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Paha777 [63]
3 years ago
12

When Padgett Properties LLC was formed, Nova contributed land (value of $200,000 and basis of $50,000) and $100,000 cash, and Os

car contributed cash of $300,000. Both members received a 50% interest in LLC profits and capital.
What is Padgett’s tax basis in the land?
Business
1 answer:
Vlada [557]3 years ago
4 0

Answer:

The correct answer is $50,000.

Explanation:

According to the scenario, the given data are as follows:

Nova contributed land of value = $200,000

Nova contributed land of Basis= $50,000

Nova contributed cash = $100,000

Oscar Contributed cash = $300,000

So, we can analyze the Padgett's tax basis in the land by using following method:

As we know Nova contributed land of Basis is the only tax basis in the land for Padgett's.

So, Padgett’s tax basis in the land = Nova contributed land of Basis

Padgett’s tax basis in the land = $50,000.

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Part 1 Ken is the produce manager at saying way a large Supermarket that is part of a national chain. After completing a few man
Dvinal [7]

The people who may be significantly affected by the outcome of this negotiation by the manager include the employer and the customers.

<h3>Who is a manager?</h3>

It should be noted that a manager simply means an individual who oversees the team in a company and ensures that the goals of the company are achieved.

In this case, Ken is the produce manager at saying way a large Supermarket that is part of a national chain and after completing a few management courses offered by his employer, as well as five years of service at the supermarket, he is up for a promotion to assistant manager and is about to negotiate his new salary.

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4 0
1 year ago
A homeowner hired a contractor to finish her basement. They agreed on a price of $20,000 for the job. During the final stages of
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The inference is that the contractor will prevail because the homeowner agreed to the price increase.

<h3>What is an inference?</h3>

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2 years ago
Tacoda Systems tracks consumers' online activity and delivers specific banners based on that activity. This tracking and ad deli
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Answer:

Behavioral targeting

Explanation:

Behavioral targeting is an advertising technique that provides publishers and advertisers the opportunity to display relevant selling information and ads to users depending on the web-browsing behavior of the users.

Behavioral targeting mostly depends on data that are relevant to the behavior of user like items searched previously, last website visit date, pages viewed, amount of time used on a website, ads, content and buttons clicked, and among others.

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8 0
3 years ago
Firm ML, a noncorporate taxpayer, exchanged residential rental property for 20 acres of investment land with a $200,000 FMV. ML
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Answer:

a. $222,000

b. $22,000

c. $158,000

Explanation:

a. FMV of rental property =  FMV of land received + Received cash

= $200,000 + $22,000

= $222,000

b. FMV of land received       $200,000

Cash boot received                $22,000

Less: Basis of rental property $158,000

Realized gain                           $64,000

Recognized gain (Boot)          $22,000

this transaction qualify for a like-kind exchange under section 1031  When no gain or loss is recognized on an exchange but on Boot received. But recognized gain will be lower of boot amount of realized gain.

c. Carryover basis of original assets =  FMV of rental property - Realized gain

= $222,000 -  $64,000

= $158,000

8 0
3 years ago
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