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
alekssr [168]
3 years ago
13

Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted bas

is of $40,000 and a fair market value of $100,000.a. How much gain, if any, must Emma recognize on the transfer? Must Laine recognize any gain? If so, how much?b. What is Emma's basis in her partnership interest?c. What is Laine's basis in her partnership interest?d. What basis does the partnership take in the property transferred by Laine?
Business
1 answer:
zavuch27 [327]3 years ago
5 0

Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a fair market value of $100,000

Explanation:

As given in the question

  • <u>Emma and Laine form the equal EL Partnership.</u>
  • <u>Emma contributes cash of $100,000 in EL Partnership</u>
  • <u>Laine contributes property with an adjusted basis of $40,000</u>

1)How much gain, if any, must Emma recognize on the transfer

<u>Ans: Neither Emma nor Laine ,none of them recognize any gain.</u>

2) What is Emma's basis in her partnership interest

<u>Ans:</u><u>Emma basis in her patnership interest is $100,000 </u>

3) What is Laine's basis in her partnership interest

<u>Ans: Laine's basis in her partnership interest is $40000</u>

4) What basis does the partnership take in the property transferred by Laine

<u>Ans: $40,000</u>

You might be interested in
Which of these are centers that offer new businesses in the critical stage of early development low-cost offices with basic serv
Afina-wow [57]

Incubators are the centers that offer new businesses in the critical stage of early development low-cost offices with basic services such as accounting, legal advice, and secretarial help.

Business incubators are organizations that offer a range of specialized tools and services to help new and beginning businesses throughout their early stages of growth. The basic objective of a business incubator is to create profitable businesses that can exist alone when the program is over.

Services is a broad phrase that refers to labor that sustains a firm but does not create a physical good. An essential business service that supports several other business services, including procurement, shipping, and banking, is an information technology (IT).

To learn more about services

brainly.com/question/12096912

#SPJ4

8 0
1 year ago
Why are differentiation and low cost leadership strategies referred to as generic business strategies? they can be simultaneousl
kumpel [21]
<span>Differentiation and low cost leadership strategies are referred to as generic business strategies due to the fact that they can be used in basically any organization, regardless of the industry.</span>
7 0
3 years ago
What do you mean by Producer's Equilibrium ?????​
Alika [10]

Answer:

it is refered to as profit maximization condition

6 0
2 years ago
Read 2 more answers
g On January 2, 2019, Shank Co. issued at par $300,000 of 9% convertible bonds. Each $1,000 bond is convertible into 60 shares.
Softa [21]

Answer:

$1.89.

Explanation:

diluted earnings per share = earnings attributable to common stockholder ÷ weighted average number of common stock holders

                                            = $340,000 ÷ (100,000 + 18,000)

                                            = $1.89

Shank's diluted earnings per share for 2019 would be $1.89.

4 0
2 years ago
What does the term rop stand for at u-haul?
pav-90 [236]

The term ROP for U-Haul means Roll Over Protection which is a service that is offered for rental units of trailers.

6 0
3 years ago
Other questions:
  • When Yahoo! develops new online services, the company develops a version of the service and shows it to customers. It solicits i
    5·1 answer
  • The space on freeway is fixed at any instant of time. A supply curve that shows this is
    14·1 answer
  • Question help the muffin house produces and sells a variety of muffins. the selling price per dozen is​ $15, variable costs are​
    15·1 answer
  • The government has become more actively engaged in regulating the american economy since 1900. question 9 options: 1) true 2) fa
    15·1 answer
  • Carolyn, a designer at logisign, was not given the promotion she was expecting during the annual performance appraisal. she took
    12·1 answer
  • Which of the following accurately explain the importance of the ceteris paribus assumption for an economic model? Check all that
    15·1 answer
  • Which of the following was the result on appeal in Securities and Exchange Commission v. Texas Gulf Sulphur Co, the case in the
    5·1 answer
  • An investor who purchases stock in a closely held corporation with a small number of outstanding shares should be MOST concerned
    15·1 answer
  • Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list
    15·1 answer
  • Teall Corporation has a standard cost system in which it applies manufacturing overhead to products on the basis of standard mac
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!