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!
Question: 1. Donna purchased Dennis' one-third interest of the DEF LLC (which is taxed as a partnership) for $125,000. In connection with Donna's purchase, the LLC made a § 754 election. The DEF LLC uses the accrual method of accounting with respect to sales of inventory and the cash method with respect to the provision of services. When Donna purchased her one-third interest, the DEF LLC's assets and capital accounts were as follows:
Assets
Adjusted Basis
F.M.V.
Capital Accounts
F.M.V
Cash
$9,000
D
$75,000
$125,000
Accounts Receivable
$6,000
$36,000
E
Inventory
$60,000
$120,000
F
Land
$45,000
$30,000
Building
$105,000
$180,000
$225,000
$375,000
The land and building are § 1231 assets. The building has accumulated depreciation of $75,000 taken on a straight-line basis.
a. What are the tax consequences to Dennis (the seller)?
b. Determine the § 743(b) special basis for each of the LLC's assets with respect to Donna (the purchaser).
How will each error come to the bookkeeper's attention, other than by chance discovery?
Incentive plans can influence performance measures by providing intrinsic and/or extrinsic motivation to complete tasks more efficiently and work toward goal congruence.
What will the price of this bond be if the interest is paid annually?
Smythe Company Inc. had a beginning inventory of 200 units of Product ERV at a cost of $6 per unit. During the year, purchases were: Jan. 24 800 units at $7 Aug. 19 600 units at $ 9 Apr.
How important are dividends as a source of return to common stock? What about capital gains? Which is more important to total return?
Pronghorn Corp markets CDs of numerous performing artists. Determine the cost of goods available for sale
Prepare the journal entry to record the revaluation of the equipment. Round calculations to the nearest thousand.
audio max electronics company manufactures electronic stereo equipment. the manufacturing process includes printed
Capital Gains and Losses. Each of the following independent cases involves capital gains and losses occurring during the calendar year for an unmarried individual taxpayer.
Beginning on december 31, 2011, six equal annual withdrawals are to be made. Determine the equal annual withdrawls if $11,000 is invested at 10% interest compounded annually on December 31, 2010
farber corp. a distributor of her-based sunscreen is ready to begin its 3-quarter in which peak sales occur. the
greg lawrence anticipates he will need approximately 21800 in 15 years to cover his 3 year old daughters college for 4
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