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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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Artyom0805 [142]

The given statement is FALSE.

Explanation:

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3 0
3 years ago
Which organization or agency assists the fire department by alerting the public of traffic incidents or evacuations?
MariettaO [177]

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3 0
1 year ago
You plan to save $1,400 for the next four years, beginning now, to pay for a vacation. If you can invest it at 6 percent annuall
vekshin1

Answer:

FV= $6,124.46

Explanation:

Giving the following information:

You plan to save $1,400 for the next four years, beginning now, to pay for a vacation. If you can invest it at 6 percent annually,

Annual deposit= $1,400

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<u>To calculate the future value, we need to use the following formula:</u>

FV= {A*[(1+i)^n-1]}/i

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6 0
3 years ago
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barxatty [35]

Answer:

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8 0
3 years ago
At the beginning of the current year, Snell Co. total assets were $264,000 and its total liabilities were $182,200. During the y
larisa [96]

Answer:

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7 0
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