Reference no: EM133000429
Question - Anita has a one half interest in a AB partnership. Anita's basis in her interest at the beginning of the current year is 75,000.
During the year the following events presents
Partnership liabilities increase by 50,000
Partnership earns 60,000 of ordinary income
Partnership recognizes 20,000 of capital loses
Partnership incurs 3,000 of mom deductible expenses
Partnership earns 10,000 of tax exempt interest
Anita withdraws $15,000 in cash
Anita contributes land having a 20,000 adjusted basis and a 100,000 FMV as an additional capital contribution without increasing her interest in the partnership.
Required -
a. What gain (if any) does Anita recognise on the transfer of the land to the partnership?
b. What is Anita's basis in her partnership interest at the end of the current year?
|
Determine the total amount
: In the long-term debt structure of Beckford Inc., the following three bonds were reported: mortgage bonds payable $10,000,000; Determine the total amount
|
|
How will the share-based payment expense be recognized
: The fair value of the options is determined to be $50,000 at the grant date. How will the share-based payment expense be recognized
|
|
What is the ending balance in the Service Revenue? account
: The following transactions have been journalized and posted to the proper accounts. What is the ending balance in the Service Revenue account
|
|
Determine the cost of the goods transferred out
: Total product costs for the finishing department amounted to $224,400. Determine the cost of the goods transferred out of the finishing department
|
|
What is Anita basis in her partnership interest
: Anita contributes land having a 20,000 adjusted basis. What is Anita's basis in her partnership interest at the end of the current year
|
|
What amount will be in the investment fund
: If Crane will earn 8% on the investment, what amount will be in the investment fund on December 31, 2025
|
|
What dividends received by the preference shareholders
: In 2020, $110,000 of dividends are declared and paid. What are the dividends received by the preference and ordinary shareholders in 2020
|
|
Discuss the accounting treatment of the plant
: Zuko subsequently sold the plant by auction on 14 May x6 for RM3 mil net of costs. Discuss the accounting treatment of the plant
|
|
How much Venco ordinary shareholders received
: If the company's dividends in arrears prior to that date were $9,000, how much Venco's ordinary shareholders received
|