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Shalnov [3]
3 years ago
15

Riley is a 50% partner in the RF Partnership and has an outside basis of $56,000 at the end of the year prior to any distributio

ns. On December 31, Riley receives a proportionate operating distribution of $6,000 cash and a parcel of land with a $14,000 fair value and an $8,000 basis to RF. What is the amount and character of Riley's recognized gain or loss and what is his basis in his partnership interest?
Business
1 answer:
Anvisha [2.4K]3 years ago
4 0

Answer:

partnership interest $42000 basis

Explanation:

given data

outside basis = $56000

operating distribution = $6000

fair value = $14000

basis to RF = $8000

to find out

partnership interest

solution

we will find  partnership interest by given formula that is

partnership interest = outside basis - operating distribution - basis to RF

put here all these value

partnership interest = outside basis - operating distribution - basis to RF

partnership interest = 56000 - 6000 - 8000

partnership interest = $42000

so here partnership interest $42000 basis

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Answer:

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3 years ago
Bonds that are purchased with the intent of selling them in the near future to take advantage of short-term price changes are cl
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Answer:

C. Trading Securities

Explanation:

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In the given case, bonds purchased with the intention of selling in the near future with an objective to benefit from short term price movements represent trading securities. The benefit would be in the form of short term capital appreciation.

5 0
3 years ago
A 10-year German government bond (bund) has a face value of €100 and a coupon rate of 5% paid annually. Assume that the interest
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Answer:

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8 0
3 years ago
Classify each possible change listed according to whether it will make small farms more efficient or less efficient based on the
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Full question:

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