Business, 21.01.2020 01:31 alexsince4835

On april 1, 2019, george hart, jr. acquired a 25% interest in the wilson, hart, and company partnership by gift from his father. the partnership interest had been acquired by a $50,000 cash investment by hart, sr. on july 1, 2013. the tax basis of hart, sr.'s partnership interest was $60,000 at the time of the gift. hart, jr. sold the 25% partnership interest for $85,000 on december 17, 2019. what type and amount of capital gain should hart, jr. report on his 2019 tax return?

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 02:20

Larissa has also provided the following information. during the year, the company raised $36 million in new long-term debt and retired $20.52 million in long-term debt. the company also sold $22 million in new stock and repurchased $32.4 million. the company purchased $54 million in fixed assets, and sold $6,107,400 in fixed assets. larissa has asked dan to prepare the financial statement of cash flows and the accounting statement of cash flows. she has also asked you to answer the following questions: 1. how would you describe east coast yachts' cash flows? 2. which cash flows statement more accurately describes the cash flows at the company? 3. in light of your previous answers, comment on larissa's expansion plans.

Answers: 2

Answer

Business, 22.06.2019 11:10

How much are you willing to pay for a zero that matures in 10 years, has a face value of $1,000 and your required rate of return is 7%? round to the nearest cent. do not include a dollar sign in your answer. (i.e. if your answer is $432.51, then type 432.51 without $ sign)

Answers: 1

Answer

Business, 23.06.2019 00:30

Emerson has an associate degree based on the chart below how will his employment opportunities change from 2008 to 2018

Answers: 2

Answer

Business, 23.06.2019 01:20

The cook corporation has two divisions--east and west. the divisions have the following revenues and expenses: east westsales $ 603,000 $ 506,000 variable costs 231,000 300,000 traceable fixed costs 151,500 192,000 allocated common corporate costs 128,600 156,000 net operating income (loss) $ 91,900 $ (142,000 )the management of cook is considering the elimination of the west division. if the west division were eliminated, its traceable fixed costs could be avoided. total common corporate costs would be unaffected by this decision. given these data, the elimination of the west division would result in an overall company net operating income (loss) of: multiple choice$91,900$(64,100)$(142,000)$(50,100)

Answers: 3

Answer

You know the right answer?

On april 1, 2019, george hart, jr. acquired a 25% interest in the wilson, hart, and company partners...

Questions