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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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KonstantinChe [14]

Incomplete question. Answered from a general perspective.

<u>Explanation:</u>

The following two circumstances may warrant a professional response to an online post:

  • when the comment constitutes misleading/false information about the company.
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5 0
3 years ago
Suppose in New York £/$ = 1, while in Tokyo ¥/$=2.5, but in London £/¥ = 0.50. (a) (2) Is there any profit that could be made wi
Dimas [21]

Answer:

(a) Yes, there is a profit by making triangular arbitrage action. Profit starting with selling ¥1,000,000 in London will be ¥250,000. Detailed description is in explanation part.

(b)

The dollar-pound exchange rate will change in the way that pound will be depreciated because there is more supply of pound in New York market following a arbitrageur action as they notice the profit-making opportunity.

Cross rates after arbitrageurs notice will be adjusted to the point where there is no arbitrage opportunity occurs. In (a) example, keeping other exchange rate unchanged, the dollar-pound exchange rate will be adjusted to £/$ = 1.25.

Explanation:

(a)

Investor sell ¥1,000,000 in London to get £500,000 ( exchange rate £/¥ = 0.50).

Further, he sells these £500,000 in New York to get $500,000 ( exchange rate £/$=2.5)

Next, they sell $500,000 to get ¥1,250,000 in Tokyo ( exchange rate ¥/$=2.5)

=> Net profit is ¥1,250,000 - ¥1,000,000 = ¥250,000

(b)

Details have already been explained in the answer part.

3 0
3 years ago
Read 2 more answers
Metro Inc. has two production departments (Lamination and Molding) and three service departments (Human Resources, Technology Su
eimsori [14]

Answer:

Lamination= $50,000

Explanation:

Giving the following information:

Metro Inc. has two production departments:

Lamination and Molding

Three service departments:

Human Resources, Technology Support, and Purchasing.

The $200,000 costs of Human Resources are allocated based on the number of employees in each production department.

The Lamination department has 40 employees.

The Molding department has 120 employees.

Proportion of employees:

Lamination= 40/160= 25%

Molding= 120/160= 75%

Allocation:

Lamination= 200,000*0.25= $50,000

Molding= 200,000*0-75= $150,000

7 0
3 years ago
Ferrier Chemical Company makes three products, B7, K6, and X9, which are joint products from the same materials. In a standard b
soldi70 [24.7K]

Answer:

Allocated cost:

B7= 0.23*600,000= 138,000

K6= 0.50*600,000= 300,000

X9= 0.27*600,000= 162,000

Explanation:

Giving the following information:

Ferrier Chemical Company makes three products, B7, K6, and X9, which are joint products from the same materials. In a standard batch of 150,000 pounds of raw materials, the company generates 35,000 pounds of B7, 75,000 pounds of K6, and 40,000 pounds of X9. A standard batch costs $600,000 to produce.

weighted average:

B7= 35,000/150,000= 0.23

K6= 75,000/150,000= 0.5

X9= 40,000/150,000= 0.27

Allocated cost:

B7= 0.23*600,000= 138,000

K6= 0.50*600,000= 300,000

X9= 0.27*600,000= 162,000

8 0
3 years ago
Ellie Inc., a calendar year C corporation, wants to make a gift to a charity that is deductible on its year 1 Form 1120. The gif
ZanzabumX [31]

Answer:

On or before April 15, year 2.

Explanation:

5 0
3 years ago
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