Cosmo contributed land with a fair market value of $515,000 and a tax basis of $96,750 to the y mountain partnership in exchange for a 40 percent profits and capital interest in the partnership. the land is secured by $149,000 of nonrecourse debt. other than this nonrecourse debt, y mountain partnership does not have any debt. (leave no answer blank. enter zero if applicable.)
a. how much gain will cosmo recognize from the contribution?
b. what is cosmo’s tax basis in his partnership interest?

At april 1, 2019, the food and drug administration is in the process of investigating allegations of false marketing claims by hulkly muscle supplements. the fda has not yet proposed a penalty assessment. hulkly’s fiscal year ends on december 31, 2018. the company’s financial statements are issued in april 2019. required: for each of the following scenarios, determine the appropriate way to report the situation. 1. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 2. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is probable. 3. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 4. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is probable.

The sec has historically raised questions regarding the independence of firms that derive a significant portion of their total revenues from one audit client or group of clients because the sec staff believes this situation causes cpa firms to

Bond j has a coupon rate of 6 percent and bond k has a coupon rate of 12 percent. both bonds have 14 years to maturity, make semiannual payments, and have a ytm of 9 percent. a. if interest rates suddenly rise by 2 percent, what is the percentage price change of these bonds?