The given statement is false
Explanation:
A scheduled cash budget is not often prepared in conjunction with the sales budget and this shows the pattern in which the cash must be collected from the sales budget and this is mainly based on the previous collection pattern
In the sales the amount is collected only after the sales period ends and the cash receipts is most often prepared in conjunction with the pattern in which the previous sales was collected
Answer: a. $35000
b. $20000
c. $20000
Explanation:
a. The realized gain will be:
= Fair market value - Adjusted basis
= $55000 - $20000
= $35000
b. The basis for LLC Interest will be will be thesame as the adjusted basis which will be $20000
c. The LLC basis for the contributed property will be $20000 as it's the cost of the adjusted basis .
=