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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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<h3><u>What is discount?</u></h3>
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Answer:

Check the explanation

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Hubert lives in San Francisco and runs a business that sells boats. In an average year, he receives $842,000 from selling boats.
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Answer:

Explicit costs are normal costs of operating a business.

Implicit costs are opportunity costs meaning that they are the benefits foregone by engaging in a certain course of action.

The wholesale cost for the pianos that Hubert pays the manufacturer ⇒ EXPLICIT COST.

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The wages and utility bills that Hubert pays ⇒ EXPLICIT COST

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<em>= 48,000 + 38,000 - 89,000</em>

<em>= -$3,000</em>

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