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Nikolay [14]
1 year ago
5

Sutton is a partner of RST Partnership. RST distributed $3,000 cash and a building with an adjusted basis of $10,000 and a fair

market value of $50,000 to Sutton. Before the distributions, Sutton's basis in the partnership was $90,000. What amount of these distributions is taxable to Sutton in the current year
Business
1 answer:
Eduardwww [97]1 year ago
5 0

Based on the basis of the distributions and Sutton's basis in the partnership, the amount of taxable distributions to Sutton is $0.

<h3 /><h3>How much of the distributions can be taxed?</h3>

The distributions can only be taxed if they exceed Sutton's basis in the partnership of $90,000.

As neither the cash distribution nor the building, have enough to surpass Sutton's basis, the taxable distributions will be $0.

Find out more on taxable distributions at brainly.com/question/26474690.

#SPJ12

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3 0
3 years ago
Recording Issuing of Materials Materials issued for the current month are as follows: Requisition No. Material Job No. Amount 94
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Answer:

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Explanation:

DATA

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945     Fiberglass     78           $20,240

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948     Wood              99           $3,622

949     Aluminium      108         $38,468

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6 0
3 years ago
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7 0
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