Answer:
The answer options to this question would be the following:
a. ethical misdemeanor
b. conflict of interest
c. ethical lapse
d. ethical dilemma
The correct answer is: c. ethical lapse.
Explanation:
An ethical lapse is not one that shows a total lack of integrity, but only an oversight or a blind spot in ethics. Ethical lapses may or may not be large-scale, private or publicized and are illegal within the law or immoral.
Only the term lapse within the legal scope is also used to mention the time that exists between two established limits and during which a specific procedural action can be responded to. As a general rule, it will be established by law although, in some cases and when it authorizes it, the judge will be in charge of determining them.
Answer:
d.cash and assets that will be converted into cash or consumed within either one year or the normal operating cycle of the business, whichever is shorter.
Explanation:
Answer:
The day the property was contributed.
Explanation:
A holding period refers to the time period an asset or investment is held by a business or an investor, or the period between when the asset is bought and when it is sold.
The character or type of an asset contributed to a partnership in exchange for a capital and profits interest determines the beginning of the partner’s holding period as follows:
1. If the capital asset or property contributed by the partner has been used in a trade or business just before it is contributed to the partnership, the holding period of the partner for the partnership interest will include the holding period of the capital asset or property contributed.
2. If the capital asset or property contributed by the partner is exchanged for money, capital or other property, the beginning of the holding period of the partner in the day of acquisition of the interest, i.e., the day the property was contributed.
Since the question states that the property is contributed to a partnership in exchange for a capital and profits interest, rule number 2 above therefore applies. That is, the partner’s holding period begin for the partnership interest the day the property was contributed.
Answer:
$98,973.77
Explanation:
The computation of the amount allocated to feed while using the value basis is shown below:
But before that first we have to find out the total cost which is
Feed (100,000 × $1.40) = $140,000
Flour (55,000 × $2.70) = 148,500
Starch (25,000 × 6) = 150,000
Total 438,500
Now the allocated value is
= 140,000 ÷ 438,500 × $310,000
= $98,973.77
We simply do the above calculations