Partnership interest, Similar limited partnership interests

Partnership interest

Assignment Help Accounting Basics

Reference no: EM13914219

Mandy works for a large firm whose business is to find suitable real estate, establish a limited partnership to purchase the property and then sell the limited partnership interests. In the current year, Mandy received a 5% limited partnership interest in the Eldorado Limited Partership. Mandy received this interest partially in payment for her services in selling partnership interests to others, but she also was requiried to contribure $5,000 in cash to the partnership. Similar limited partnership interests sold for $20,000 at approximately the same time that Mandy received her interest. What are the tax consequrences for Mandy and the Eldorado Limited Partnership of Mandy's receipt of the partnership interest?

Reference no: EM13914219

Questions Cloud

Question regarding the benjamin franklin : Question 1: Ezekiel delivers pesticides to farmers' cooperatives. When planning his daily routing pattern, Ezekiel prefers to start with the customers furthest away and work his way back to his company's office. Which routing pattern is followed b..

Ordinary loss during the current year : Bases for the partnership interests at the beginning of the year are $80,000 for Mary and $120,000 for Gary after considering the impact of liabilities but before considering operatons. MG has $200,000 ordinary loss during the current year. How much ..

Health care professionals : Is there anything wrong with health care professionals being paid to provide information about their patients to marketers? Would it make an ethical difference if they received benefits for their hospitals or other patients rather than for themselves..

Understanding real world annual reports : Understanding real world annual reports.

Partnership interest : Similar limited partnership interests sold for $20,000 at approximately the same time that Mandy received her interest. What are the tax consequrences for Mandy and the Eldorado Limited Partnership of Mandy's receipt of the partnership interest?

Corporate strategy of ab electrolux : As the social and demographic trends continue to evolve so do the opportunities afforded to Electrolux. The most significant demographic shift globally is the growing middle class in Asia, which includes families with incomes between US$6,000 and ..

The beginning account balances for miller company : The beginning account balances for Miller Company were as follows for 2013, 2014, and 2015:Miller Company experienced the following events for the accounting periods 2013, 2014, and 2015:

Unanticipated increase in the inflation rate : An unanticipated increase in the inflation rate will most likely:

A multiple-step income statement : Dickinson Company decided to discontinue its entire wholesale operations and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2014, there were 493,400 shares of common stock ou..

User Account

All Pages