What are the tax consequences to sean and xyz partnership

Assignment Help Accounting Basics
Reference no: EM131975230

Problem

Sean is admitted to the calendar year XYZ Partnership on December 1 of the current year in return for his services managing the? partnership's business during the year. The partnership reports ordinary income of? $100,000 for the current year without considering this transaction. Assume a nonleap year and that the partners agree to the proration method with a calendar day convention.

Requirements

a. What are the tax consequences to Sean and the calendar year XYZ Partnership if Sean receives a? 20% capital and profits interest in the partnership with a? $75,000 FMV?

b. What are the tax consequences to Sean and the XYZ Partnership if Sean receives only a? 20% profits interest with no determinable? FMV?

Reference no: EM131975230

Questions Cloud

Confidence interval for true population mean watermelon : Assume the population standard deviation is 4.9 ounces. Based on this, construct a 90% confidence interval for the true population mean watermelon weight.
Analyze the sanctions available under sox : Analyze the sanctions available under SOX, and recommend the key action(s) that the PCAOB should take in order to hold management or the audit firm accountable.
Compute the total cash flows of the project : Compute the total cash flows each period associated with the analysis of this project and clearly indicate them on a time line.
Confidence interval for the true population proportion : In a sample of 440 adults, 268 had children. Construct a 99% confidence interval for the true population proportion of adults with children.
What are the tax consequences to sean and xyz partnership : What are the tax consequences to Sean and the XYZ Partnership if Sean receives only a? 20% profits interest with no determinable? FMV?
What is heuser after-tax cost of debt : If its marginal tax rate is 35%, what is Heuser's after-tax cost of debt?
Recorded for a random sample : The processing time (in minutes) was recorded for a random sample of 15 orders processed over the past month.
How many months will it be before he pays off card : If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card?
Determine the amount of the gain or loss seaside will report : Determine the amount of the gain or loss Seaside will report on the disposal of the equipment on July 1, 2019.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Other annual out-of-pocket expenses associated with running

tim is an accounting major at a midwestern state university located approximately 60 miles from a major city. many of

  Different types of businesses

Compare and contrast a manufacturing, a merchandising, and a service business.

  Prepare ais journal entry to record the issuance of the

ai corporation issued 90210 shares of 20 par value cumulative 8 preferred stock on january 1 2007 for2527500. in

  Determine the unit cost for the month for materials

There was no units in process at the beginning or at the end of the month, and 20,000 units were completed. Determine the unit cost for the month for materials

  Prepare an incremental analysis for the special order

Fixed costs for the period were cost of goods sold $1,080,700, and selling and administrative expenses $227,430. Prepare an incremental analysis

  Determine the inventory cost using fifo method

There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used.

  What is a reasonable assumptions of mr smiths future lost

Assume Mr. Smith was injured in January 2012 and can no longer work again. How would you calculate his lost earnings Use the spreadsheet attached as a starting point for your analysis. What (if any) accounts should be adjusted

  Everjoice company makes clocks the fixed overhead costs for

everjoice company makes clocks. the fixed overhead costs for 20x5 total 720000. the company uses direct labor-hours for

  What is the importance of accounting in your job

Interview a person in your local area that uses Accounting in their work/job. What is the importance of Accounting in your job

  Determine the safety stock appropriate for chemical bonding

Determine the safety stock appropriate for the chemical bonding agent

  Calculate the missing amounts for each of the following

calculate the missing amounts for each of the following firms do not round your intermediate calculations. negative

  Assume that alshare company uses a periodic inventory system

Assume that Alshare Company uses a periodic inventory system and has these account balances: Purchases $450,000; Purchase Returns and Allowances $11,000;

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!

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