Answer:
$28,000
Explanation:
we need to calculate the loss on the sale of the building:
sales price - basis = $50,000 - $80,000 = ($30,000)
- Harry = ($30,000) x 40% = ($12,000)
- Landers = ($30,000) x 40% = ($12,000)
- Waters = ($30,000) x 20% = ($6,000)
- total loss = ($30,000)
the partners basis:
- Harry = $40,000 - $12,000 = $28,000
- Landers = $30,000 - $12,000 = $18,000
- Waters = $15,000 - $6,000 = $9,000
- total = $55,000
Since the partners' basis ($55,000) equal the total available cash ($5,000 cash and $50,000 proceeds from sale = $55,000), then each partner will receive an amount equal to their basis.
- Harry = $28,000
- Landers = $18,000
- Waters = $9,000
The naics may be a system for classifying businesses in North America
In order to categorize commercial enterprises for the purposes of gathering, analyzing, and disseminating statistical data per the American business economy, Federal statistical agencies utilize the North American Industry arrangement (NAICS).
<h3>Do NAICS numbers have a worldwide presence?</h3>
Business establishments are categorized by the type of economic activity using the North American Industry Classification System, or NAICS
In Canada, Mexico, and therefore the United States of America, both the govt and business utilize it.
Are NAICS codes employed by all businesses?
Yes.
You need a business activity as long as you have a business.
Simply said, your code identifies your primary and secondary revenue-generating lines of operation.
Learn more about NAICS :
brainly.com/question/5363069
#SPJ4
The amount that Archie and Tina can deduct as a charitable contribution without itemizing their deductions is <u>$600</u>.
<h3>Data and Calculations:</h3>
Archie's earnings =$32,000
Tina's earnings = $24,000
The Reynolds' dependent children = Laura and Timothy
Total charitable deductions for 2021 = $1,700
Limit allowed per couple without itemization of deductibles = $300
The total charitable deductions allowed for the Reynolds = $600 ($300 x 2).
Thus, the amount that Archie and Tina can deduct as a charitable contribution without itemizing their deductions is <u>$600</u>.
Learn more about deductible charitable contributions here: brainly.com/question/8706786
Well i know one benefit, when putting your money in a savings account you gain interest. Granted it's not much but over time it will add up.
