User Account

All Pages

What is cloud peak holding period in contributed property

Assignment Help Financial Accounting
Reference no: EM132959264

Lance contributed investment property worth $745,000, purchased three years ago for $232,500 cash, to Cloud Peak LLC in exchange for an 65 percent profits and capital interest in the LLC. Cloud Peak owes $370,000 to its suppliers but has no other debts.

Problem a: What is Cloud Peak's holding period in the contributed property?

1) Date Cloud Peak sells the property
2) Date Lance acquires interest in Cloud Peak
3) Period for which Cloud Peak has been holding property
4) Period of three years for which Lance has been holding property

Problem b: What is Lance's holding period in his interest?

1) Date Cloud Peak sells the property
2) Date Lance acquires interest in Cloud Peak
3) Period for which Cloud Peak has been holding property
4) Period of three years for which Lance has been holding property

Reference no: EM132959264

Questions Cloud

What amount of gain on biological asset should be reported : Increase in fair value due to growth and price change 2,000,000. What amount of gain on biological asset should be reported in the current year
Why understand stock valuation so important for business : Why is understanding stock valuation so important for businesses? Explain at least one method used and the pro's as well as the con's of the valuation.
Calculate the sharpe ratio : Calculate the Sharpe ratio, the Treynor ratio for FI and the market, together the Jensen alpha for FI. Use the results to assess the performance of FI given
Identify and calculation of capital gains tax : Identify and calculation of capital gains tax (CGT), including CGT event A1 happening on disposal of an asset, the CGT discounts, the CGT consequences of death
What is cloud peak holding period in contributed property : What is Cloud Peak's holding period in the contributed property? Lance contributed investment property worth $745,000, purchased three years ago
Prepare computech balance sheet as at december : Prepare CompuTech's Balance Sheet as at December 31, 2021. Prepare CompuTech's Income Statement for the year ended, December 31, 2021.
What are the types of subsequent events : What are the types of subsequent events. Who are the responsible parties and their roles/actions that should be taken for a subsequent event
What should the inventory level be when new order is placed : If the store insists on a 4 day(s) safety stock (assume 365-days a year), what should the inventory level be when a new order is placed
Identify the accounts that are affected : Identify the accounts that are affected and whether the trial balance would balance or not. The fee revenue received in advance was journalized correctly

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine the impact on the financial statements

Determine the impact on the financial statements. On April 1, 20x0, KS Corp., a company with a December 31 year end, entered into an agreement to purchase

  What is the depreciation charge for the first year

A machine was purchased for $30,000. Shipping charges were $600 and install was $400. It has a useful life of 8 years. At the end of 8 years it will require $900 of dismantling charges to be sold for $6,000. What is the depreciation charge for the fi..

  Record issuance of the bonds includes a debit to cash

Hutton Corporation issued $100,000 of 7%, 15-year bonds on June 1, 20X6 (dated April 1 20X6) at 101 plus accrued interest, which is paid on April 1 and October 1. The proper entry to record issuance of the bonds includes a debit to Cash for:

  What the total of the operating cash flow for rackham is

What The total of the Operating Cash Flow for Rackham is? In the Investing section, the purchase of fixed assets shows?In the Operating section, with regard

  How much net income must be expected to warrant

Return on the invested capital, which means that the firm must have an ROE of 13.5%. How much net income must be expected to warrant starting the business?

  What the present value to be received exactly ten years

For a given nominal interest rate greater than 0%, What the present value of $1000 to be received exactly 10 years from today will

  Purchase and installation costs of equipment

A building in which a car wash could be installed is available under a five-year lease at a cost of $3,300 per month.Purchase and installation costs of equipment would total $305,000. In five years the equipment could be sold for about 10% of its ori..

  Draw a cash flow timeline for one days sales

Draw a cash flow timeline for 1 days sales under existing credit policy b. What is the value effect (?Z) of this decision on 1 day's sales

  How the top six players in the industry can have competitive

How the top six players in the Industry can have a Competitive edge? Analyse the Lending Industry in Namibia and provide practical

  How to best deploy financial management systems

Effective and efficient strategies on how to best deploy financial management systems,

  Prepare partial comparative statement of financial position

Prepare a partial comparative statement of financial position at December 31, 2020 and 2021, showing only the related accounts for the bond investment.

  What is the total issued share capital

What is the total issued share capital? Ordinary share capital(authorized 100,000 shares, no par value,issued 90,000 shares, P15 stated value) 1,350,000

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!

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