Answer:
The land basis will be $8,000 and partnership basis will be $42,000.
Explanation:
The outside basis at the end of the year is $56,000.
The cash basis is $6,000.
The fair value of land is $14,000.
The land basis to RF is $8000.
The partnership basis will be
=Outside basis-cash basis-land basis
=$(56,000-6,000-8,000)
=$42,000.
So, the land basis will be $8,000 and partnership basis will be $42,000.
Answer:
Detailed step wise solution is given below:
Answer:
$50? ($150 is not the correct answer)
Explanation:
When there is highly inelastic supply of the factor and highly inelastic demand of the factor, in these situations the owners supply factors of production are the most likely to earn economic rent. So, the answer should be:
factors of production are the most likely to earn economic rent when they are highly inelastic supply of factor and highly inelastic demand of the factor.
Answer:
d) Neither A nor B
Explanation:
Poverty refers to a financial state wherein an individual is unable to meet the most basic needs for survival such as food clothing and shelter.
Absolute poverty refers to a state wherein the income of a household is below a certain threshold level which makes it hard to meet the basic necessities of life such as food, shelter, water and sanitation.
The concept of relative poverty makes a comparison i.e relatively to others. When one is relatively poorer than others. The person in such a scenario may be able to meet his ends but relative to other households income, shall be termed as poor.
