Business, 08.04.2021 18:40 gabby640

Darlene has a $72,000 basis in her Ramble partnership interest. She received a liquidating distribution of $16,000 cash and land with a FMV of $60,000 and a basis of $52,000. $56,000 2. Roy's adjusted basis in Orleans Associates was $125,000 immediately before he received a distribution in complete liquidation of Orleans. He received $40,000 in cash and equipment with an AB to Orleans of $70,000 and a FMV of $95,000. $85,000 3. Underfoot Partnership distributed machinery with a FMV of $16,000 and an adjusted basis to the partnership of $12,000 to Paul in a nonliquidating distribution. Paul's basis in the partnership interest was $9,000. $9,000 4. Jimmy's adjusted basis in his Levee Partnership interest is $310,000. During the year, Jimmy received a nonliquidating distribution of $95,000 plus equipment with an adjusted basis of $160,000 to Levee, and a FMV of $185,000. $215,000 5. John's adjusted basis in his Ocean Partnership interest was $97,000 when he received a nonliquidating distribution of $49,000 cash and property with an AB to Ocean of $54,000 and a FMV of $61,000.

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 13:20, kaylarenee05080

In order to be thoughtful about the implementation of security policies and controls, leaders must balance the need to reduce with the impact to the business operations. doing so could mean phasing security controls in over time or be as simple as aligning security implementation with the business’s training events.

Answers: 3

continue

Business, 22.06.2019 14:50, QuarkyFermion

Pear co.’s income statement for the year ended december 31, as prepared by pear’s controller, reported income before taxes of $125,000. the auditor questioned the following amounts that had been included in income before taxes: equity in earnings of cinn co. $ 40,000 dividends received from cinn 8,000 adjustments to profits of prior years for arithmetical errors in depreciation (35,000) pear owns 40% of cinn’s common stock, and no acquisition differentials are relevant. pear’s december 31 income statement should report income before taxes of

Answers: 3

continue

Business, 22.06.2019 20:30, brooklyn5150

Casey communications recently issued new common stock and used the proceeds to pay off some of its short-term notes payable. this action had no effect on the company's total assets or operating income. which of the following effects would occur as a result of this action? a. the company's current ratio increased. b. the company's times interest earned ratio decreased. c. the company's basic earning power ratio increased. d. the company's equity multiplier increased. e. the company's debt ratio increased.

Answers: 3

continue

Business, 22.06.2019 21:20, marvinsductant6710

White truffles are a very prized and rare edible fungus that grow naturally in the countryside near alba, italy. suppose that it costs $200 per day to search for white truffles. on an average day, the total number of white truffles (t) found in alba is t = 20x − x 2 , where x is the number of people searching for white truffles on that day. white truffles can be sold for $100 each. if there is no regulation, how many more people will be searching for white truffles than the socially optimal number?

Answers: 1

continue

You know the right answer?

Darlene has a $72,000 basis in her Ramble partnership interest. She received a liquidating distribut...