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Verdich [7]
3 years ago
6

The partnership of Marks & Sparks sustained an ordinary loss of $42,000 in Year 1. The partnership, as well as the two partn

ers, are on a calendar-year basis. The partners share profits and losses equally. At December 31, Year 1, Marks had an adjusted basis of $18,000 for his partnership interest, before consideration of the loss. On his Year 1 individual tax return, Marks should deduct an(a)
Ordinary loss of $18,000 j k l m n

Ordinary loss of $21,000 j k l m n

Ordinary loss of $18,000 and a capital loss of $3,000 j k l m n

Capital loss of $21,000j k l m n
Business
1 answer:
igomit [66]3 years ago
7 0

Answer:

Ordinary loss of $18,000

Explanation:

As for the provided information the loss is shared equally be each partner.

therefore, if total loss of partnership firm = $42,000

Loss on account of each partner = $42,000/2 = $21,000

Therefore, loss as share of Mark = $21,000

But as provided the basis of Mark = $18,000

Therefore, accordingly the loss up to the amount of basis shall be sett off in the current year itself, and then thereafter the remaining loss of $21,000 - $18,000 = $3,000 shall be carried forward.

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Liquidity risk is defined as the risk of A. not being able to sell an investment conveniently and at a reasonable price. B. havi
Soloha48 [4]

Answer:

having declining price levels affect the reinvestment rate of your current income stream

3 0
3 years ago
A new client of the member firm has just opened a margin account. After account approval, the client's initial trade is an order
Aleks04 [339]

Answer:

$2,000

Explanation:

Data provided in the question

Number of shares purchased = 100 shares

Price of common stock = $25

Given percentage = 50%

Based on the above information, there is no borrowing taken place in a margin account because there is a minimum requirement to maintain $2,000 in equity and when the purchase is made lower than $2,000 so it is important to pay the amount in full and the deposits are important when it is made more than $2,000 in the case when the trade is more than $4,000

7 0
3 years ago
Lucky Inc. reported sales revenue of $385,000, operating expenses of $65,000, and a net loss of $23,000 for the most recent fisc
Mademuasel [1]

Answer:

$343,000

Explanation:

Given that,

Sales revenue = $385,000

Operating expenses = $65,000

Net loss = $23,000

Gross profit:

= Net loss + Operating expenses

= - $23,000 + $65,000

= $42,000

Cost of goods sold:

= Sales revenue - Gross profit

= $385,000 - $42,000

= $343,000

Therefore, the amount of cost of goods sold for the Lucky is $343,000.

3 0
3 years ago
If a firm accepts less than all of its prospective projects with positive NPVs when evaluated at their own risk-adjusted costs o
gtnhenbr [62]

Answer: True

Explanation:

  Yes, the given statement is true that the employing capital rationing is one of the process in which it placing some restriction on the investment amount of the project in an organization.

 In the capital rationing strategy, if the company accepts less amount from all its prospective projects along with some positive net profit value (NPVs) the it is evaluated on the basis of their own risk.

 The employ capital rationing helps in making various types of decisions related to investment for the company and in this system only limited projects are taken due to the limitation of the resources.  

 Therefore, The given statement is true.

3 0
3 years ago
Does the National Labor Relations Act give an employer the right to plead with workers to
trapecia [35]

The national labor relation act is the act formed by the government to protect right of employers and the employees.

<u>Explanation:</u>

The National Labor Relations Act of 1935 is a primary rule of United States work law which ensures the privilege of private part employees to sort out into worker's guilds, participate in aggregate haggling, and make aggregate move, for example, strikes.

Congress sanctioned the National Labor Relations Act ("NLRA") in 1935 to secure the privileges of representatives and bosses, to energize aggregate dealing, and to shorten certain private area work and the executives rehearses, which can hurt the general government assistance of laborers, organizations and the U.S. economy.

3 0
3 years ago
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