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Nataliya [291]
2 years ago
9

At the beginning of the tax year, Barnaby's basis in the BBB Partnership was $50,000, including his $5,000 share of partnership

debt. At the end of the tax year, his share of debt was $8,000. His share of the partnership's income for the year was $20,000, and he received cash distributions totaling $12,000. In addition, his share of the partnership's nontaxable income was $1,000.
Required:
Determine Barnaby's basis at the end of the tax year.
Business
1 answer:
drek231 [11]2 years ago
5 0

Answer:

$62,000

Explanation:

Calculation to Determine Barnaby's basis at the end of the tax year

Using this formula

Ending tax year Barnaby's basis in the partnership=[BBB Partnership basis+( Share of debt-Share of partnership debt)+ Share of Partnership's income +Share of partnership's nontaxable income-Cash distributions]

Let plug in the formula

Ending tax year Barnaby's basis in the partnership =$50,000 + ($8,000-$5,000) + $20,000 + $1,000 - $12,000

Ending tax year Barnaby's basis in the partnership =$50,000 + $3,000 + $20,000 + $1,000 - $12,000

Ending tax year Barnaby's basis in the partnership = =$62,000

Therefore Barnaby's basis at the end of the tax year will be $62,000

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inventory Turnover and Days' Sales in Inventory The following financial statement data for years ending December 31 for Holland
Varvara68 [4.7K]

Answer:

                                            Year 2014           Year 2013

a) Inventory Turnover ratio 3.4 times  and   3.1 times

b) Number of days' sales in inventory 107.3 days and  117.7 days

Explanation:

As per the data given in the question,

As we know that

Inventory turnover ratio = Cost of goods sold ÷ Average inventory

where,

Average inventory

= (Beginning inventory + ending inventory) ÷ 2

For Year 20Y4 :

Average inventory = ($359,160 + $516,840 ) ÷2

= $438,000

And, the cost of goods sold is $1,489,200

So,

Inventory Turnover ratio

= $1,489,200 ÷ $438,000

= 3.4 times

For Year 20Y3 :

Average inventory = ($251,120 + $359,160) ÷ 2

= $305,140

And, the cost of goods sold is $945,934

So,

Inventory Turnover ratio

= $945,934 ÷ $305,140

= 3.1 times

Now

Number of days' sales in inventory = Number of days in a year ÷ Inventory Turnover ratio

For 20Y4

= 365 days ÷ 3.4

= 107.3 days

For 20Y3

= 365 days ÷ 3.1

= 117.7 days

Basically we applied the above formulas

4 0
3 years ago
Name and describe various clauses that contracts between parties of different nations may choose to include in their agreements.
atroni [7]
<span>Negotiation: Early Neutral Case Evaluation
</span>
<span>Form of assisted negotiation. The parties select a neutral third party (generally an expert in the subject matter of the dispute) to evaluate their respective positions. The parties explain their positions to the case evaluator however they wish. The evaluator then assesses the strengths and weaknesses of the parties' positions, and this evaluation forms the basis for negotiating a settlement.
</span>
<span>Negotiation: Mini Trial
</span>
<span>Form of assisted negotiation.

A mini-trial is a private proceeding in which each party's attorney briefly argues the party's case before the other party. Typically, a neutral third party, who acts as an adviser and an expert in the area being disputed, is also present. If the parties fail to reach an agreement, the adviser renders an opinion as to how a court would likely decide the issue. The proceeding assists the parties in determining whether they should negotiate a settlement of the dispute or take it to court.
</span>
<span>Negotiation: Negotiation

</span><span>The simplest form of ADR is negotiation, a process in which the parties attempt to settle their dispute informally with or without attorneys to represent them. Attorneys frequently advise their clients to negotiate a settlement voluntarily before they proceed to trial. Parties may even try to negotiate a settlement during a trial or after the trial but before an appeal.


</span><span>Negotiation: Facilitation

</span>
<span>Form of assisted negotiation. Disputes may also be resolved in a friendly, non-adversarial manner through facilitation, in which a third party assists disputing parties in reconciling their differences. The facilitator helps to schedule negotiating sessions and carries offers back and forth between the parties when they refuse to face each other in direct negotiations. Technically, facilitators are not to recommend solutions. (In practice, however, they often do.) In contrast, a mediator is expected to propose solutions.</span>





8 0
3 years ago
A 28-year-old single investor has funds saved at a bank. He contacts an RR and wants to begin allocating funds to a retirement a
Contact [7]

Answer: a. 80% stocks, 20% bonds

Explanation:

Stocks are a better fit for young people for 2 reasons;

1. Younger people are usually more risk tolerant. This means that they can pick financial vehicles that are more reflective of this risk taking mentality such as Stocks.

2. As they are far from retirement, their main goal should be saving for retirement. Stocks offer a better chance as Capital Appreciation so that their investments will grow before they retire leaving them in a better position when they do.

Fixed income is more for the older generation so that they may be sure of stable income while they are in retirement.

At the same time, every portfolio should be diversified to avoid risk so 20% going to bonds is ideal.

6 0
3 years ago
Todd can afford to pay $375 per month for the next 7 years in order to purchase a new car. The interest rate is 6.5 percent comp
Svetlanka [38]

Answer:

The most he can afford to pay = $25,260.07

Explanation:

The most he can afford to pay is the present value of the  $375 per month discounted at the interest rate of return of 6.5% p.a

PV = A× (1- (1+r)^(-n))/r

PV = ?, A- 375,  r- 6.5/12= 0.541%   n= 12×7 = 84

PV = 375× (1- (1.00541)^(-84) )/0.00541= 25260.071

The most he can afford to pay = $25,260.07

<em>Note: the monthly interest rate needed to be computed by dividing 6.5% by 12 and the number of months in 7 years is 7 × 12 = 84 </em>

4 0
2 years ago
If Texia specializes in food, it can produce 1,000 units of food and 0 units of clothing this year. If it specializes in clothin
Sati [7]

Answer:

Texia; Texia

Explanation:

A country has absolute advantage in the production of a good or service if it produces more quantity of a good when compared to other countries

Texia can produce 1000  units of food while Urbania can produce 500  units of food . Texia produces more food

Texia can produce 500 units of clothing while Urbania can produce 200 units of clothing. Texia produces more clothing

Texia has an absolute advantage in both activities

3 0
3 years ago
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