Solution-What amount should Olinto report on his

What amount should Olinto report on his current-year

Assignment Help Accounting Basics

Reference no: EM132663437

Problem - Duffy Associates is a partnership engaged in real estate development. Olinto, a civil engineer, billed Duffy $40,000 in the current year for consulting services rendered. In full settlement of this invoice, Olinto accepted a $15,000 cash payment plus the following:

	Fair Market Value	Carrying Amount on Duffy's Books
10% partnership interest in Duffy	$10,000	N/A
Automobile	7,000	$3,000

Required - What amount should Olinto, a cash basis taxpayer, report on his current-year return as income for the services rendered to Duffy?

a. $15,000

b. $28,000

c. $32,000

d. $40,000

Reference no: EM132663437

Questions Cloud

Assignment - supply chain management : SUPPLY CHAIN MANAGEMENT - Assignment is to be presented on recorded voice over PPT & Report (1000 words).

What rate of return must the insurance company invest : What rate of return must the insurance company invest this $72,525 to make the annual payments? (Use a Financial calculator to arrive at the answers)

Dress code for campbellsville university staff and faculty : Hypothetically speaking, you are assigned to a committee of three to decide on a dress code for Campbellsville University Staff and Faculty.

Calculate total interest amount paid at end of amortization : Calculate the total interest amount paid at the end of amortization terms. Calculate monthly interest payment and monthly principal payment for each options.

What amount should Olinto report on his current-year : What amount should Olinto, a cash basis taxpayer, report on his current-year return as income for the services rendered to Duffy

What would net operating income using absorption costing : If the fixed manufacturing overhead cost was P1.60 per unit, what would have been the net operating income using absorption costing?

What is the total cost that would be assigned to eudora : Find What total cost that would be assigned to Eudora's finished goods inventory at the end of the first year of operations under the variable costing method?

CSE5WDC Web Development On The Cloud Assignment : CSE5WDC Web Development On The Cloud Assignment Help and Solution, La Trobe University - Assessment Writing Service

Mobile or traditional website : Discuss internal controls and provide an example of a control the website's management can implement.

User Account

All Pages

What amount should Olinto report on his current-year

Reference no: EM132663437

Reference no: EM132663437

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT