Business, 19.11.2019 06:31 mommer2019

9liz and john formed the equal lj partnership on january 1 of the current year. liz contributed $80,000 of cash and land with a fair market value of $90,000 and an adjusted basis of $75,000. john contributed equipment with a fair market value of $170,000 and an adjusted basis of $20,000. john had used the equipment in his sole proprietorship. a. how much gain or loss will liz, john, and the partnership realize? b. how much gain or loss will liz, john, and the partnership recognize? c. what bases will liz and john take in their partnership interests? d. what bases will lj take in the assets it receives? e. are there any differences between inside basis and outside basis? explain. f. how will the partnership depreciate any assets it receives from the partners? g. do additional considerations arise because of the difference between the basis and fair market values of the property john contributed? explain.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 05:00

One question from a survey was "how many credit cards do you currently have? " the results of the survey are provided. complete parts (a) through (g) below. click the icon to view the survey results. (a) determine the mean number of credit cards based on the raw data. the mean is 3.113.11 credit cards. (type an integer or a decimal. do not round.) (b) determine the standard deviation number of credit cards based on the raw data. the standard deviation is 1.9111.911 credit cards. (round to three decimal places as needed.) (c) determine a probability distribution for the random variable, x, the number of credit cards issued to an individual. x (# of cards) p(x) x (# of cards) p(x) 1 0.280.28 6 nothing 2 nothing 7 nothing 3 nothing 8 nothing 4 nothing 9 nothing 5 nothing 10 nothing (type integers or decimals. do not round.)

Answers: 2

Answer

Business, 22.06.2019 10:20

Sye chase started and operated a small family architectural firm in 2016. the firm was affected by two events: (1) chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. there were $250 of supplies on hand as of december 31, 2016. record the two transactions in the accounts. record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. post the entries in the t-accounts and prepare a post-closing trial balance.

Answers: 1

Answer

Business, 22.06.2019 11:00

You decide to invest in a portfolio consisting of 25 percent stock a, 25 percent stock b, and the remainder in stock c. based on the following information, what is the expected return of your portfolio? state of economy probability of state return if state occurs of economy stock a stock b stock c recession .16 - 16.4 % - 2.7 % - 21.6 % normal .55 12.6 % 7.3 % 15.9 % boom .29 26.2 % 14.6 % 30.5 %

Answers: 1

Answer

Business, 22.06.2019 13:50

The state troopers in one state have a motto, “nine you’re fine; ten you’re mine,” which is the standard that they use for pulling over speeders on the state highways. in other words, if the posted speed limit is 55 mph, drivers can drive at a rate up to 64 mph without fear of getting a ticket. which of the following best describes the ethical culture in the state? a. the troopers are following a standard of positive law. b. the troopers are following a normative standard. c. the troopers are following a headline test. d. the troopers are following the blanchard/peale standard.

Answers: 1

Answer

You know the right answer?

9liz and john formed the equal lj partnership on january 1 of the current year. liz contributed $80,...

Questions