User Account

All Pages

What is the basis to the partnership of each asset

Assignment Help Accounting Basics
Reference no: EM132833711

Dennis, Suzy, and Katherine form a partnership. Dennis and Suzy give equipment and a building, respectively. Katherine agrees to perform all of the accounting and office work in exchange for a 10% interest.

                                    FMV                 Basis           Partnership %
Dennis's equipment        $52,500              $10,500       45%
Suzy's building               $52,500               $42,000      45%
Katherine's services         $0                         $0               10%

Problem 1: What amount of gain, if any, do each of the partners recognize?

Problem 2: What is the basis for each partner in his or her partnership interest?

Problem 3: What is the basis to the partnership of each asset?

Reference no: EM132833711

Questions Cloud

Which the consolidated net income should be equal to : You need to tell the CEO what the consolidated net income is for the past year. The consolidated net income should be equal to
Case study-relative exploration and firm performance : Case Study "Relative exploration and firm performance: Why resource-theory alone is not sufficient"
What is your evidence for suggesting this is the purpose : What is the purpose of this article? What is your evidence for suggesting this is the purpose? If it is not overtly stated, then what do you think the author.
Describe methods and tools for costing and cost analysis : Describe methods and tools for costing and cost analysis - explain strategies for managing costs and their application in different situations
What is the basis to the partnership of each asset : What is the basis for each partner in his or her partnership interest? What amount of gain, if any, do each of the partners recognize?
What is the amount of the equipment book value : Equipment with a cost of $250,000 has an estimated residual value of $30,000. What is the amount of the equipment book value
Discuss various concepts and techniques of opinion mining : What were the results of the study? Discuss the various concepts and techniques of opinion mining and the importance to transforming an organizations NLP.
How much gain or loss must kim recognize on the distribution : How much gain or loss must Kim recognize on the distribution? Kim has a basis in her partnership interest of $15,000 when she receives a distribution
Explain the concept of asset impairment : Explain the concept of asset impairment. Briefly describe what types of assets are subject to the testing and calculation of impairment losses

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