1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Svet_ta [14]
3 years ago
5

Jenny has a $62,700 basis in her 50 percent partnership interest in the JM Partnership before receiving any distributions. This

year JM makes a proportionate operating distribution to Jenny of a parcel of land with an $93,000 fair value and a $80,500 basis to JM. The land is encumbered with a $38,250 mortgage (JM's only liability). What is Jenny's basis in the land and her remaining basis in JM after the distribution
Business
1 answer:
bazaltina [42]3 years ago
4 0

Answer:

$80,500 land basis, $1,325 JM basis.

Explanation:

Calculation to determine Jenny's basis in the land and her remaining basis in JM after the distribution

Based on the information given Jenny transferred basis in the land will be the amount of $80,500 while Her remaining basis in JM on the other hand will be the amount of $1,325 which is calculated as:

Predistribution basis in JM $62,700

Add deemed contribution $19,125

(50%*$38,250)

Less: basis allocated to land ($80,500)

Remaining basis in JM $1,325

Therefore Jenny's basis in the land and her remaining basis in JM after the distribution will be :$80,500 land basis, $1,325 JM basis.

You might be interested in
The bullet points beneath a one-line mission statement often serve as A. value statements to show how the mission will be achiev
umka21 [38]
Um, Hello there. The answer to your question is probably going to be.
<span>


The bullet points beneath a one-line mission statement often serve as
A. value statements to show how the mission will be achieved.
B. a timeline for achieving the company's goals.
C. lesser goals to consider for the future.
D. a reminder of the one-line statement.</span>
3 0
3 years ago
Read 2 more answers
The process of asset transformation refers to the conversion of:_______
kondaur [170]

Answer: c. Risky assets into safer assets

Explanation:

The process of asset transformation refers to the conversion of risky assets into safer assets. Asset transformationa is simply a form of transformation in which financial institutions like banks use deposits in the generation of revenue through the pooling deposits in order to make loans. It has to do with transforming bank liabilities into bank assets.

6 0
3 years ago
Now- a quick question. Assume at the beginning of Year2, Becker Company has a credit (positive) balance in the AOCI account of $
castortr0y [4]

Answer:

Becker Company

The amount that Becker will report as Accumulated Other Comprehensive Income on the Year 2 balance sheet is:

= $22,800.

Explanation:

a) Data and Calculations:

Year 2 Beginning balance:

Accumulated other comprehensive income (AOCI) = $10,800 credit

Year 2 reported net income = $653,000

Unrealized gain during Year 2 = $12,000

The Accumulated Other Comprehensive Income on the Year 2 balance sheet is:

Beginning balance $10,800

Unrealized gain        12,000

AOCI for Year 2 = $22,800

b) Becker's Accumulated Other Comprehensive Income includes unrealized gains and losses arising from some investments, pension plans, and hedging transactions.  These are usually reported in the equity section of the balance sheet and then netted off from the retained earnings.

7 0
2 years ago
Bill's organization expects 50% of profits to be generated by products that did not exist five years ago. What is the nature of
faust18 [17]
If these are the missing choices:
A) short-term
B) risky
C) innovative
<span>D) expansionary

My answer is C. INNOVATIVE. 

Innovative is defined as an adjective that may refer to a person who introduces new ideas that are original and creative. It may also refer to a product, service, or idea that features new methods or designs that help advance our technology unlike no other. 

Since Bill's organization expected to derive a 50% profit from products that did not exist five years ago, it is safe to assume that Bill's organization was the one to innovate and launch the product. </span>
7 0
3 years ago
Given the following, calculate total manufacturing costs: Direct materials: $40,000; Direct labor: $100,000; Manufacturing overh
vfiekz [6]

Answer:

cost of goods manufactured= $278,000

Explanation:

Giving the following information:

Direct materials: $40,000

Direct labor: $100,000

Manufacturing overhead applied: $120,000

Beginning Work in process inventory: $30,000

Ending Work in process inventory: $12,000

<u>To calculate the total manufacturing costs, we need to use the following formula:</u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 30,000 + 40,000 + 100,000 + 120,000 - 12,000

cost of goods manufactured= $278,000

4 0
3 years ago
Other questions:
  • Jo mielziner' s set for the original production of death of a salesman was:
    8·1 answer
  • A new mall will be constructed in a large city. Why are business owners most likely viewing a topography map before construction
    5·1 answer
  • Going 'long' (including more periods) on a moving average forecast is usually most appropriate when: 1. Significant fluctuations
    5·1 answer
  • When you take out a mortgage your home becomes the collateral. True or Fals
    6·1 answer
  • WILL MARK BRAINLIEST!
    5·1 answer
  • WACC and Optimal Capital Structure F. Pierce Products Inc. is considering changing its capital structure. F. Pierce currently ha
    12·1 answer
  • The term efficiency units of labor is the​ ____________. A. slope of the production function at the​ steady-state equilibrium po
    5·1 answer
  • Find the EAR in each of the following cases (Use 365 days a year. Do not round intermediate calculations and round your final an
    12·1 answer
  • Calculate the arithmetic average returns for large-company stocks and T-bills over this period. (Do not round intermediate calcu
    5·1 answer
  • A useful way of standardizing financial statements is to choose a ____ and then express each item relative to the _____.
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!