User Account

All Pages

What is benny outside basis after the distribution

Assignment Help Accounting Basics
Reference no: EM133173531

Question - Benny is a partner in the BEN partnership. His outside basis is $275. He receives a distribution of $75 in cash.

1) If the distribution is taxable to Benny indicate the amount. If not enter $0

2) What is Benny's outside basis after the distribution

3) If instead the distribution was $285 how much if any income would Benny report because of the distribution?

4) What Bennys outside basis after the distribution? Of 285?

Reference no: EM133173531

Questions Cloud

Prepare the journal entries that mojito would make : Prepare journal entries that Mojito would make during 2021 assuming that they do NOT have significant influence over Dulcinea as result of their stock ownership
What is the per-share value of the company common stock : The stock paid a dividend of $2.00 per share last year, What is the per-share value of the company's common stock
What is the Labor Efficiency Variance : During the last period, Aday's produced 96,000 pies and the following usage information. What is the Labor Efficiency Variance
Determine dividends per share for preferred and common stock : Seacrest Company has 15,000 shares of cumulative preferred 3% stock, $150 par and 50,000 shares of $15 par common stock. Determine dividends per share
What is benny outside basis after the distribution : Benny is a partner in the BEN partnership. His outside basis is $275. He receives a distribution of $75 in cash. What is Benny outside basis after distribution
What amount should be reported as unearned service contract : What amount should be reported as unearned service contract revenues in Felton's December 31, 2009 balance sheet
Compute the company cash flow adequacy ratio : On its most recent statement of cash flows, a company reported net cash provided by operating activities of $10,000,000. Compute the company cash flow
How does the net profit and interest cover ratio difference : How does the net profit and interest cover ratio difference between the two industry sectors? Why is the interest cover ratio different in these two sectors
How much is the correct retained earnings : The unadjusted balances of retained earnings are P3,700,000 and P6,000,000 as of December 31, 2022 and 2023, How much is the correct retained earnings

Reviews

Write a Review

Accounting Basics Questions & Answers

  Record the issue of shares of common stock

Record the issue of 32,000 shares of $9 par value common stock in exchange for land valued at $242,000 and a building valued at $370,000

  Tax credit affected by the tax rate of the taxpayer

Realized gain or loss is measured by the difference between the amount realized from the sale or other disposition of property and the property's adjusted basis at the date of disposition.

  Why are different depreciation methods allowed

Describe the relationship between the matching principle and accounting for long-lived assets. Why are different depreciation methods allowed?

  What elements might organizational leaders consider when

bullwhat are the acceptable inventory valuation methods under the u.s. generally accepted accounting principles

  Discuss what is the minimum level of sales

If the division manager is evaluated based on the division's ROI, what is the minimum level of sales the division must achieve

  Dividends on common stock during year 2 totaled 40 thousand

hartzog corporations most recent balance sheet and income statement appear belowstatement of financial position

  Prepare a consolidated statement of financial position

Revenue and profits should be deemed to accrue evenly throughout the year. Prepare a consolidated statement of financial position

  What is an equity risk premium

Equity Risk Premiums. Answer the following questions: What is the difference between calculating an equity risk premium using arithmetic returns compared?

  Should spider record the revenue earns from placing ads

Should Spider record the revenue it earns from placing ads for various third-party advertisers on Websites owned by the partners on a gross or net basis?

  How much would be willing to pay for series of cash flows

How much would be willing to pay for series of cash flows,If interest rates are 5 percent per year, how much would you be willing to pay for this series of cash

  Prepare the adjusting entry to record

Prepare the adjusting entry to record its Bad Debts Expense assuming uncollectibles are estimated to be 0.4% of total revenues and its unadjusted trial balance reports a credit balance of ¥10,000 million.

  Find depreciate the asset from acquisition date

Find Depreciate the asset from acquisition date till 2020 financial year. Show each year depreciation and accumulated depreciation.

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