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podryga [215]
4 years ago
9

"A customer subscribes to a $100,000 limited partnership interest. The commission is $10,000. The up-front costs are $500 for le

gal expenditures, and $500 for organization costs. What is the customer's beginning tax basis?"
Business
1 answer:
valina [46]4 years ago
6 0

Answer:

$100,000

Explanation:

Based on the information given we were told that the customer subscribes for a limited partnership interest for the amount of $100,000, this means that the amount of $100,000 will be the customer's beginning tax basis because the amount that was used when the customer subscribed to the limited partnership interest is the initial cost.

Therefore the beginning tax basis will be $100,000

You might be interested in
Organizations face myriad barriers and obstacles to effectively increasing and embracing diversity in their workplaces.
Mkey [24]

Answer:

A

Explanation:

Diversity is a very important topic in our world today and many organizations are struggling to embrace diversity because we have greatly stereotyped people in our society and eliminating these stereotypes takes much effort. However once we have eliminated them, it will become very easy for us to have diversity in our workplace.

8 0
3 years ago
From an initial equilibrium, suppose there’s an increase in demand. Once the market reaches its new equilibrium, there will be a
BabaBlast [244]

Answer:

b. more transactions, and they will take place at a higher price.

Explanation:

The markets are at equilibrium where market demand = market supply. And; the downward sloping demand curve (inversely related to price), upward sloping supply curve (directly related to price) intersect.

From initial equilibrium, if there is increase in demand :  Increase in demand shifts demand curve rightwards. This creates excess demand at the previous equilibrium price. Excess demand leads competition among buyers, <u>increases the equilibrium price</u>. At new higher equilibrium price, quantity supplied expands & quantity demanded (at the new increased demand curve) contracts. The new equilibrium quantity is then determined at a <u>higher equilibrium quantity.</u>

The new higher equilibrium price & quantity are determined at the intersection of new increased (rightwards shifted) demand curve with the supply curve {as per the above explained mechanism}

5 0
4 years ago
What is a fixed expense?
____ [38]

Answer:

answer B. An expense that typically does not change month to month.

Explanation:

Fixed Expenses Fixed expenses cost the same amount each month. These bills cannot easily be changed and are usually paid on a regular basis, such as weekly, monthly, quarterly or from year to year.

5 0
3 years ago
A firm using the perpetual inventory method returned defective merchandise costing P2,000 to one of its suppliers. The entry to
Temka [501]

Answer:

Correct option is (d)

Explanation:

Purchase returns is a contra account which is related to purchases. Some part of purchases are returned due to many reasons such as receipt of defective goods or goods are not needed anymore. In such cases, a contra journal entry is passed in the books of both supplier and purchaser.

Following entry is passed in the books of the purchaser if goods were purchased on account:

Particulars                            Debit                   Credit

Accounts payable                 P2,000

       Purchase returns and                                P2,000

allowances

(To record purchase returns)

The initial entry passed when purchases were made was"

Particulars                            Debit                   Credit

Purchases                            P2,000

       Accounts payable                                      P2,000

(To record purchases made

on account)

The above is reversed when purchases are returned.

So, the firm will debit accounts payable.

6 0
4 years ago
A company can best accomplish diversification into new industries by:
lara31 [8.8K]

Answer and Explanation:

Option B is the correct answer

B) acquiring a company already operating in the target industry, creating a new business from scratch, or forming a joint venture with one or more companies to enter the target industry.

4 0
3 years ago
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