What is michaels basis in partnership interest

Assignment Help Accounting Basics
Reference no: EM132856855

Travis and Alix Weber are equal partners in the Tralix Partnership, which does not have a 754 election in place. Alix sells one half of her interest (25 percent) to Michael Tomei for $36,000 cash. Just before the sale, Alix's basis in her entire partnership interest is $82,200, including her $36,000 share of the partnership liabilities.

Tralix's assets on the sale date are as follows:

Cash: Tax basis 45,400 FMV 45,400
Inventory: Tax basis 36,000 FMV 114,000
Land held for investment: Tax basis 83,000 FMV 52,400
Totals: Tax basis $164,400 FMV 211,800

Problem 1: What is Michaels basis in his partnership interest?

Reference no: EM132856855

Questions Cloud

Find the standard error of the mean for sampling situation : Find the standard error of the mean for each sampling situation (assuming a normal population). (Round your answers to 2 decimal places.)
Estimate the true proportion of all pizza orders : Estimate the true proportion of all pizza orders that are expected to be free and the number of customers in Ellerton who are expected to get free pizza in a ye
Why are some scheduled reports designed the way : Why are some scheduled reports designed this way, rather than multiple reports being generated for various decision-making purposes?
Insider advantage-center for american greatness : Insider Advantage/Center for American Greatness reported the results of a recent poll (October 31) for the pending Michigan 2020 Presidential election race
What is michaels basis in partnership interest : What is Michaels basis in his partnership interest? Travis and Alix Weber are equal partners in Tralix Partnership, which does not have a 754 election in place.
Develop web-based information system using technologies : Develop a web-based information system using basic technologies such as mark-up languages, stylesheets, JavaScript, and databases
Calculate the mean or expected value of x : Having recorded the daily demand over a long period of time, the grocer found the following probability distribution for x, the daily demand:
Prepare journal entries to record the transactions : During the year, the company purchased merchandise having a gross invoice cost of P1,500,000. Prepare journal entries to record the transactions
How much is the total revaluation surplus to be closed : How much is the total revaluation surplus to be closed to retained earnings in 2020? How much is the revaluation surplus on January 1, 2018?

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.

  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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd