Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Chris and Lauren each contributed $90,000 cash to the cash basis CL Partnership. The partnership uses all $180,000 of the cash to purchase a depreciable asset. The partnership agreement provides that depreciation is allocated 60% to Chris and 40% to Lauren. All other items of partnership income, gain, loss or deduction are allocated equally between the two partners. During the first year of operations, the partnership produces $30,000 of income before depreciation and deducts $30,000 of depreciation. At the end of the first year, the partnership sells the depreciable asset for its $150,000 book value. Following these transactions, the partnership has $180,000 of cash ($150,000 from sale of the asset and $30,000 from operations). assume nothing else happens in the first year that affects the partners and liquidates at the end of the first year.
a) How much cash is distributed to each partner in the liquidating distribution under the economic effect test?
b) if the partnership distributes $30,000 cash to Lauren on June 30 of the current year, how much cash is distributed to each partner in the liquidating distribution under the economic effect test?
1. a stock sells for 10 a share. you purchase 100 shares for 1000 and after a year the prices rises to 17.50. what will
goodwill of 200000 was recorded as a result of an acquisition of a company in a previous year.a. assume at the end of
this is an entry for a journal formaton april 1 2009 minor company paid 5280 for a 2 year insurance policy.on that date
e10-5 treatment of various costs ben sisko supply company anewly formed corporation incurred the following expenditures
the hokie corporation is considering two mutually exclusive projects. both require an initial outlay of 10000 and will
serta carpet which manufactures carpet incurred the following costs for march when 2600 yards of carpet were produced
1.a company is contemplating investing in a new piece of manufacturing machinery. the amount to be invested is 150000.
How would applying a flat tax decrease errors, when the progressive tax rates is just a simple formula? How would you measure gross income? Do you think that deductions should be eliminated? Which ones and why?
corporate law case studiesnbspquestion 1 designco pty ltd designs manufactures and distributes craft kits for children.
the monthly payment on a 1000000 15 yr. mortgage at 6 is 8438.57 per month. how much of that 1000000 on day 1 is deemed
problem 3 - even better produces gummy worms that it sells in pocket size boxes. it uses direct labor hours as the cost
Winter Company incurred direct materials costs of $500,000 during the year. Manufacturing overhead applied was $150,000 and is applied at the rate of 75% of direct labor costs. Winter Company's total manufacturing costs for the year was:
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd