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Naily [24]
3 years ago
13

Jed Castanza transfers $90,000 of cash to the JN partnership for a 60 percent interest in the JN partnership. Ned transfers a bu

ilding with an adjusted basis of $30,000 and a fair market value of $100,000, subject to a debt of $40,000 that the partnership assumes, in exchange for a 40 percent interest in the JN partnership. Determine each partner’s adjusted basis in his partnership interest. Does either partner recognize any gain on the transfer to the partnership
Business
1 answer:
mojhsa [17]3 years ago
8 0

Answer:

Their basis will be 90,000 for Mr Castanza

and 60,000 for Ned

Also Ned will recognize a capital gain for 70,000 when performing the transfer of the property. As his adjusted basis is 30,000 while the property value is 100,000

Explanation:

Mr Castanza

90,000 = 60%

Ned

100,000 - 40,000 = 60,000 = 40%

Total capital

90,000 + 60,000 = 150,000 = 100%

<u>Check for difference:</u>

90,000/150,000 x 60% = 90,000

60,000/150,000 x 40% = 60,000

Their basis will be 90,000 for Mr Castanza

and 60,000 for Ned

Also Ned will recognize a capital gain for 70,000 when performing the transfer of the property. As his adjustedbasis is 30,000 while the property value is 100,000

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siniylev [52]

Option D. The way that Nikolaos would be able to determine for the parsonage of the Indianapolis would be: Consult an Indianapolis realtor for a documented quote with comparable listings for the house.

<h3>What is meant by parsonage?</h3>

Old French personage and medieval Latin personagium, both of which imply "home for a person," are the origins of the word "parsonage." A house in the early church was frequently not much more than a priest's place to sleep.

A clergy house is where one or more priests or other religious leaders currently live or previously lived. Such homes may be referred to as manse, parsonage, rectory, or vicarage, among other names.

A recent sale of a property in your neighborhood that is comparable to yours in terms of location, size, condition, and features is known as a "comp," short for "comparable sale."

Comparable (similar) homes have to have equivalent market values, and thus comparable assessed values. Comparing the assessment of your home to the assessments of other comparable homes is one approach to determine whether it has been done fairly or uniformly.

Read more on realtors here:

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Nikolaos is an ordained minister. He moved to Indianapolis and lives in the nearby furnished parsonage, which is 1,500 square feet. His previous role was in Washington, D.C.; the fair rental value (FRV) of his parsonage (1,800 square feet) in Washington was $18,000/year.

How should he determine FRV for the Indianapolis parsonage?

Use the same FRV as the Washington, D.C. parsonage.

Reduce the Washington FRV by the size ratio of the new parsonage to the Washington home.

Estimate FRV based on other properties available in the area.

Consult an Indianapolis realtor for a documented quote with comparable listings for the house.

6 0
1 year ago
The amount of accounts receivable that is actually expected to be collected is known as the:a.uncollectible accounts expense. b.
scoundrel [369]

Answer:

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3 years ago
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Brand association is a relevant marketing tool for adding value to a brand.

Marketers use resources so that there is some kind of association, value, brand awareness in the consumer's subconscious mind so that they are naturally induced to establish a preference for a particular brand. Associations are responsible for creating thoughts, opinions and actions about a brand, so marketing efforts should be related to designing a positive consumer association with the brand, which will bring added benefits of recognition, satisfaction, loyalty, price, leadership and others, which help in creating the distinctive value of a brand.

8 0
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The management of Krach Corporation would like to investigate the possibility of basing its predetermined overhead rate on activ
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Answer:

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3 0
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A because  a lot of times depending on your degree they will automatically give you loan forgiveness, espicially going into a high attending job such as teaching.
7 0
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