User Account

All Pages

What is the basis in tenika hands of distributed property

Assignment Help Accounting Basics
Reference no: EM13138683

Tenika has a $10,000 basis in her interest in the TF Partnership and no remaining precontribution gain immediately before receiving a current distribution that consisted of $4,000 in money, plastic tubes held in inventory with a $3,000 basis to the partnership and an FMV of $3,375, and drip irrigation pipe held as inventory with a $6,000 basis to the partnership and an FMV of $5,000. What is the basis in Tenika's hands of the distributed property?

Answer

$10,000
$6,000
$9,000
$10,125 

Reference no: EM13138683

Questions Cloud

Probability that greater than twenty households get income : random sample of 120 households, what is the probability that greater than 20 households but less than 35 households receive retirement income?
How much in dollars does timberland have to sale : Assume the Company requires income of $14,000, how much in dollars does Timberland have to sale to achieve $14,000 profit?
A time varying capacitor is characterized by the charge : A time varying capacitor is characterized by the charge- voltage equation q(t) = C(t)v(t)
Explain how the abc system operates : We are learning about the Volume based costing systems and the Activity Based Systems. Briefly explain the Volume based costing system and how it operates. Additionally, explain how the ABC system operates.
What is the basis in tenika hands of distributed property : Tenika has a $10,000 basis in her interest in the TF Partnership and no remaining precontribution gain immediately before receiving a current distribution that consisted of $4,000 in money, plastic tubes held in inventory with a $3,000 basis to th..
What is the quantization signal to noise ratio snrq : What is the quantization signal to noise ratio SNRQ at the receiver output? e. If the SNRQ were to be raised to 96 dB, how many bits would the ADC and DAC need? What would be the bit rate on the serial link?
What partial pressure of o2 will be present : Dinitrogen pentoxide, N2O5, decomposes in the gas phase to form nitrogen dioxide, NO2, and oxygen gas, O2. The reaction is first order in dinitrogen pentoxide and has a half-life of 2.81 hours at 25 C.
Prepare the journal entry recording amount of interest : Both notes were outstanding during all of 2007 and 2008. The company’s fiscal year-end is December 31. Prepare the journal entry recording the amount of interest that Carter should capitalize in 2007 using the specific interest method.
Compare distribution cutoff-score of sample on distribution : Then explain your answer to someone who has never had a course in statistics (but who is familiar with mean, standard deviation, and Z scores).

Reviews

Write a Review

Accounting Basics Questions & Answers

  Classifying items in fixed and variable costs

Which of the following is an example of a variable cost?

  What is the balance in accumulated depreciation

Rollins Company purchased a depreciable asset for $300,000 on April 1, 2008. The estimated salvage value is $30,000, and the estimated total useful life is 5 years. The straight-line method is used for depreciation. What is the balance in accumula..

  Schedule of taxable income and journal entries

Prepare a schedule starting with pretax financial income and compute taxable income. Prepare the journal entry to record income taxes for 2011.

  Determining total manufacturing costs

Horatio Ltd. uses job order costing to measure and track product costs. Horatio has determined that machine hours drive its manufacturing overhead costs. During the month of June, the following data were available for Product #80:

  Standard costs and variances

Dresser Company uses a standard cost system and sets predetermined overhead rates on the basis of direct labor-hours. The following data are taken from the company's budget for the current year: Prepare an analysis of the variance for material and ..

  Mcq on statistical process control

Up to three standard deviations above or below the centerline is the amount of variation that statistical process control allows for

  Preferred shareholders-common stockholders

What amount of dividends must the company pay the preferred shareholders in 2009 if they wish to pay the common stockholders a dividend?

  Stockholders equity section problem

The stockholders' equity section of Milroy Corporation as of December 31, 2003, was as follows:

  What is cost of goods manufactured

work in process inventory on december 31,2011, is $42,000. work in process inventory decreased 40% during 2011. total manufacturing cost incurred in 2011 amount to $260,000. what is cost of goods manufactured?

  Describing proprietorship problem

She has a large amount of income from other sources and is in the 33% marginal tax bracket. Would Tina's tax situation be better if XYZ were a proprietorship or a C-corporation? Explain why.

  Percentage-of-completion method of accounting

A company used the percentage-of-completion method of accounting for a four-year contract. Which of the following items would be used to calculate the income recognized in the second year?

  Compute the number of flags sanchez

Sanchez Co. sells flags with team logos. Sanchez has fixed costs of $ $602,000 per year plus variable costs of $5.50 per flag. Each flag sells for $12.50.

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