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
You've found an Internet article that supports your view of a research subject. The author seems to have excellent credentials,
Nat2105 [25]
I believe the answer u are looking for is c......You can use the reference to support your claim. however be careful that you still use updated information as well
8 0
3 years ago
A stock you own earned: $200, $500, $100, and $700 over the last four years. What was the mean annual gain in value over the fou
ira [324]

Answer:

$375

Explanation:

200+500+100+700= 1,500

1,500/4=375

7 0
3 years ago
Read 2 more answers
During a concealment investigation, an investigator fails to recognize that an invoice had been forged. This represents a: a. no
Ivanshal [37]

Answer:

a. non-sampling risk.

Explanation:

  • A non-sampling risk includes all the audit risk other than the sample risk and is stated as the probability of getting to an incorrect conclusion in the site of having a correct sample. Examples include the  inappropriate audit procedures.
7 0
3 years ago
Data were collected in twenty major urban areas on the percent of women in the labor force. Data were collected in 1968 and agai
garri49 [273]

Answer: Matched pairs design

Explanation:

A matched pairs design is a type of study used when 2 treaments are present in an experiment. The individuals in the design can be divided into pairs using a blocking variable, and each pair can then be allocated to treatments at random. This is thus a special type of randomized block design.

In this case the blocking variable can be the various urban areas as 1968 is matched against 1972. Each city can be compared based on 2 measurements. From their each individual can be grouped into pairs and allocated to different treatments.

6 0
3 years ago
_____ is defined as a strategy in which a firm engages in several different businesses that may or may not be related in order t
Vlad1618 [11]

Answer:

Diversification

Explanation:

The key words here are 'several businesses'. A company engage in many businesses in order to mitigate or reduce its business risk, and also to create and add more value to customers. This offers a far advantage position than a stand alone entities who deal with only one product or service.

6 0
3 years ago
Other questions:
  • Brush Industries reports the following information for May: Sales $ 900,000 Fixed cost of goods sold 100,000 Variable cost of go
    5·1 answer
  • On June 30, 2021, Georgia-Atlantic, Inc. leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for G
    8·1 answer
  • 1-
    13·1 answer
  • Michael has been saving his money and wants to invest it. after doing some research, he has decided to invest $20,000 into a cer
    15·2 answers
  • Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements
    13·1 answer
  • Ramirez Company is completing the information processing cycle at its fiscal year-end on December 31. Following are the correct
    11·1 answer
  • Mustafa can't understand why his team members are angry at him. His team members say he did not share crucial information about
    14·2 answers
  • Meaning of business and its objectives plz helppppp
    7·1 answer
  • assume that the interest parity condition holds. also assume that the u.s. interest rate is 8% while the u.k. interest rate is 6
    8·1 answer
  • Industry regulations, such as RESPA, can affect your business by ______. Indirectly affecting real estate and limiting how you m
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!