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tensa zangetsu [6.8K]
3 years ago
10

Martha is a 50% partner in the am partnership and has an outside basis of $112,000 at the end of the year prior to any distribut

ions. on december 31, martha receives a proportionate operating distribution of $40,000 cash. what is the amount and character of martha's recognized gain or loss and what is her basis in her partnership interest?
Business
1 answer:
poizon [28]3 years ago
3 0

Answer:

0 gain ; 72,000 basis

Explanation:

Given that

Outside basis at the end of the year = $112,000

Received a proportionate operating distribution in cash for $40,000

So by considering the above information, the amount of gain or loss is zero as she does not recognized in the distribution and her basis in her partnership interest is the remaining amount i.e

= $112,000 - $40,000

= $72,000

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Debora [2.8K]

Answer:

Option "D" is the correct answer.

Explanation:

Labor produces tangible goods, which are referred to as capital. There are production-related man-made items such as machinery, vehicles, and chemicals. That is what sets them apart from commercial products.

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Ghella [55]

Answer:

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Explanation:

Given that

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3 years ago
Suppose there are two cities that have rent controlled apartments. In one city (Albany) all apartments are subject to rent contr
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Answer:

Which of the following is most likely to be true?

A

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4 0
3 years ago
An error in the ending inventory balance in Year 1 will also affect: (You may select more than one answer.)
Virty [35]

Answer:

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D) Year 2 starting stock: year 2 starting stock is equivalent to year 1 completion stock. So on the off chance that off-base stock estimation is made at end of earlier year, at that point current year opening worth will be carried on as off-base.  

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AVprozaik [17]

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