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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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The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity o
cricket20 [7]

Answer:

a. $840

b. $140

Explanation:

a. The calculation of the average price per season ticket is shown below:-

Average price per season ticket = Total price of season tickets ÷ Sitting capacity

= $93,660,000 ÷ 111,500

= $840

b. The calculation of average price per individual game ticket sold is shown below:-

Average price per individual game ticket sold = Average price per season ticket ÷ Six home games

= $840 ÷ 6

= $140

Therefore we simply applied the above formula for computing the average price per season ticket and average price per individual game ticket sold.

8 0
3 years ago
The San Pedro Company forecasts that total overhead for the current year will be $10,000,000 and that total machine hours will b
Temka [501]

Answer:

the  overhead rate is $50 per machine hour

Explanation:

The computation of the overhead rate is shown below:

Predetermined overhead rate

= Estimated total Overhead ÷ Estimated total machine hour

= $10,000,000 ÷ 200,000 hours

= $50 per machine hour

hence, the  overhead rate is $50 per machine hour

The same should be considered and relevant

4 0
3 years ago
A vendor sells hot dogs at $17.00 /piece. For every hot dog he spends $11.23 in the raw material. Additionally he spends $0.90 f
Gemiola [76]

Answer: $4.87

Explanation:

The question is asking for the Contribution margin which is the amount left of the selling price after the variable costs have been deducted.

Contribution margin = Selling price - variable costs

= Selling price - Raw materials - packing costs

= 17 - 11.23 - 0.90

= $4.87

8 0
3 years ago
A partnership has the following capital balances: Comprix (40% of gains and losses) $ 180,000 Heflin (30%) 280,000 Kaplan (30%)
MrRissso [65]

Answer:

$210,000 is the capital balance of Heflin after acquisition by Mahar

Explanation:

In this question we are asked to calculate the capital balance of Heflin given the data in the above question.

Firstly, we identify the capital account of Heflin before the acquisition. From the question, this is equivalent to a value of $280,000

Now, we calculate the proportionate capital transferred. That is same as 25% of the total; 25/100 * 280,000 = $70,000

The ending capital of Heflin after acquisition would be mathematically = Capital account of Heflin before admission - Ending capital of Heflin after admission= $280,000 - $70,000 = $210,000

8 0
3 years ago
Which of the following statements regarding the center of gravity method is false
grigory [225]

Answer:

Consider the following explanation

Explanation:

False statement are as follows,

A)  It is designed to minimize the maximum possible travel distance to any location

This statemet is false

Explanation- Center of gravity has nothing to do with travel distance or any kind of diisplacement. Following sentence is used in cargo industry ffor effieicent transportation.

C) And D) Are also false

Explanation- They are also a part of cargo management hence cannot be used in center of gravity method.

Only Option B) Is correct

8 0
3 years ago
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