Answer:
$102,000
Explanation:
According to 26 US code Section 704(c) - Partner's distributive share :
Taxable gain to be recognized from sale = Sale value - ( Partner's share * Fair market value )
Brooke contributed the land, the gain realized before the land was contributed = $120,000 - $90,000 will be allocated entirely to her. She will also be allocated 40% of the gain after the contribution was made = ($150,000 - $120,000) x 40% = $30,000 x 40% = $12,000.
So the total gain recognized by Brooke will be $90,000 + $12,000 = $102,000.
Partnerships are pass through entities, the partners are taxed, not the partnership itself.
Answer:
False
Explanation:
In the given question it is mentioned that the employees earned vacation pay of $35,000 during the first year of the operation.
Hence,
the expenses should be recorded as the vacation pay expenses in the same year not in the following year i.e the second year whether the employees take the vacation in the same year or the next year.
Answer:
The amount received on June 24 is $686
Explanation:
given data
sold account = $1,000
terms = 2/10, n/30
returns merchandise = $300
to find out
amount of cash received on June 24
solution
we know here that payment is made within the discount period
that is discount period = 10 days
so amount received will be here
amount received = sold account - returns
amount received = $1000 - $300
amount received = $700
and discount is here
discount = 2% of amount received
discount = 2% × $700
discount = $14
so
amount of cash received is = amount received - discount
amount of cash received is = $700 - $14
amount of cash received is $686
Answer:
This request cannot be honored because the securities must be paid for, in full, to process a transfer and ship request
Explanation:
Answer: Changing an item's lot size does not directly affect the average level of the pipeline inventory.
