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
lbvjy [14]
3 years ago
11

Harry and Sally formed the Evergreen partnership by contributing the following assets in exchange for a 50 percent capital and p

rofits interest in the partnership.
Basis Fair Market Value Harry:
Cash $30,000 $30,000
Land $100,000 $120,000
Totals $130,000 $150,000
Sally:
Equipment used in business $200,000 $150,000
Totals $200,000 $150,000
a. How much gain or loss will Harry recognize on the contribution?
b. How much gain or loss will Sally recognize on the contribution?
c. Should Sally consider selling the property to the partnership rather than contributing it?
A. Yes
B. No
Business
1 answer:
Marina CMI [18]3 years ago
6 0

Answer:

a) $0

Generally, partners recognize gain on property contributed to a partnership only when the cash they are deemed to receive from debt relief exceeds their basis in the partnership prior to the deemed distribution. Harry did not have any debt relief.

b) $0.

Partners may never recognize loss when property is contributed to a partnership even when they are relieved of debt.

c) Sally should consider selling the property to the partnership rather than contributing it. By selling the property, she could recognize the $50,000 built-in loss on the equipment.

You might be interested in
When government expenditures increase, the interest rate
Julli [10]

Answer:

The correct answer is option d.

Explanation:

When there is an increase in the government expenditures, the income in the economy will increase. As a result, the demand will increase. The increase in demand will increase the price level.

The suppliers will produce more. To increase output more capital investment will be required. This will further cause an increase in the demand of loan-able funds. So, the interest rate will increase as well.

With the increase in interest rates, the cost of borrowing will increase. This will lead to lesser capital investment and as a result the aggregate demand will be smaller, because of lower production and thus lower income.

5 0
3 years ago
The Brookstone Company produces 9 volt batteries and AAA batteries. The Brookstone Company uses a plantwide rate to apply overhe
Rzqust [24]

Answer:

Over applied Overhead =$ 42,500

Explanation:

Actual Overhead $325,000

Estimated Overhead $350,000

Over applied overhead is when the Predetermined overhead is more than the actual overhead . Under applied overhead is when the Predetermined overhead is less than the actual overhead .

Predetermined Overhead rate= Overhead / total direct labor hours

                              = 350,000/ 500,000 (100)= 70%

Applied Overhead = Predetermined Overhead rate( actual direct labor hours)

                               = 70 % (525,000) = $367,500

Applied Overhead $367,500

Less Actual Overhead $325,000

Over applied Overhead =$ 42,500

5 0
3 years ago
What is an internal source of marketing information for a business?
Doss [256]
I would have to say a
6 0
3 years ago
Which is an example of something that is inelastic?
sweet-ann [11.9K]
-Inelastic means that the consumers will still purchase the product at the same rate despite price changes.
-The answer would be cancer medication, because the consumer would still need to buy this regardless of price. Even if it puts them in a financial bind.
-When having your on a car or watch, if the price of that item increases, you could be less likely to buy it.
-When picking out a hamburger at a restaurant, the customer is most likely to by a cheaper burger if they are on a budget.
5 0
3 years ago
Write a sample professional greeting you would record on your professional cell phone to be heard by employers and recruiters if
satela [25.4K]
This is going to based on the job you are working for, so for instance, if you are working for a doctors office (or you are an on call doctor) you would want to make sure that you leave an emergency contact number for the people calling.
Other jobs it would always be good to leave an alternate number to contact someone when you are out of the office, or just to reach someone to get information or finalize a deal. 

You will always want to make sure you leave your name. 

Hello, you have reached _____. I am unfortunately not able to come to the phone right now, or I am currently out of the office. Please feel free to contact me via email at [email protected]__.com or at this number if it is an emergency ___-___-____. I will be sure to give you a call back as soon as possible. 

Thank you for calling.

I would recommend writing it down so you know what you are going to say. Practice it some, and smile when you are saying it so you have that pleasant tone.<span />
7 0
3 years ago
Other questions:
  • Ronda's debt to Skye is past due. Skye brings a legal action against Ronda to collect the debt. To ensure that a judgment in Sky
    8·1 answer
  • Can someone tell me the correct answer? Plz...I’ll give points.
    15·1 answer
  • If you had $1,000 to invest into the following funds, which one would have the highest value (not including any fees) at the end
    10·2 answers
  • If a company offers many opportunities for career advancement and expects its jobs to change a lot in the next five years, then
    15·1 answer
  • Nancy Groom owns one $1,000 corporate bond issued by General Motors. The bond pays 8.5 percent. If interest is paid semiannually
    11·1 answer
  • Crosley Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. The lease is for an 8-year perio
    14·1 answer
  • For the month of June, Beeman Corp. estimated sales revenue at $600,000. Beeman pays sales commissions that are 4% of sales reve
    15·1 answer
  • Measured productivity growth for the United States declined following the Great Recession. That measured productivity has failed
    12·1 answer
  • Which of the following is a benefit of tracking the demographic information of a customer?
    12·2 answers
  • REALTORS®: a. protect and promote the interests of their clients. b. treat all parties honestly. c. promote their interests over
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!