCD of $55,000, FMV $60,000
Inventory- Batch #2- Basis to ABCD of $100,000, FMV $140,000
Total Basis $400,000, Total FMV $600,000
Partner A receives a liquidating distribution of $150,000 in cash when A's basis in his partnership interest was $100,000 just prior to the liquidating distribution.
Problem 1: How would you characterize the total of $50,000 gain from this liquidating distribution?
A. All capital gain
B. $35,000 ordinary gain & $15,000 capital gain
C. All ordinary gain
D. $36,250 ordinary gain & $13,750 capital gain
E. None of the above
|
What is the accounting rate of return
: The machine has an initial investment of $233,000. Incremental revenues, including cost savings, are $131,000, What is the accounting rate of return (ARR)
|
|
Medicalization of prenatal treatment and birthing
: What key points would you propose in arguing that the surgery should not be performed?
|
|
How much cash should Quito receive
: After paying the liabilities amounting to P60,000, they have P222,000 to divide. How much cash should Quito receive
|
|
Define an attitude and provide an original example
: Define an attitude and provide an original example.
|
|
How would characterize the total of gain
: How would you characterize the total of $50,000 gain from this liquidating distribution? Partner A receives a liquidating distribution of $150,000 in cash
|
|
Define both implicit and explicit associations
: Define both implicit and explicit associations. Provide original examples of each.
|
|
What is the total product cost per unit of X
: The management consider using ABC system for more accurate allocation of overhead. What is the total product cost per unit of X under Traditional costing
|
|
What are two explicit strategies for teaching oral language
: What are two explicit strategies for teaching oral language? What are two embedded activities for developing oral language?
|
|
How and when a business should account for a chang
: Describe how and when a business should account for a change in the estimated useful life and/or residual value of a depreciable asset.
|