User Account

All Pages

What amount should be allocated to the mother

Assignment Help Accounting Basics
Reference no: EM131932445

Question - A partnership is owned by a mother (60%) and her son (40%). Their capital accounts are maintained in the same ratio. The son received his ownership interest as a gift from his mother several years ago. Partnership income for the current year was $50,000. Although the mother performed services valued at $10,000, there was no entry on the partnership books and she received no cash for her services. To avoid a reallocation by the IRS, what amount should be allocated to the mother?

$20,000

$30,000

$34,000

$40,000

Reference no: EM131932445

Questions Cloud

Ira contribution can she deduct for tax purpose : If her AGI is $63,000, how much IRA contribution can she deduct for tax purpose?
What is the amount of the minimum gain : If the note payable is a nonrecourse mortgage on the machine, what is the amount of the minimum gain
Can a leaders public and private morality be distinguished : Companies have become increasingly aware of the advantages that being ethically conscious have to offer, especially in the global economy.
Fireplace and garage independent : Some of these homes have fireplaces, some have garages, and some have neither. A breakdown is provided in the two-way classification table below.
What amount should be allocated to the mother : A partnership is owned by a mother (60%) and her son (40%). To avoid a reallocation by the IRS, what amount should be allocated to the mother
Multiple-choice test that asked about historical events : Twenty-one individuals from a rural Midwestern town took a multiple-choice test that asked about historical events
At what amount would land be reported at on balance sheet : Jackson's incremental borrowing rate is 10%. At what amount would the land be reported at on the balance sheet
Examine the fundamental impact of demographics : Examine the fundamental impact of demographics and technology on contemporary adult learning overall. Speculate on the potential impact that either demographics
Estimate a relationship between two variables : What is the procedure one would use to estimate a relationship between two variables using computer software and it's output?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd