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
larisa [96]
3 years ago
8

Gerald received a one-third capital and profit (loss) interest in XYZ Limited Partnership (LP). In exchange for this interest, G

erald contributed a building with an FMV of $37,000. His adjusted basis in the building was $18,500. In addition, the building was encumbered with a $9,750 nonrecourse mortgage that XYZ LP assumed at the time the property was contributed. What is Gerald's outside basis immediately after his contribution
Business
1 answer:
ollegr [7]3 years ago
7 0

Answer:

$12,000

Explanation:

According to the given situation,the computation of the outside basis is shown below:-

Total Outside basis = Adjusted basis - Non-recourse mortgage + G's share of mortgage

= $18,500 - $9,750 + ($9,750 × 3)

= $18,500 - $9,750 + $3,250

= $12,000

Therefore for computing the total outside basis we simply applied the abovbe formula.

You might be interested in
The cost of renting tuxes for the Choral Society’s formal is $20 down plus $88 per tux. Express the cost ???? as a function of x
Nezavi [6.7K]

Answer:

a. $196

b. $88

c. $88

d. $88(x)

e. $20

f. $88

Explanation:

Given:

Rent = $20

Cost per Tux = $88

x = Number of tux

  • Since $20 is rent regardless , how many tuxes we rent

Cost function C(x) = 88(x) + 20

A. Cost of renting two tuxes

C(2) = $88(2) + $20

       = $176 + $20

       = $196

B. All tuxes has same cost, so cost of second tux = $88

C. All tuxes has same cost, so cost of tenth tux = $88

D. Here variable cost means value of tuxes , so variable cost = $88(x)

E. Here rent is described as fixed cost = $20

F. Marginal cost =  change in cost / change in quantity

                          =  ${(2*88) -(1*88)} / 2-1

                          =  $88

5 0
2 years ago
Anyone want to help?
beks73 [17]
The answer is 5 hope I helped u
7 0
3 years ago
What is one of the first decisions an entrepreneur must make?
Darya [45]

What kind of business organization will best serve his or her interests.

All of the other decisions are very important, but unless you know what type of organization you want it will be hard to make other more important decisions about the business.

6 0
3 years ago
Read 2 more answers
Compass Inc. purchased 1250 bags of insulation, on account, from Glassco Inc. The bags of insulation cost $5.50 each. Compass pa
Alina [70]

<u>Solution and Explanation:</u>

<u>Journal entry to record the purchase the bags of insultaion.</u>

Date            Particulars                                  Debit                       Credit

                 Inventory                                       $6875

                 accounts payable                                                        $6875

(Purchased insulated bags from Glassco Inc., 1250bags at the rate $5.5 each)

<u>entry to record the payment for shipping</u>

                Inventory                                          $320

                   cash                                                                           $320

( paid shipping charges for bags to warehouse)

<u>entry for return of the defective bags</u>

              accounts payable                                 $275

                   Inventory                                                                       $275

( returned defective bags to glassco Inc)

<u>To record the payment for the bags kept by compass.</u>

          Accounts payable                                        $6600

            cash                                                                                           $6600

( payment for remaining bags to Glassco Inc., )

4 0
3 years ago
Equipment originally costing $100,000 has accumulated depreciation of $65,000. if it is sold for $40,000, the company should rec
son4ous [18]
Hi there
What we need first is the book value of the equipment
The book value is
originally costing - accumulated depreciation
100,000−65,000=35,000

Since the sale price is 40000 and the book value is 35000 This result a gain of 5000 (40000-35000)

Good luck!

4 0
3 years ago
Other questions:
  • When martha needs to compare the results of the marketing program for the coffee collective and then implement changes based upo
    10·1 answer
  • Suppose that the yield curve shows that the one year bond yield is 3 percent, the two year bond is 4 percent, and the three year
    6·1 answer
  • Fine office company employs general construction, inc. (gci), to renovate an office and signs a note for $10,000 payable to gci.
    12·1 answer
  • Cut-Rate Construction Company (CCC) begins building a restaurant for Diners Restaurants, Inc., but after two months demands an e
    8·1 answer
  • When a potential business owner asks, "How can I improve on this?" it is an example of _________
    10·1 answer
  • 6. You own a coal mining company and are considering opening a new mine. The mine will cost $120.0 million to open. If this mone
    9·1 answer
  • . [5 pts] A life-saving medicine without any close substitutes will tend to have a. a small elasticity of demand. b. a large ela
    10·1 answer
  • Spencer Company consigned 88 freezers, costing $490 each, to Remmers Company.
    9·1 answer
  • How did Joe Biden get president?<br> ⇔∈∉∧⊇←²³√∛·×÷±≈≠≥≤≡≅⇒,㏒
    7·1 answer
  • A proposed project has fixed costs of $43,000 per year. the operating cash flow at 16,000 units is $89,000. a. ignoring the effe
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!