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maksim [4K]
2 years ago
8

At the beginning of the tax year, Barnaby's basis in the BBB Partnership was $118,800, including his $11,880 share of partnershi

p debt. At the end of the tax year, his share of debt was $17,820. His share of the partnership's income for the year was $47,520, and he received cash distributions totaling $29,700. In addition, his share of the partnership's nontaxable income was $2,376.
Determine Barnaby's basis at the end of the tax year.
Business
1 answer:
elena-14-01-66 [18.8K]2 years ago
8 0

Answer: $144,936

Explanation:

First start by removing the initial debt from the initial basis so as not to inflate the basis.

= 118,800 - 11,880

= $106,920

That is the Initial basis void of debt.

Then add anything that will increase the basis and remove anything that will reduce the basis. Income and debt generally increase the basis while dividends or cash Distributions reduce them.

The Ending basis is therefore,

= Pre debt Initial basis + Partnership Income + ending debt + Nontaxable income - Cash Distribution

= 106,920 + 47,520 + 17,820 + 2,376 - 29,700

= $144,936

Barnaby's basis at the end of the tax year is $144,936.

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Answer:

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Answer and Explanation:

The computation is given below:

a)  

Direct labor rate variance = (Actual rate - Standard rate) × Actual hours  

= ($22.50 - $23) × 8,450 hours

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3 years ago
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strojnjashka [21]

Answer:

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Add : Payment of dividends

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