What is harvey gain or loss on the distribution

Assignment Help Accounting Basics
Reference no: EM132010060

Question - Harvey Harrison has a basis of $30,000 for his partnership interest. He receives as a current distribution the following as his pro rata share of the partnership assets:

Basis FMV

Cash $5,000 $5,000

Accounts receivable -0- 12,000

Land held for investment 10,000 13,000

Total 15,000 30,000

a) What is Harvey's gain or loss on the distribution?

b) What is his basis for the accounts receivable?

c) What is his basis for the land?

d) What is his basis for his partnership interest?

Reference no: EM132010060

Questions Cloud

What patient education needs completed for intervention : 1. What would be your response? 2. If you decide to prescribe something for her, what would be the first line?
Endangers or compromises your community intervention : What if your support or activism endangers or compromises your community intervention?
Compute the amount of phantom profit : In its first month of operation, Kuhlman Company purchased 180 units of inventory for $4, Compute the amount of phantom profit
Health promotion and transforming healthcare system : Healthcare policy nurses play a vital role in health promotion and transforming healthcare system.
What is harvey gain or loss on the distribution : Harvey Harrison has a basis of $30,000 for his partnership interest. What is Harvey's gain or loss on the distribution? What is his basis for the land
Relate to the serpent in the garden of eden : In Hawthorne's "Young Goodman Brown", does the staff that the devil carries in the beginning relate to the serpent in the garden of Eden?
What is the net after-tax income per year : Slowly Company has obtained the following information about a proposed project: What is the net after-tax income per year
What is the minimum transfer price that supply division : What is the minimum transfer price that Supply Division should charge Sweater Division for the transferred buttons
What is the annual lease payment : What type of lease for Romeo, capital or operating lease? Why? What is the annual lease payment? Provide the journal entry for 12/31/13 for Romeo

Reviews

Write a Review

Accounting Basics Questions & Answers

  Evaluate the overhead costs and inventoriable costs

Comprehensive Care Nursing Home is required by statute and regulation to maintain a minimum 3 to 1 ratio of direct service staff to residents to maintain.

  Determine the applicable rule number from the code

determine the applicable rule number from the code, decide whether or not the code has been violated

  Company balance sheet and income statement

Analyze the information contained in the company's balance sheet and income statement to answer the following questions:

  Prepare the adjusting entry that should be recorded

Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements

  Diifferenciate between a sales return and a sales allowance

What is the source document for journalizing sales returns and allowances?

  Overapplied to cost of goods sold

Actual manufacturing overhead by year-end totaled $233,000. Rockville adjusts all under- and overapplied to cost of goods sold.

  Differentiate between each of the given pairs of terms

Differentiate between each of the following pairs of terms.

  Calculate the tax burden for a company

What is investors' required return on the stock assuming constant growth - What are these bonds yielding - Calculate the tax burden for a company with $11,000,000 in pretax earnings. What is the marginal tax rate? Average tax rate? Which one is the..

  Explain the numerical effects on the us capital accounts

In the United States, the Best Buy company purchases $1 million worth of TVs from the Samsung corporation, a Korean firm, using U.S. dollars.

  Calhoun inc has forecast purchases on account to be 310000

calhoun inc has forecast purchases on account to be 310000 in march 370000 in april 420000 in may and 490000 in june.

  Estimate the npv of the investment in new equipment

A company is considering investing in some new equipment. Assuming a cost of capital equal to 11.4%, estimate the NPV of the investment in new equipment.

  Determine the dollar value of alpha companys

Immediately following an acquisition, the Alpha Companys balance sheet included cash $50000, determine the dollar value of Alpha companys

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