User Account

All Pages

What is L gain from this sale

Assignment Help Accounting Basics
Reference no: EM131975082

Question - Partner L has been a one-third partner in the LUV partnership for four years and has a basis in his partnership interest of $120,000, including his share of partnership debt (his share is $30,000). B buys L's partnership interest for $150,000 cash. What is L's gain from this sale?

a. $ 0.

b. $ 30,000.

c. $ 60,000.

d. $150,000.

Reference no: EM131975082

Questions Cloud

Are there any detriments to putting laura on the payroll : Paul Price is the president and majority stockholder of Lightmore Communications, Are there any detriments to putting Laura on the payroll
Allocated to the acquiring firm goodwill account : What amount would be allocated to the acquiring firm's goodwill account?
Perform an assessment based on the facts provided : Perform an assessment based on the facts provided and summarize risks within the Order - to - Pay / Revenue Cycle business process.
Confidence interval for the percentage of gamers : Construct a 99% confidence interval for the percentage of gamers who were over 40.
What is L gain from this sale : Partner L has been a one-third partner in the LUV partnership for four years, B buys L's partnership interest for $150,000 cash. What is L's gain from this sale
What is the effective cost of borrowing in case : Your firm has an average collection period of 30 days. What is the effective cost of borrowing in this case?
Price of the bond-coupon and the yield to maturity : Write an equation that shows the relationship between the price of the bond, the coupon (in dollars), and the yield to maturity.
Prepare the entries for marigold to record the purchase : Prepare the entries for Marigold to record the purchase and any additional entries related to this investment in Swifty Company in 2017
Prepare a detailed multi-step income statement : Prepare a detailed multi-step income statement with a brief explanation of 700 words. Assume a 25% tax rate.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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