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
Sauron [17]
3 years ago
10

Jay has a tax basis of $14,000 in his partnership interest at the beginning of the partnership tax year. The following amounts o

f partnership debt were allocated to Jay and are included in his beginning of the year tax basis: (1) recourse debt - $3,000, (2) qualified nonrecourse debt - $1,000, and (3) nonrecourse debt - $500. If Jay is allocated a $15,000 loss for the current year, how much of the loss will be suspended under the tax basis and at-risk limitations?
a. $500, $1,000
b. $1,000, $500
c. $0, $0
d. $14,000, $1,000
Business
1 answer:
Snezhnost [94]3 years ago
3 0

Answer:

B

Explanation:

Details Amt $

Jay's Tax basis in the partnership= 14,000

Loss Allocated to Jay in the current Year 15,000

So Loss suspensed due to Tax basis limitation= 1,000

Non recourse debt of Jay 500

So At risk amount =$14000-$500= 13,500

Remaining loss not suspended= 14,000

So out of $14000 loss not suspended , an amount

of $500 will be further suspended for at risk

limitation.

So Jay could deduct only $13500 loss after this.

So correct option is b . $1000, $500

You might be interested in
What is the term that describes the spreading of materials, money, and human resources to get work done in the most economical a
Butoxors [25]
Resource allocation - Apex answer

6 0
3 years ago
Read 2 more answers
The __________ method provides an alternative approach for allocating factory overhead that uses multiple factory overhead rates
Karo-lina-s [1.5K]

The plantwide allocation is a method, which involves the alternatives to the approach for the allocation of factory overheads, and also uses factory overheads based on different activities.

<h3>What is plantwide allocation?</h3>

The plantwide allocation rate is a method that uses an approach to compile all the required overhead costs of a business, and thus also involves application of one rate for one activity in an organization.

Hence, the significance of plantwide allocation is as aforementioned.

Learn more about plantwide allocation here:

brainly.com/question/15090267

#SPJ1

4 0
2 years ago
Label the statements as increasing GDP in either Canada or the United States.
Sidana [21]

Answer:

Increasing Canadian GDP:

-Toyota, a Japanese company, manufactures cars in Toronto, Ontario.

-ATI Technologies, a Canadian company, operates in Alberta.

Increasing American GDP:

-Toyota, a Japanese company, manufactures cars in San Antonio, Texas.

-Starbucks, a U.S. company, opens stores in New York state.

-Tim Horton's, a Canadian company, opens coffee shops in New England.

Explanation:

Gross domestic product (GDP) is the sum of all final goods and services produced in an economic space for a certain period, usually one year, excluding the intermediate consumption used in production. Until the 1980's, the use of Gross National Product (GNP) was preferred, a measure almost identical to GDP but incorporating goods and services produced by external factors. The variation in this macroeconomic magnitude is often used to measure economic growth.

5 0
3 years ago
A required reserve ratio of 7 percent gives rise to a simple deposit multiplier of?
blsea [12.9K]

A required reserve ratio of 7 percent gives rise to a simple deposit multiplier of 14.29.

<h3>What is reserve ratio?</h3>

The reserve ratio is the percentage of reservable liabilities which commercial banks must keep rather than lend or invest. This is a requirement set by the country's central bank, which is the Federal Reserve in the United States. It is also referred to as the cash reserve ratio.

Some key points related to reserve ratio are-

  • The reserve requirement is the minimum amount of deposits that a bank must hold, and it is sometimes used interchangeably with the reserve ratio.
  • Regulation D of the Federal Reserve Board establishes the reserve ratio.
  • Regulation D established uniform reserve requirements with all deposit accounts with transaction accounts and necessitates banks to provide the Federal Reserve with regular reports.
  • Suppose the Federal Reserve determined that the reserve ratio should be 11%. This means that if a bank has $1 billion in deposits, it must keep $110 million in reserve ($1 billion x.11 = $110 million).

To know more about reserve ratio, here

brainly.com/question/13758092

#SPJ4

3 0
2 years ago
Rhonda, a junior accountant at a manufacturing company, was laid off from her job because she rejected multiple requests from th
Shtirlitz [24]

Answer: quid pro quo sexual harassment

Explanation:

The scenario represented in the question regarding Rhonda and her company's chief financial officer is referred to as quid pro quo sexual harassment.

Quid pro quo sexual harassment is a situation that occurs when benefits, pay, employment, position, training, title, position are based on the condition that the other individual involved agree to ones sexual advances. It should be noted that this is illegal.

6 0
3 years ago
Other questions:
  • For each of the following transactions, identify the net asset classification (without donor restrictions, with donor restrictio
    14·1 answer
  • Lana owns a house worth $325,000 and has a mortgage of $245,000. She owns a guitar worth $750. She also owns a car worth $15,000
    6·2 answers
  • Which tax form is submitted by an individual with no dependents and minimal claims to determine whether they owe the government
    7·1 answer
  • On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable semi annually on June 30 and
    15·1 answer
  • In the ________ component of SCM, supply chain managers must create a responsive and flexible network to support customers who h
    6·1 answer
  • When they need stronger horizontal alignment or cooperation to meet goals, functionally designed organizations should adopt a __
    15·1 answer
  • You receive a memo that reads as follows: "In recent months, our customer evaluations have dropped, and our sales have decreased
    14·1 answer
  • Heidi is an energy drink salesperson. When selling her firm's drinks in the United States, she emphasizes how they will give con
    9·2 answers
  • TP Inc. is a young start-up company. No dividends will be paid on the stock over the next 9 years, because the firm needs to plo
    8·1 answer
  • Case Problem Analysis: Jurisdiction
    8·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!