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
Dillon Labs has asked its financial manager to measure the cost of each specific type of capital as well as the weighted average
Whitepunk [10]
D!



Have an amazing day!
8 0
2 years ago
The following expenditures were incurred by Tamarisk, Inc. in purchasing land: cash price $74,000, accrued taxes $4,400, attorne
Stels [109]

Answer:

$87,800

Explanation:

The following expenditures were incurred by Tamerisk incorporation when purchasing a land

Cash price = $74,000

Accured taxes = $4,400

Attorneys fee= $4,300

Real estate brokers commission = $1,500

Clearing and grading = $3,600

Therefore the cost of the land can be calculated as follows

= $74,000 + $4,400 + $4,300 + $1,500 + $3,600

= $87,800

Hence the cost of the land is $87,800

5 0
2 years ago
Total variable costs A. always increase with output. B. initially decrease and then increase with output. C. initially increase
galina1969 [7]

Answer:

A. always increase with output.

Explanation:

There are basically 2 groups of cost namely; Fixed and variable cost.

The fixed cost are usually like sunk cost that will be incurred irrespective of how many units are produced.

Total variable costs refers to all elements of cost that vary proportionately with the level of activities or output. A good example is the direct material cost.

It is the total of the marginal cost over the units produced. The right answer is A. always increase with output.

6 0
3 years ago
A ____________ is a strategy in which firms share some of their resources and capabilities to create economies of scope and is s
Alina [70]

Answer:

<em>c. Synergistic Strategic Alliance</em>

Explanation:

Synergistic Strategic Alliance is <em>a two-way partnership where both of them collaborate with each other and share their core competencies with one another to make their total output more than mutual individual outputs.</em>

Therefore, through synergistic actions, both companies turn their vulnerabilities into strengths and thus become more effective on the marketplace.

7 0
3 years ago
How do we know how much to fix when selling a house?
Sophie [7]
Depending on the location if the house and how much you want to sell it for. Just make sure basic things such as Holes in wall’s are fixed or more noticeable details. Otherwise if the house is in good shape and appliances, heating, water are all fine then not a lot.
5 0
3 years ago
Other questions:
  • Martin is a manager at Antrix Computers. A team of 15 people report to him. Elliot is Martin's least preferred coworker because
    5·2 answers
  • A company has the following aging schedule of its accounts receivable with the estimated percent uncollectible:______.
    5·1 answer
  • During a recent shopping trip to Target, Carlie noticed that the store offered many Glad products, including many different type
    9·1 answer
  • The manager of East India Ice Cream Shop keeps track of the number of customers served at different periods of the day in an att
    13·1 answer
  • The following is national income account data for a hypothetical economy in billions of dollars: gross private domestic investme
    14·1 answer
  • "Establishes a commitment to the goal" Which goal-setting step is described by this sentence?
    11·2 answers
  • ​Peeler's Smoothie Company has provided the following​ information: Sales price per unit $ 6.50 Variable cost per unit $ 2.00 Fi
    9·1 answer
  • Sarah's optimism is both a contributor to and a product of her successful career accomplishments. This best illustrates self-ser
    15·1 answer
  • Private investment as a share of the economy tends to be higher in countries with ___ levels of economic freedom.
    11·1 answer
  • Allied Paper Products, Inc., offers a restricted stock award plan to its vice presidents. On January 1, 2021, the company grante
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!