Answer:
mack tax basis in prairee on 31 december = 307000
correct option is a. $307,000
Explanation:
given data
tax basis = $320,000
net business income = $152,000
services rendered = $4,000
distribution = $50,000
solution
we know allocated income is here
allocated income = net business income - guaranteed payment
allocated income = 152000 - 4000
allocated income = 148000
so
mack share of net income is 25 % of allocated income
mack share of net income = 37000
so
mack tax basis in prairee on 31 december = 320000 + 37000 - 50000
mack tax basis in prairee on 31 december = 307000
When people take money out of the bank, they have to pay them back with a little more and interest is why.<span />
The worlds first and modern bank opened during the 14th century in Florence, Italy and later many branches were established in other parts of Europe. Even though the banking system became very crucial in the 14th century, the Bardi and Peruzzi families were able to start and establish several branches during this century.
Answer:
See below
Explanation:
Given the above details, post closing ending balance of retained earnings would be calculated by
= Debit balance in the retained earning + credit in the retained earnings - Credit balance in the retained earnings
= $308,800 + $99,000 - $347,400
= $60,400
