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
Rama09 [41]
2 years ago
14

At the end of last year, Cynthia, a 20% partner in the five-person CYG partnership, has an outside basis of $23,000 including he

r $8,500 share of CYG debt. On January 1 of the current year, Cynthia sells her partnership interest to Roger for a cash payment of $16,000 and the assumption of her share of CYG's debt. CYG has no hot assets. What is the amount and character of Cynthia's recognized gain or loss on the sale?
a. $1,500 capital gain.
b. $7,500 ordinary income
c. $7,000 ordinary loss
d. $7,000 capital loss.
Business
1 answer:
jok3333 [9.3K]2 years ago
5 0

Answer:

a. $1,500 capital gain.

Explanation:

Cynthia basis is 23,000 including a 8,500 dollars debt in the partnership.

She is selling at 16,000 cash + transferring her debt of 8,500

in total is selling for 24,500 dollars

proceeds - basis = result

24,500 - 23,000 = 1,500 capital gain

You might be interested in
A service provided by -e-government that requires access to the Internet is _____.
Serjik [45]

Answer:

B. E-tax returns

Explanation:

E-tax returns is the electronic filing of tax returns via the internet.  It entails online submission of pre-approved tax return forms available on the tax authority's website.

In recent years, governments have put measures to facilitate e-returns. It has simplified the process making it popular among taxpayers. Electronic tax filing has have contributed to having a high number of citizens registering as taxpayers.

8 0
3 years ago
Suppose three engineers come to you with a plan for a disruptive, yet-to-be developed software program that seems compelling. Th
Vitek1552 [10]

Answer:

Explanation:

The Proposed bargain or deal is supportive of the business visionaries instead of the financial backer(investor) since all the capital is coming from the financial backer and the investor will be receiving just only 25% for the bargain or deal while he faces all the challenges posed or loss of capital. The business visionaries are not placing in any of their own personal capital but only their idea. They likewise have a bigger say in the administration of the business and the financial backer has no power over the choice since he conveys just 25% votes. Consequently, it's not a good bargain or deal for the financial backer considering the risk-reward ratio.

The counter-offer will include raising a proposed equity percent rate to half  (i.e 50%). In addition to that, the financial backer needs to demand another seat on the board with the goal that they have equivalent authority over the administration and its choices. The most reduced the financial backer can go down is equity of 40% stake.

8 0
3 years ago
Jolly Giant Burgers purchased a commercial dishwasher by paying cash of $8,000. The dishwasher's fair value on the date of the p
gulaghasi [49]

Answer:

$9,100

Explanation:

Calculation for what amount will Bahama record the dishwasher

Using this formula

Amount to record

dishwasher=Cash+Transportation costs+Installation fees

Let plug in the formula

Amount to record dishwasher=$8,000 + $600 + $500

Amount to record dishwasher = $9,100

Therefore the Amount to record dishwasher will be $9,100

5 0
3 years ago
What makes australian economy so prosperous?
Setler79 [48]
<span>Capitalist economic policies caused Kenya's economy to prosper.</span>
3 0
3 years ago
Cedric has been following a detailed review schedule in preparation for his test. He feels confident that he knows the material,
rewona [7]

Answer: Noting down of ideas

Explanation: Cedric could note down the ideas and points he remembers on the back of his test booklet. He should first read the question and  make short notes of every point he remembers regarding that question.

This strategy will help Cedric to answer the questions while doing the final writing in answer sheet. By doing this he can also improve his speed with accuracy while answering.

5 0
3 years ago
Other questions:
  • Rottino Company purchased a new machine on October 1, 2015, at a cost of $150,000. The company estimated that the machine will h
    5·1 answer
  • what would happen if you could become invisible whenever you wanted to? what are some things you would do?
    14·1 answer
  • A company borrows 100,000 today at 12% nominal annual interest. the monthly payment of a 5 year loan is most nearly:
    8·1 answer
  • Was the first nonsedating antihistamine drug; however, it has been taken off the market due to adverse effects when combined wit
    15·1 answer
  • Your brother has asked you to help him to choose an investment. He has $6,000 to invest today for a period of two years. You ide
    11·1 answer
  • Discuss the role of reverse culture shock in the repatriation process. What can companies do to avoid this problem? What kinds o
    11·1 answer
  • Lowering the costs is one of the objectives of the production and logistics function of an international firm. true or false
    11·1 answer
  • Milo files a suit agsinst Nick in an Obio state court, noting that Nick operates a Web site through which Ohio residents have do
    15·1 answer
  • The study by economists Cox and Alm found that the 2006 pre-tax income of the richest fifth of U.S. households is a. 5 times the
    12·1 answer
  • Adjusting Entries and Adjusted Trial Balances
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!