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
ivann1987 [24]
4 years ago
15

This year, FGH Partnership generated $600,000 ordinary business income. FGH has two equal partners: Triad LLC and Beta, an S cor

poration. Triad LLC has three members: Mr. T, who owns a 40 percent interest; Mrs. U, who owns a 35 percent interest; and V Inc., which owns a 25 percent interest. Beta has 100 shares of outstanding stock, all of which are owned by Ms. B. Identify the taxpayers who must pay tax on the partnership income, and determine how much income must be reported by each.
Business
1 answer:
elena55 [62]4 years ago
7 0

Answer:

Mr T $120,000

Mrs U $105,000

V inc $75,000

Ms B $300,000

Triad LLC $0

Beta $0

Explanation:

Since the FHG partnership has generated $600,000 ordinary business income. It contains two equal partners i.e Triad LLC and Beta, an S corporation. i.e Triad LLC has $300,000 and the Beta has $300,000

Now the Triad LLC has three members. Their owing percentage are as follows

Mr T = 40% × $300,000 = $120,000

Mrs U = 35% × $300,000 = $105,000

V inc = 25% × $300,000 = $75,000

The Beta has 100 shares i.e means it has 100% that is owned by Ms. B so her income is $300,000

Now the income generated by each one are as follows

Mr T $120,000

Mrs U $105,000

V inc $75,000

Ms B $300,000

Triad LLC $0

Beta $0

You might be interested in
Question 18 :Project managers must balance three elements that compose the project triangle. You are a project manager who is ha
denpristay [2]

Answer: The project scope will increase

Explanation:

From the question, we are informed that there is a project manager who is halfway through a project and then his customer contacts him to say that he has been authorized to provide additional funds for the project.

This will most likely increase the project scope. The project scope simply means the work that is needed to be done in order for a particular project to be accomplished. Due to the increase in funds, it means that more work will be expected.

4 0
3 years ago
Management's assessment of the design and operation of the company's internal controls over financial reporting should be:
kotegsom [21]

Answer:

Management's assessment of the design and operation of the company's internal controls over financial reporting should be:

integrated.

Explanation:

A company's assessment of internal controls over financial reporting should be integrated to focus on the effectiveness of internal controls and the reliability of the financial statements.  The effectiveness of internal controls reduces the risk of fraudulent activities by all internal parties. Similarly, the reliability of the financial statements will ensure public confidence and engender unbiased, error-free, and faithful representation of financial performance and position to aid decision making by market participants.

4 0
3 years ago
During 2009, a particular country's inflation rate averaged 1.3% a day. This means that on average, prices went up by about 1.3%
horrorfan [7]
<span>29 days of 1.3% inflation. Convert to relative increase: (1+0.013) = 1.013. (1.013)^29 -1 = 45.43% (the effect of compounding) 45%.</span>
4 0
4 years ago
Joe is a computer service technician. People in his neighborhood usually depend on his suggestions for purchasing any computer a
notsponge [240]

Answer:

Opinion Leader

Explanation:

Based on the information provided within the question it seems that Joe can be called an Opinion Leader. This is a type of leadership in which an individual who has an increased knowledge in a certain area provides his opinion to those who do not. Which is what Joe is providing to the people who ask for his expertise on computer hardware and accessories.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

3 0
3 years ago
On its 2008 balance sheet, Sherman Books showed a balance of retained earnings equal to $510 million. On its 2009 balance sheet,
Marta_Voda [28]

Answer:

a. The company must have had net income equal to zero in 2009.

Explanation:

If on its 2008 balance sheet, Sherman Books showed a balance of retained earnings equal to $510 million, and on its 2009 balance sheet, the balance of retained earnings was also equal to $510 million; then what is true is that  the company must have had net income equal to zero in 2009.

Retained earnings is the profit amount or net income left over and taken back into the business after it has paid out dividends to its shareholders.

However it is unlikely that the company will pay out the entire amount it earns in a particular year but a percentage of earnings.

In the case of Sherman, it is unlikely that the company made a profit of $200 million and paid out every bit as dividends to shareholders but what is most likely is that there was no profit made for retention in 2009

5 0
3 years ago
Other questions:
  • If a war destroys a large portion of a country's capital stock but the saving rate is unchanged, the solow model predicts that o
    11·1 answer
  • Industrialization gave workers shorter working hours and time off on weekends, which allowed formore jobs per person.lower salar
    15·2 answers
  • Andrea and Phillip have been married for two years when they walk into the local State Farm agent's office. They see a banner (w
    13·1 answer
  • The type of workplace violence in which the perpetrator has no legitimate relationship to the business or its employees and is u
    9·1 answer
  • QS 8-3 Straight-line depreciation LO P1 On January 2, 2017, the Matthews Band acquires sound equipment for concert performances
    5·1 answer
  • Suppose the real interest rate is 2.8%, and the inflation rate is 7%. (1) How much do you need to invest now in order to get $10
    5·1 answer
  • The conversion rate is restated for all stock dividends and splits. Coffee had the following stock transactions in 2005 and 2006
    8·1 answer
  • HELP PLEASSEE!!
    10·1 answer
  • Has this white's video prompted you to make any changes in the way that you view or manage your personal finances? Do you think
    5·1 answer
  • All focus strategies entail serving a specific market segment using a differentiation approach.
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!