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LenKa [72]
2 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]2 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

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The plans lower your taxable income, which means that you will pay less in taxes for the year. They also grow deferred, which means that any profits growth is tax-free until it is withdrawn, and you can receive "free money" through employer matching contributions.

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6 0
1 year ago
___ is a method for developing the shortest schedule when the number or amount of available resources is fixed. a. Resource eval
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Answer:

C. Resource limited scheduling

Explanation:

Resource limited scheduling is a method for developing the shortest schedule when the number or amount of available resources is fixed. It is a project schedule which defines that when when activities are going to start, their finish dates and directly reflects and manifests the availability of all the resources needed for that project. This method is most appropriate when the resources for the project are scarce and limited and those resources can not be exceeded in any case.

4 0
2 years ago
Lee saves most of his money from his paycheck; he forgoes restaurant meals, new clothes, and a new car, and he lives in a small
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Answer: Option A    

           

Explanation: In simple words, intertemporal decision making refers to the study of how the decision made by an individual today affects the choices that he or she have in the future. It is based on the assumption that less consumption today will bring significant increase in consumption tomorrow.

In the given case, despite of having enough income to lead a healthy lifestyle  in present,Lee decided to save his money in the future. This will lead to choices fro him that will give him higher utility.

Hence from the above we can conclude that the correct option is A.

8 0
3 years ago
What part of the business letter contains the return address
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It’s: c) heading! hope this helps
6 0
3 years ago
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Answer: revenue of $14,000 and expense of $6,000 in Year 1.

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In accrual accounting, it should be noted that for this accounting method, the revenue or expenses that are made by the individual or company will be recorded as at the time that the transaction took place and not when the payment for the transaction was gotten.

Since Costello company performed $14,000 of services and also incurred $6,000 of wage expenses, then Costello will report revenue of $14,000 and expense of $6,000 in Year 1.

7 0
3 years ago
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