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Norma-Jean [14]
3 years ago
15

Tyler and Josie formed a partnership. Tyler received a 25 percent interest in partnership capital and profits in exchange for la

nd with a basis of $40,000 and a fair market value of $60,000. Josie received a 75 percent interest in partnership capital and profits in exchange for $180,000 of cash. Three years after the contribution date, the land contributed by Tyler is sold by the partnership to a third party for $76,000. How much taxable gain will Tyler recognize from the sale
Business
2 answers:
Brilliant_brown [7]3 years ago
8 0

Answer:

$24000

Explanation:

Section 704(C)(1)(A) requires that any pre contribution gain must be allocated entirely to Tyler. Therefore, Tyler is allocated the $20,000 pre contribution gain and 25% of 76000-60000= 16000 post contribution gain

20000 + 4000

$24000

8090 [49]3 years ago
4 0

Answer:

Taxable gain  =   $76,000 - $60,000 =  $16,000

Explanation:

At the time of receiving the land from the partnership the market value is $60,000 aa gaianst the cost of $40,000.   The partners would have valued the land at market value before giving it to Tyler. therefore the cost of land to Tyler will be $60,000 and not $40,000.

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This reserve is only used when the organization prepares its financial statements in accordance with International Financial Reporting Standards. No revaluation reserve is allowed for companies using generally accepted accounting principles.

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The Assembly Department shows the following information: Beginning Work in Process Ending Work in Process Units Transferred Out
Margarita [4]

Answer:

a) 75600.

Explanation:

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Ending Work in Process = 65300

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Solomon Ski Company manufactures snow skis. During the most recent accounting period, the company’s finishing department transfe
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The various costs for Solomon Ski Company during the recent accounting period are determined as follows:

1. Cost per equivalent unit is <u>$65.</u>

2. Cost of finished goods transferred out from the finishing department is <u>$269,750</u>.

3. Cost of the ending WIP inventory is <u>$15,600</u>.

<h3>What is the cost per equivalent unit?</h3>

The cost per equivalent unit refers to the average cost per unit based on the total production costs divided by the total equivalent units of production.

The equivalent units of production depend on the degree or percentage of completion for the various cost classes.

<h3>Data and Calculations:</h3>

Transfer to finished goods = 4,150

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Total equivalent units = 4,390 (4,150 + 480 x 50%)

Total production costs = $285,350

Cost per equivalent unit = $65 ($285,350/4,390)

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