What was deans tax basis in target on december 31

Assignment Help Financial Accounting
Reference no: EM133492629

Question 1: Dean is a 25% partner in Target Partnership. Dean's tax basis in Target on January 1, 20X1, was $20,000. At the end of 20X1, Dean received a non-liquidating cash distribution of $8,000 from Target. Target's 20X1 accounts recorded the following items:

Municipal bond interest income $ 12,000
Ordinary Income 40,000

What was Dean's tax basis in Target on December 31, 20X1?

Question 2: Dean is a 25% partner in Target Partnership. Dean's tax basis in Target on January 1, 20X1, was $20,000. At the end of 20X1, Dean received a non-liquidating cash distribution of $8,000 from Target. Target's 20X1 accounts recorded the following items:

Municipal bond interest income $ 12,000
Ordinary Income 40,000

What was Dean's tax basis in Target on December 31, 20X1?

Reference no: EM133492629

Questions Cloud

How different companies compare to each other : memo to report the ratio calculations, discuss the meaning of the ratios, how different companies compare to each other and the industry norm
How mission and vision of your identified organization align : How the mission and vision of your identified organization align with the factors that create just culture and culture of safety, including two or three example
What is the pv for both the options : You can have $77,000 per year for the next two years, or you can have $66,000 per year for the next two years, along with a $22,000 signing bonus today
Which emphasis was most divergent from view about servant : MGT 410- Which emphasis was most divergent from your view about servant leadership and which was most convergent? Explain your response.
What was deans tax basis in target on december 31 : What was Deans tax basis in Target on December 31, 20X1 and What was Dean's tax basis in Target on December 31, 20X1
Importance for a risk assessment : Communicate explaining to the Chief Information Security Officer (CISO) the importance and purpose for a Risk Assessment.
Give an overview of the diagnosis including risk factors : Give an overview of the diagnosis including risk factors and how they cause or contribute to adaptation or pathogenesis.
What information do you need to understand religious : What would you like to learn about being you from this project and course, specifically your religious (creed), ethnicity (country), and cultural identity
What experience have you had in training or coaching : What experience have you had in training or coaching? What are the best methods in the workplace for training both new and existing employees?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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