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Taya2010 [7]
3 years ago
9

Sean, Pete, Tom, and Mark formed a partnership to start a water damage restoration business. Each partner has a 25% interest, an

d all debt and profits are shared equally among the partners. Sean contributed cash of $20,000 and property with a FMV of $130,000, a basis of $80,000, and a mortgage of $50,000. Pete contributed services. Tom contributed cash of $50,000 and property with a FMV of $60,000, a basis of $40,000, and debt of $10,000. Mark contributed cash of $25,000 and property with a FMV of $95,000, a basis of $85,000, and debt of $20,000. All debt was assumed by the partnership. Which partner has a basis in partnership interest of $95,000
Business
1 answer:
-BARSIC- [3]3 years ago
6 0

Answer:

Pete

Explanation:

In a partnership ( limited ) as seen in the question, The general partner has an unlimited liability to debt owed by the partnership to its creditors hence he will bear the highest proportion of the basis in partnership interest. which is $95,000

A general partner runs the partnership business by providing <em>services</em> that will keep the partnership going  ( i.e. runs the business on behalf of other limited partners )

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What is codetermination?
valina [46]

Answer:

The answer is b.The inclusion of a corporation's employees on its board

Explanation:

Co determination involves  employees being legally allocated control rights over corporate assets through seats on the supervisory board (the board of non executive directors). The supervisory board oversees the management board (board of executive directors)  approving or rejecting its decisions, and appointing its members and setting their salaries.

7 0
3 years ago
Which of the following bonds has the greatest price risk? A 10-year $100 annuity. A 10-year, $1,000 face value, zero coupon bond
kogti [31]

Answer:

A 10-year, $1,000 face value, zero coupon bond.

Explanation:

Zero coupon bonds are sold at a deep discount, and do not pay coupons, only pay the full par value price at maturity.

Zero coupon bonds are riskier than other types of bonds because they are subject to interest tax risk: this means that even if the bond does not pay coupons, the IRS still computes an imputed interest that the bond would have received, and charges an income tax over it.

If the bondholder of a zero coupon sells the bond before maturity, the risk of having paid more in both income taxes on imputed intersest, plus the initial price of the bond itself, than the gain from the sale, is very high.

5 0
3 years ago
If you invest $475 per month for a period of 30 years, earning 10.2% (annual), how much will you have at the end of the period?
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Explanation:

6 0
2 years ago
You will be given descriptions of people in various situations. Using this information, you are asked to place each individual i
levacccp [35]

Answer:

Option B                  

Explanation:

Structural unemployment refers to the type of unintentional unemployment induced by some kind of disparity between both the skills that economic employees may provide, and the qualifications that companies require of employees. Structural joblessness is sometimes caused by changes in technology which outdated the job qualifications of several employees.

Structural unemployment becomes difficult to distinguish with frictional unemployment scientifically, other than to suggest it lasts much longer for every particular individual. Easy demand-side intervention, like with frictional unemployment, won't work to quickly eradicate this form of joblessness.

6 0
3 years ago
An internal report prepared to verify the accuracy of both the bank statement and the cash accounts of a business or individual
timurjin [86]

Answer:

D. bank reconciliation.

Explanation:

A bank reconciliation mainly computed by an accountant, gives the difference between the balance in relation to the bank statement and the cash balance with respect to the accounting records of the depositor in a particular financial institution.

In Financial accounting, a bank statement can be defined as an official summary or list of financial transactions, which typically comprises of the amount of money that has been paid into or withdrawn from an account by an individual or business entity over a specific period of time.

Generally, a bank statement usually has the following information charges, deposits, withdrawals, including the opening and closing balance for each account held at a given the period. Thus, bank customers are advised to frequently reconcile their records with bank statements in order to prevent not-sufficient funds (NSF) checks.

A not-sufficient funds (NSF) checks refers to a check that isn't honored by the bank of the issuer due to the fact that the individual or business entity has an insufficient fund. It is also known as a bounced or bad check.

In conclusion, a bank reconciliation is an internal report that is prepared in order to verify the accuracy of both the bank statement and the cash accounts of a business or individual.

7 0
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