User Account

All Pages

What is the amount of the building contributed

Assignment Help Accounting Basics
Reference no: EM131570675

Partnership Questions

On 1/1/16 a partner contributed a building which had been acquired on March 15, 2015, to the partnership that had originally been purchased for 375,000. The allocated purchase price was: Building 300,000 and Land 75,000. Accumulated depreciation as of 1/1/16 was 44,550 using SL and Mid-Month Depreciation Convention. The building has a 39-year useful life for books and tax purposes. The property had a 137,067 mortgage (qualified non-recourse Indebtedness) on it when it was contributed. The fair market value on the date of contribution to the partnership was 650,000. The mortgage monthly payments were 1,479. The mortgage interest expense for 2016 amounted to 5,255.

1. What is the inside and outside basis of this partner with Profit/Loss/Capital membership interest of 75%?

2. What is the amount of the building contributed?

3. What is the amount of his non-recourse, qualified non-recourse financing and recourse share liability reported in his k-1?

Reference no: EM131570675

Questions Cloud

What are the advantages of using pdf : what are the advantages of using pdf, and how difficult you find to learn how to create a pdf document
Research an open source software project : Research an open source software project.Discuss the role this open source software has in management information systems.
Define the concept of the picks theorem : Pick's theorem says that the area of a simple polygon P in the plane with vertices that are all lattice points (that is, points with integer coordinates).
Envisioned dissertation topic : Given the two methods below, develop a hypothetical design plan for each method based on your envisioned dissertation topic:
What is the amount of the building contributed : On 1/1/16 a partner contributed a building which had been acquired on March 15, 2015, What is the amount of the building contributed
Developing new products even : This provides a good opportunity to address why companies spend a considerable amount of time and effort developing new products even.
How is the theme of death portrayed in 20th century art : How is the theme of death portrayed in 20th century art -- visual arts, music, and theater especially.
What makes the writing successful for you : Take a look at how the author uses sentences to give details of the vacation or the trip. Are the sentences long, short, poetic, matter of fact?
Show that how you split the piles : Suppose you begin with a pile of n stones and split this pile into n piles of one stone each by successively splitting a pile of stones into two smaller piles.

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