Business, 12.04.2021 18:40 carson5238

In 2015, Dudley contributed land to the Prosperity LLC. His basis in the land was $100,000. The fair market value at the contribution date was $115,000. In 2016, the LLC distributes other property with an adjusted basis of $60,000 and fair market value of $90,000 to Dudley. Dudley’s basis in his LLC interest was $50,000 immediately before the distribution. As a result of the distribution in 2016, how much gain does Dudley recognize, how much is his basis in his LLC interest after the distribution, and how much is the LLC’s basis in the land Dudley originally contributed?

Dudley recognizes gain of $15,000. His basis in his LLC interest is $ after the distribution and the LLC’s basis in the land Dudley originally contributed is now $.

Answers: 1

Show answers

Other questions on the subject: Business

Business, 21.06.2019 20:20, ktenz

Miller mfg. is analyzing a proposed project. the company expects to sell 8,000 units, plus or minus 2 percent. the expected variable cost per unit is $11 and the expected fixed costs are $287,000. the fixed and variable cost estimates are considered accurate within a plus or minus 5 percent range. the depreciation expense is $68,000. the tax rate is 32 percent. the sales price is estimated at $64 a unit, plus or minus 3 percent. what is the earnings before interest and taxes under the base case scenario?

Answers: 1

continue

Business, 21.06.2019 21:30, Brandonjr12

In a macroeconomic context, what are implicit liabilities? money owed to people possessing government issued bonds. the amount of money that firms collectively owe to shareholders. money that the government has promised to pay in the future. payments that the federal government undertakes only during periods of recession. which of the choices is a significant implicit liability in the united states? military spending education spending national science foundation spending social security

Answers: 2

continue

Business, 22.06.2019 13:40, deezzzy

After much consideration, you have chosen cancun over ft. lauderdale as your spring break destination this year. however, spring break is still months away, and you may reverse this decision. which of the following events would prompt you to reverse this decision? a. the marginal cost of going to cancun decreases. b. the marginal cost of going to ft. lauderdale decreases. c. the marginal benefit of going to cancun increases. d. the marginal benefit of going to ft. lauderdale decreases.

Answers: 2

continue

Business, 22.06.2019 19:50, crzyemo865

Aproduction line has three machines a, b, and c, with reliabilities of .96, .86, and .85, respectively. the machines are arranged so that if one breaks down, the others must shut down. engineers are weighing two alternative designs for increasing the line’s reliability. plan 1 involves adding an identical backup line, and plan 2 involves providing a backup for each machine. in either case, three machines (a, b, and c) would be used with reliabilities equal to the original three. a. compute overall system reliability under plan 1. (round your intermediate calculations and final answer to 4 decimal places.) reliability b. compute overall system reliability under plan 2. (round your intermediate calculations and final answer to 4 decimal places.) reliability c. which plan will provide the higher reliability? plan2plan1

Answers: 3

continue

You know the right answer?

In 2015, Dudley contributed land to the Prosperity LLC. His basis in the land was $100,000. The fair...