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
LenKa [72]
3 years ago
15

Jerry, a partner with 30 percent capital and profits interest, received his Schedule K-1 from Plush Pillows, LP. At the beginnin

g of the year, Jerry's tax basis in his partnership interest was $44,000. His current-year Schedule K-1 reported an ordinary loss of $9,000, long-term capital gain of $4,600, qualified dividends of $3,600, $2,100 of non-deductible expenses, a $26,000 cash contribution, and a reduction of $5,600 in his share of partnership debt. What is Jerry's adjusted basis in his partnership interest (outside basis) at the end of the year
Business
1 answer:
Ierofanga [76]3 years ago
3 0

Answer: $61,500

Explanation:

Jerry's adjusted basis in his partnership interest at the end of the year is determined by adding his cash contributions, long-term capital gain, and qualified dividends to the original tax basis.

There will also be deductions of the non-deductible expenses, ordinary loss and his share of the reduction in partnership debt.

Jerry's adjusted basis at the end of the year = ( 44,000 + 26,000 + 3,600 4,600) - ( 2,100 + 9,000 + 5,600)

= 78,200 - 16,700

= $61,500

You might be interested in
Bonds are a far more important source of financing than are stocks B. Financial intermediaries such as banks are the least impor
Anna71 [15]

Answer:

Bonds are a far more important source of financing than are stocks

Explanation:

There is so much of risk associated with the issue of stock. Though it is essential for any business to issue some stock, but bonds are always favorable as they have a defined maturity, defined amount associated, and defined interest payment.

There is no direct payment of interest in bonds but the expense is to be recorded in books as per the matching and accrual principle.

The discounted value of interest to be paid on maturity is recorded.

Further, there is a tax benefit on bond payments.

5 0
3 years ago
How can you price your product or service at its worth or even more? You can price your product or service at its worth or even
stealth61 [152]
You can price your products, by average, fairness is key!
3 0
2 years ago
Read 2 more answers
Should students have more P.E time?
Brut [27]
I feel like we should but your teachers want more education time at my school we have 40 minutes of P.E 
4 0
3 years ago
Read 2 more answers
In the New Economy, people are most rewarded through education and intellectual growth when they spend years studying a broad ar
aliya0001 [1]

Answer:

False

Explanation:

The formal education setting has not been changing at the same rate with the daily changes in <em>business</em>, <em>technology</em> and other <em>socio-economic </em>elements.Therefore people who spend years studying a broad array of subjects in formal educational settings are less likely to be rewarded through education and intellectual growth.

7 0
3 years ago
What type of brake lining is typically used on heavy-duty vehicles?
galina1969 [7]

For heavy-duty vehicles, sintered-metal brake linings are typically use for better performance and brake lining rivets is the best choice to secure brake shoe linings on trucks and other vehicles. Sintered brake linings offers a stable friction coefficient and produce good bite right away for safer travel. Moreover, they have good properties such as the ability to handle extreme heat well, they are resistant to fade, typically last longer than other types, and perform well even in rain and mud, which make it to be a choice for heavy-duty vehicles. <span>However, rivet heads may score the drum if the linings are not replaced soon enough, so proper maintenance should not be neglected.</span>

3 0
3 years ago
Other questions:
  • The following items and amounts were taken from Wildhorse Co.’s 2017 income statement and balance sheet.
    10·1 answer
  • Before buying an existing business, you need to identify if the business’s problems can be fixed? true or false
    8·2 answers
  • Which of the following is an example of an extent decision? Should your company implement a different bonus structure for manage
    5·1 answer
  • A production department’s beginning inventory cost includes $478,000 of conversion costs. This department incurs an additional $
    6·1 answer
  • Without authorization, Brady uses the trademark of Ciera Coffee Company to promote cheap, flavorless candy, which is not similar
    10·1 answer
  • What is the goal of ergonomics?
    5·1 answer
  • A teacher is purchasing supplies for the classroom and has three discounts to apply to the purchase one at a time. First discoun
    7·1 answer
  • Changes in the quality of a good a. present a problem in the construction of the consumer price index, and that problem is somet
    5·1 answer
  • The quantity demanded for money is higher in Japan than in the United States because: telecommunications and information technol
    15·1 answer
  • True or False: It is common for debt investors to push entrepreneurs to pursue less risky business strategies for their ventures
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!