Partner in reynolds partnership

Assignment Help Financial Accounting

Reference no: EM131294563

Amit is a partner in Reynolds Partnership. This year, Amit's Schedule K-1 from Reynolds reflected $50,000 of ordinary income, $1,000 of interest income, and a cash distribution of $35,000. Amit's marginal tax rate is 39.6 percent.

a. Calculate the tax cost of Amit's partnership earnings this year.

b. Calculate Amit's after-tax cash flow from his partnership activity this year.

Reference no: EM131294563

Questions Cloud

Prepare the journal entry to record the declaration of cash : Earnhardt Corporation has outstanding 3,051,000 shares of common stock of a par value of $10 each. The balance in its Retained earnings account at January 1,2014, was $ 24,730,000, and it then had Paid-in Capital in Excess of par - Common stock of $5..

How do the abrahamic religions address the problem : How does Hinduism address the problem?How does Buddhism address the problem?How do the Abrahamic religions address the problem?Compare the difference between the way Jews, Christians, Muslims, Hindus and Buddhists address the problem of evil and theo..

Save prepare a one-month cash budget : Save Prepare a one-month cash budget for April and calculate the amount of financing required to cover any deficit. Assume Actts receivable is collected 7% current month, 63% first month after sales and 30% second month after sales. Accts payable is ..

Contemporary shipping and port management : In a min of 300 words and APA format with at least two pier reviewed outside references (no websites) only journals or books references and from the book

Partner in reynolds partnership : Amit is a partner in Reynolds Partnership. This year, Amit's Schedule K-1 from Reynolds reflected $50,000 of ordinary income, $1,000 of interest income, and a cash distribution of $35,000. Amit's marginal tax rate is 39.6 percent. Calculate Amit's af..

Explain how the brands are alike and how they differ : Explain How the brands are alike and how they differ. Your analysis of possible merger/acquisition/joint venture possibilities and what would be achieved or accomplished through the merger/acquisition/joint venture.

Write an academic intergrity paper for students development : Write an academic intergrity paper for students development.considers academic integrity to be essential for each student's intellectual development and that each student agrees to respect and acknowledge the research and ideas of others and to abi..

The allowance method based on the idea : The allowance method based on the idea that a given percent of a company's credit sales for the period is uncollectable is:

Methodologies for modeling and designing systems : 1. What are the principal methodologies for modeling and designing systems? 2. What are alternative methods for building information systems?

User Account

All Pages