User Account

All Pages

What is the character of the gain or loss on the sale

Assignment Help Accounting Basics
Reference no: EM132526353

Question - Pasha transfers to an existing partnership from his business, inventory with an adjusted basis of $15 in a market value of $60, and account receivable within adjusted basis of zero dollars and a market value of $40. Pasha receives a capital account of $100 in a profit and loss interest of 5%. The partnership has no liabilities and is not a dealer in the inventory received from Pasha. The partnership sells inventory in the year of contribution, but the receivables are not collected until six years after the transfer.

Required -

a. What is the character of the gain or loss on the sale of the inventory?

b. What is the character of the gain or loss on the collection of the receivables?

c. What is Pasha's holding period for the partnership interest on the day of the transfer?

Reference no: EM132526353

Questions Cloud

How much income will partner B report for the year : A contribute $100,000 cash for a 50% capital interest and a 50% interest in profit and losses. How much income will partner B report for the year
Document-related controls are audited : Define the policies to apply to documents so that document-related controls are audited, documents are retained or disposed of properly,
What could you do to improve the care you give yourself : How would your practices contribute to your success as a caregiver? What could you do to improve the care you give yourself? The response must be typed.
How much ordinary income will report for the partnership : For the corporation's tax year ending March 31, 2020 how much ordinary income will report for the partnership
What is the character of the gain or loss on the sale : Pasha receives a capital account of $100 in a profit and loss interest of 5%. What is the character of the gain or loss on the sale of the inventory
Provide an overall critique of the current costing system : BRIEFLY provide an overall critique (in bullet point format) of the current costing system and how this may relate to the declining profits.
What conventions of social science writing are used : Choose a journal article that reports a qualitative study. Reflect upon how authority is established in the article. What conventions of social science writing.
ITECH 2250 IT Project Management Techniques Assignment : ITECH 2250 IT Project Management Techniques Assignment Help and Solution, Federation University - Assessment Writing Service
What are the relevant costs : The polo-shirts cost Garrison $10 each. What are the relevant costs, relevant revenues, sunk costs, and opportunity costs for Garrison

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