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Nitella [24]
3 years ago
14

Sue and Andrew form SA General Partnership. Each person receives an equal interest in the newly created partnership. Sue contrib

utes 1000 of cash and land with a FMV of 50000. Her basis in the land is 10000. Andrew contributes equipment with a FMV of 51000. His basis in the equipment is 35000. How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew?
Business
1 answer:
Makovka662 [10]3 years ago
8 0

Answer: $0

Explanation:

Gains are not recognized when assets are transferred. They are only recognised when assets are disposed of. In the above scenario, Sue and Andrew TRANSFERRED the assets to the company and so SA General Partnership cannot recognize a gain until the assets are disposed of.

It is worthy of note that a Carryover basis transaction has taken place in this scenario. This means that the basis in the assets of Sue and Andrew have been transferred to the SA General Partnership.

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Minimum-wage laws dictate:
AURORKA [14]

Answer:

A minimum wage that firms may pay workers (Option C)

Explanation:

A minimum wage is the lowest pay, wage or salary permitted by law for employers to pay their workers. In other words, a minimum wage is the price benchmark which workers should not go below in offering labor.  

Minimum wages are legally established to protect or guard workers against unduly low pay or exploitation. Most countries of the world have minimum wage legislation that was introduced before the end of the 20th century.

7 0
3 years ago
A business issues 20-year bonds payable in exchange for preferred stock. This transaction would be reported on the statement of
Oxana [17]

Answer:

A. a separate schedule.

Explanation:

This is explained to be cash flow schedule or also cash flow statement. It is explained to be on out of the three financial statement which used generally to report for cash which been generated and how this money has been totally been spent within a period or interval which could be a week, month, quarter or even probably a year.

In the statement of cash flows, the cash flows are known to be generated from investing activities section while inclusion of receipts from the sale of investments. This is why in the stated 20 year payable bond, it is known to have been recorded in statement of cash flows in a separate schedule.

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4 years ago
Which of the following is a way for college students to watch their favorite tv shows without spending a lot of money
Delvig [45]
Watch online you watch tv for free youtube,hulu,netflix
4 0
4 years ago
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On December 31, 2017, Swan Company sold for $150,000 an old machine having an original cost of $170,000 and a book value of $120
gregori [183]

Answer:

the amount of the notes receivable net of the unamortized discount is $105,546

Explanation:

The computation of the amount of the notes receivable net of the unamortized discount is shown below:

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4 0
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Return on equity is referred to by the acronym ROI. is an activity ratio. shows how much after-tax profits are generated by each
Ne4ueva [31]

Answer:

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That explains why the measure is referred to as Return on equity.

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3 years ago
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