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Gre4nikov [31]
4 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]4 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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3 years ago
The present value interest factor for an annuity with an interest rate of 8 percent per year over 20 years is ____.
lianna [129]

The present value factor of an annuity that will mature in 20 years at an interest rate of 8% is <u>9.8181474.</u>

<h3>What is the present value interest factor?</h3>

It can be found by using the present value of an annuity formula of:

= Amount x ( 1 - ( 1 + rate) ^ - number of periods) / Rate

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8 0
3 years ago
A newly formed firm must decide on a plant location. There are two alternatives under consideration: locate near the major raw m
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5 0
3 years ago
The first year of operations for a company was Year 1. The net income for Year 1 was $21,200 and dividends of $12,600 were paid.
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Answer:

$8,600

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3 0
4 years ago
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