1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Brrunno [24]
3 years ago
15

Prairee partnership has four equal partners, Dodd, Crank, Pick, and Mack. Each of the partners had a tax basis of $320,000 as of

January 1, 20X5. Prairee's 20X5 net business income was $152,000. During 20X5, Prairee paid Mack guaranteed payments of $4,000 for deductible services rendered. During 20X5, each of the four partners took a distribution of $50,000. What is Mack's tax basis in Prairee on December 31, 20X5?
a. $307,000

b. $358,000

c. $422,000

d. $472,000
Business
1 answer:
NemiM [27]3 years ago
7 0

Answer:

mack tax basis in prairee on 31 december = 307000

correct option is a. $307,000

Explanation:

given data

tax basis = $320,000

net business income = $152,000

services rendered = $4,000

distribution = $50,000

solution

we know allocated income is here

allocated income = net business income - guaranteed payment

allocated income = 152000 - 4000

allocated income = 148000

so

mack share of net income is 25 % of allocated income

mack share of net income = 37000

so

mack tax basis in prairee on 31 december = 320000 + 37000 - 50000

mack tax basis in prairee on 31 december = 307000

You might be interested in
Inventory records for Dunbar Incorporated revealed the following: DateTransactionNumber of UnitsUnit Cost Apr.1Beginning invento
Jet001 [13]

Answer:

$965

Explanation:

Calculation to determine what Ending inventory assuming weighted-average cost would be:

First step is calculate the Weighted-average cost

Weighted-average cost = [(480 x $2.48) + (440 x $2.75)] / (480+440)

Weighted-average cost =1,190.4+1210/920

Weighted-average cost = 2400.4/920

Weighted-average cost =2.6091

Now let determine the Ending inventory

Ending inventory = (920-550) x 2.6091

Ending inventory = 370x 2.6091

Ending inventory =$965

Therefore Ending inventory assuming weighted-average cost would be $965

7 0
3 years ago
Garavelli Industries granted restricted stock units (RSUs) representing 60 million of its $1 par common shares to executives, su
DedPeter [7]
$480 would be your answer because the fair value per share $8 x 60 mil = $480 the $480 mil total compensation is expensed equally over the three-year vesting period reducing earnings by $160 million each year :D
4 0
3 years ago
________ is characterized by a low degree of departmentalization, wide spans of control, authority centralized in a single perso
laiz [17]

Answer:

Simple Structure

Explanation:

Im pretty sure!

7 0
2 years ago
Indicate whether the following statements are positive or normative. a. Raising interest rates encourages people to save: b. The
denpristay [2]

a. Raising interest rates encourages people to save: positive statement

b. The government ought to be more concerned with reducing unemployment: normative statement

c. The government should raise the tax on tobacco to discourage people from smoking: normative statement

d. The government should limit immigration: normative statement

e. Increasing gasoline taxes results in less disposable income: normative statement

f. The government should raise gasoline taxes and fix bridges: normative statement

<h3>What are normative and positive statements?</h3>

Normative statements come from a viewpoint or an opinion. As a result, the terms "should," "ought," or "it is preferable to" are commonly used. Normative statements can never be proven to be true.

Conversely, positive statements can often be put to the test in theory, if not always in practice. Positive statements are not value judgments. They are predictions of what it is, was, or will become.

Thus, option A is a positive statement and rest are normative statements.

Learn more about positive and normative statements here:

brainly.com/question/14408475

#SPJ4

3 0
2 years ago
Alejandro was reprimanded for an accounting error by his boss in front of his co-workers. Alejandro gets home from his job and y
aev [14]

Answer:

displacement

Explanation:

Displacement is a psychological defense mechanism where the person redirected the emotion in a negative way via from the real source to the lower threatening receipt

As in the given situation, the husband yells his wife and then wife yells her children so this represent that they use the defense mechanism i.e. displacement

4 0
2 years ago
Other questions:
  • What advice does Lisa Marie Ford have for people interested in a career in marketing or business? (Site 1)
    9·2 answers
  • Which music-related businesses serve as a brand for promoting music (such as albums)? music publishers recording studios music v
    14·2 answers
  • A text only forum accessed through a bulletin board service (BBS) is known as a ____.
    11·2 answers
  • A concept that can be used to describe (how will government's money be spent)
    14·1 answer
  • Ariana'a bank statement shows a closing balance of $125.18. There are no outstanding checks or deposits. Her checkbook shows a b
    13·2 answers
  • Goods Guys Foods established a trust fund that provides $125,000 in scholarships each year for needy students. The trust fund ea
    12·1 answer
  • Wolsey Industries Inc. expects to maintain the same inventories at the end of 2016 as at the beginning of the year. The total of
    9·1 answer
  • Ridge, Inc. follows IFRS for its external financial reporting, and Cannon Company follows GAAP for its external financial report
    12·1 answer
  • A justification for job training programs is that they improve worker productivity. Suppose that you are asked to evaluate wheth
    6·1 answer
  • The theory that states that businesses should not incur social expenditures unless required by law or required for the efficient
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!