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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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On June 1, Crane Company Ltd. borrows $99,000 from Acme Bank on a 6-month, $99,000, 8% note. The note matures on December 1. Cor
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Answer:

Explanation:

The journal entry is shown below:

On June 1

Cash A/c Dr $99,000

    To Notes payable A/c  $99,000

(Being the amount borrowed is recorded)

For recording this transaction, we debited the cash account and credited the notes payable account so that the correct posting can be done

All other information which is given is not relevant. Hence, ignored it

7 0
3 years ago
A rectangular floor measures $a$ feet by $b$ feet, where $a$ and $b$ are positive integers with $b &gt; a$. An artist paints a r
DENIUS [597]

The number of possibilities that are there for the ordered pair is 2.

<h3>Calculation and Parameters
</h3>

Because the unpainted part of the floor covers 1/2 of the area, then the painted rectangle covers 1/2 of the area as well.

Given that the border width is 1 foot, the dimensions of the rectangle are a-2 by b-2.

Making an equation:

ab= 2((a-2)(b-2))

ab= 2ab-4a-4b+8

ab-4a-4b+8=0

If we apply Simon's Favorite Factoring Trick,

ab-4a-4b+16= 8

(a-4)(b-4)= 8

Since b > a, then we have the possibilities

(a-4) = 1 and (b-4) = 8, or (a-4) = 2 and (b-4) = 4.

(5, 12) or (6,8) which gives us 2 possibilities.

Read more about possibilities here:

brainly.com/question/25870256

#SPJ1

8 0
2 years ago
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