Yong contributes a machine having adjusted basis of 20000

Reference no: EM13390633

Yong contributes a machine having an adjusted basis of $20000 and a FMV of $25000 for a 10% partnership interest. Yong had taken $10000 of depreciation prior to the contribution. The partnership has no liabilities. As a result of the contribution, Yong must recognize:

A) No gain or loss

B) A $5000 sec. 1245 gain

C) A $5000 capital gain

D) $10,000 ordinary income

Reference no: EM13390633

Questions Cloud

Perform a swot analysis of the companys decision to provide : a major producer of passenger tires has launched an advertising campaign in which it is trying to market windshield

Increase production of civilian goods without decreasing : suppose the united states produces two goods civilian goods and government goods and that is all that they produce. ok

Milwaukee surgical supplies inc sell on term of 310 net 30 : milwaukee surgical supplies inc. sell on term of 310 net 30 gross sales for the year are 1200000and the collections

Write a positioning statement for your chosen : segmentation targeting and positioning stp form the foundation for a companyrsquos entire marketing plan ndash all

Yong contributes a machine having adjusted basis of 20000 : yong contributes a machine having an adjusted basis of 20000 and a fmv of 25000 for a 10 partnership interest. yong had

Share your legacy statement with your peers and add a short : the purpose of the discussion board is to allow students to learn through sharing ideas and experiences as they relate

Prepare the income statement for the second year what : consider p. ltd a one-asset firm with no liabilities. assume that the asset will generate end-of-year cash flows of 300

Make a monthly cash budget showing estimated cash receipts : jake marley owner of marley wholesale is negotiating with the bank for a 200000 90 -day 12 percent loan effective july

Te 5 significance level ie alpha 05 does showing film : a researcher predicts that watching a film on institutionalization will change students attitudes about chronically

User Account

All Pages