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Nookie1986 [14]
2 years ago
8

kristen and harrison are equal partners in the kh partnership. the partners formed the partnership 5 years ago by contributing c

ash. prior to any distributions harrison has a basis in his partnership interest of $44,000. on december 31, kh makes a proportionate operating distribution of $50,000 cash to harrison. what is the amount and character of harrison's recognized gain or loss and what is his remaining basis in kh?
Business
1 answer:
Sauron [17]2 years ago
4 0

Answer: Harrison will acknowledge a gain equal to the difference between his basis and the distribution . This is because he receives only money in the distribution and the amount transcend his basis in KH. He further allot his entire basis in KH to the basis in the money received resulting in $0 basis in KH after the distribution.

∴ <em>The capital gain will be $6000 i.e. (50000 - 44000) and $0 basis.</em>

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Which of the following exists when a country can produce something more cheaply and/or of higher quality than any other country
shusha [124]

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8 0
2 years ago
Neon Light Company of Kansas City ships lamps and lighting appliances throughout the country. Ms. Neon has determined that throu
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Answer:

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b. The income will be of $1,022,000

Explanation:

a. According to the given data in order to calculate the amount of dollars will the cash management system free up we would have to make the following calculation:

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7 0
2 years ago
After 8 years of working for a company that installed underground sprinkling systems for golf courses, Trevor was ready to ventu
BARSIC [14]

Answer:

B. two strengths and one threat

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The construction activity being at an all time low with residential properties being foreclosed depicts a threat.

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3 0
2 years ago
Why was the privatization of public property considered to be a vital task after Texas entered into the Union in 1845
Lesechka [4]

The privatization of public property was a vital task because the state was "land rich but money poor" and there is need to raise funds that could be used for infrastructure purposes such as funding elementary, secondary, higher education etc

<h2>What is privatization?</h2>

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In conclusion, the privatization of public property was a vital task because the state was "land rich but money poor" and there is need to raise funds that could be used for infrastructure purposes such as funding elementary, secondary, higher education etc

Read more about Privatization

<em>brainly.com/question/1086126</em>

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Goryan [66]
This statement is true
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