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
elena-s [515]
3 years ago
5

Cramer Corporation and Mr. Chips formed a general partnership. Cramer contributed $500,000 cash, and Mr. Chips contributed a bui

lding with a $500,000 FMV and $300,000 tax basis. The partnership immediately borrowed $700,000 of recourse debt. What is Cramer's tax basis in its partnership interest
Business
1 answer:
Damm [24]3 years ago
7 0

Answer:

$850,000

Explanation:

Cramer's tax basis in its partnership interest can be estimated as follows:

Cramer's cash contribution to the general partnership = $500,000

Cramer's share of the recourse debt borrowed = $700,000 / 2 = $350,000

Cramer's tax basis in its partnership interest = Cramer's cash contribution + Cramer's share of the recourse debt = $500,000 + $350,000 = $850,000

Note:

The reecourse debt is shared equally as coventionally required when the profit and loss sharing is not stated in the question.

You might be interested in
Take it and go don't wast my time
BartSMP [9]

Answer:

thanks man

Explanation:

7 0
3 years ago
Read 2 more answers
Jimmy is an employee of Roofing, Inc., which is performing a contract for the federal government. Jimmy learns that Roofing, Inc
Bas_tet [7]

Answer:

An exception based on public policy.

Explanation:

Employment at will according to the United States is a doctrine that permits the employer and employee to work together in an indefinite period of time, whereas they are able to terminate their contract with any necessary fair clause.

In many counties around the world, employers always look for reasons to terminate or stop their employees from working, whereas an exception based on public policy negate this doctrine.

6 0
2 years ago
say anythinggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggg
Vadim26 [7]

Answer:

heyyyyyy

Explanation:

6 0
3 years ago
Read 2 more answers
Why shouldn’t i let someone else use my business name
Strike441 [17]
Hello,

Not sure if this is a school related question but i have the answer for ya (:

There are multiple reasons on why you shouldn't let another person use your business name.
1. They can make YOUR profit off of what you sell
2. It can lead to a law suit in the future
3. 2 businesses using the same name always leads to unwanted problems, finance cases, business claims, and the possibility of being sued by the other person.

Best option would be for you to make your own business name and get it trademarked so that nobody will copy you! (:
4 0
3 years ago
According to the GLOBE project, which of the following are most likely to view the terms "leader" and "manager" negatively? the
Genrish500 [490]

Answer:

Mexicans

Explanation:

According to the GLOBE project and Hofstede's cultural dimensions, Mexico falls under category of high power distance, whose culture is more based on collectivism. Leaders in these cultures who are successful are the ones who make decisions collectively, therefore any individual approach by these managers in an organization towards decision-making would be viewed negatively.

6 0
3 years ago
Other questions:
  • You must drive at a speed
    15·1 answer
  • Milton Friedman argued that consumers are more likely to alter their behavior based on..
    9·1 answer
  • Preparing journal entries-outputs Hartley Company has a production process that involves three processes. Units move through the
    9·2 answers
  • Personality Test
    10·2 answers
  • ABC Inc.'s bonds currently sell for $1,180 and have a par value of $1,000. They pay a $105 annual coupon and have a 15-year matu
    13·1 answer
  • On 12/31/10, Heaton Industries Inc. reported retained earnings of $675,000 on its balance sheet, and it reported that it had $17
    9·1 answer
  • A recently launched line of baby clothing is gaining popularity among a large mass of the population. In which stage of fashion
    15·2 answers
  • Explain what the long- and short-term consequences are of not promoting equality or working to reduce poverty.
    11·1 answer
  • Which energy source accounts for nearly 7% of global energy consumption, making it the leading fossil fuel alternative
    8·1 answer
  • Which is true about net worth?​
    12·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!