Answer: $61,500
Explanation:
Jerry's adjusted basis in his partnership interest at the end of the year is determined by adding his cash contributions, long-term capital gain, and qualified dividends to the original tax basis.
There will also be deductions of the non-deductible expenses, ordinary loss and his share of the reduction in partnership debt.
Jerry's adjusted basis at the end of the year = ( 44,000 + 26,000 + 3,600 4,600) - ( 2,100 + 9,000 + 5,600)
= 78,200 - 16,700
= $61,500
Answer: d. Timm can deduct the expense in the year of payment.
Explanation:
A Contingent Liability refers to a liability that a company MIGHT incur if a future event happens. It is mostly often used for law suits in case a company has to pay damages. They will thus accrue the expense in readiness to pay it off should the need ever arise.
While Timm will record it in the books, there is no need to deduct it from the income yet. Timm should wait until the year they will have to pay to deduct it. That way the expense will be correctly apportioned to it's corresponding period.
Answer:
The appropriate response is "Real Estate Fraud Prosecution Trust Fund."
Explanation:
- This may have been managed to generate to allocate solely devoted funds just for something like the prosecutors of immovable identity theft throughout San Francisco.
- The investments shall be allocated either by County Chief Executive Assistant, as ascertained either by Fund economy, to defense attorneys as well as police departments for the goal of examining, adjudicating immovable fraud offenses.
The federal government is superior to the state government so if there are any questions as to why or which person to follow, it would be the federal government. As a policy holder is is important to know this so that you are able to make the correct decision regarding your issues. All final policy requirements should be made at the federal government level.
Answer:
$ 0
Explanation:
The cost of energy for March and April is zero.
<u />
<u>Explanation</u>:
The expenses used to produce goods should be included in the cost of production of those products, they are capitalized as part of the stocks. Therefore, it is not included as an expense for the period, as, in some way, the company expects to "consume" ( sell/realize ) them in following periods.
Then, in the period when the products are sold, the company recognizes the Cost of Goods Sold ( COGS ):
<em>Dr COGS ( Cost )</em>
<em>Cr Stocks ( Asset </em>)
