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Gre4nikov [31]
3 years ago
12

Required information Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contribute

d the following assets: Basis Fair Market Value Kevan: Cash $ 15,000 $ 15,000 Land* 120,000 440,000 Totals $ 135,000 $ 455,000 *Nonrecourse debt secured by the land equals $210,000 Each member received a 33.33 percent capital and profits interest in the LLC. (Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations.) e. Prepare a tax basis balance sheet for Albee LLC showing the tax capital accounts for the members. What is Kevan’s share of the LLC’s inside basis? (Enter any capital account with a debit balance as a negative amount.)

Business
1 answer:
steposvetlana [31]3 years ago
3 0

Answer: A: $0.None of the members recognize gain because their debt relief was not in excess of their bases in their LLC interest prior to any debt relief.

B: $55,000

C: $285,000

D: $625,000 Albee, LLC takes a $135,000 carryover basis in the assets Kevan contributes and a $490,000 basis in the total cash the other two members contributed.

Explanation: check attached file

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Alex777 [14]

Answer: 0.48 minutes

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4 0
3 years ago
QV-TV, Inc. provided the following items in its notes to the financial statements for the year-end 2019:
Stolb23 [73]

Answer:

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Explanation:

The calculation of the LIFO inventory value at 2014 year end is as follows

LIFO inventory value at year-end 2014 is

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The same is to be calculated by applying the given formula

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3 years ago
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adell [148]

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6 0
3 years ago
When you purchase an item from Globus Corp., they place the item in a paper bag with handles and vertical yellow, blue, and whit
denis23 [38]

The bag's coloring and design are considered its trade dress.

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Therefore, the bag's coloring and design are considered its trade dress.

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