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Svetach [21]
2 years ago
11

Jerry, a partner with 30 percent capital and profits interest, received his Schedule K-1 from Plush Pillows, LP. At the beginnin

g of the year, Jerry's tax basis in his partnership interest was $41,000. His current-year Schedule K-1 reported an ordinary loss of $6,000, long-term capital gain of $4,900, qualified dividends of $3,900, $2,400 of non-deductible expenses, a $29,000 cash contribution, and a reduction of $5,900 in his share of partnership debt. What is Jerry's adjusted basis in his partnership interest at the end of the year
Business
1 answer:
Likurg_2 [28]2 years ago
3 0

Answer:

$64,500

Explanation:

The basis of a partnership interest is the money plus the adjusted basis of any property the partner contributed. In this case adjusted basis of jerry in his partnership can be calculated as follows

Adjusted basis of Jerry In his Partnership = Partnership interest - Ordinary Loss + Long term Capital gain + Dividend-Non Deductible Expenses + Cash Contribution - Share deduction

Adjusted basis of Jerry In his Partnership = $41,000 - $6,000 + $4,900 + $3,900 - $2,400 + $29,000 - $5,900

Adjusted basis of Jerry In his Partnership = $64,500

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Answer:

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3 years ago
In ________ ranking, raters look at a list of employees, decide who the best employee is, and cross that person's name off the l
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Answer:

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Explanation:

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3 years ago
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Benton Engineering Services Company incurred the following during 2016 Direct labor $94,000 Overhead 126,000 Selling expenses 11
Galina-37 [17]

Answer:

Prime cost = $94,000

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Explanation:

<em>Prime cost is the addition of direct material cost , direct labor cost and direct expenses.</em>

<em>Conversion cost is the cost of converting raw materials into finished product. It s the sum of direct labour cost and production overheads.</em>

For Bento Engineering,

<em>Prime cost = direct labour cost  (since no figure is given for direct material and direct expenses.)</em>

Prime cost = $94,000

Conversion cost = Direct labour cost + overheads

<em>Conversion cost</em> = $94,000 + 126,000

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Prime cost = $94,000

<em>Conversion cost</em> =  $135,400.

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The name of the company isLaunch Business As

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