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Eddi Din [679]
3 years ago
7

Jokan contributes a nondepreciable asset to the Mahali LLC in exchange for a one-fourth (25%) interest in the LLC's capital and

profits and a 30% interest in the LLC's losses. The asset has an adjusted tax basis to Jokan and the LLC of $167,500 and a fair market value and § 704(b) "book" basis on the contribution date of $301,500. The asset is encumbered by a nonrecourse note of $100,500 that has not been guaranteed by any of the LLC members.
How much of the nonrecourse debt is allocated to Jokan?
What is the amount of Jokan's basis in the LLC interest following the contribution?
Business
1 answer:
dimulka [17.4K]3 years ago
4 0

Answer:

A$33,500

B. $100,500

Explanation:

A. Calculation to determine How much of the nonrecourse debt is allocated to Jokan

Nonrecourse debt allocated=($167,500-$100,500)/2

Nonrecourse debt allocated=$67,000/2

Nonrecourse debt allocated=$33,500

Therefore based on the information given the amount of the NONRECOURSE DEBT that is allocated to Jokan is 25% or $33,500

B. Calculation to determine the amount of Jokan's basis in the LLC interest following the contribution

Basis in the LLC interest=$33,500+($167,500-$100,500)

Basis in the LLC interest=$33,500+$67,000

Basis in the LLC interest=$100,500

Therefore the amount of Jokan's basis in the LLC interest following the contribution is $100,500

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Answer:

Paul Copan

Explanation:

Dr. Robertson McQuilkin can be considered a very biblical man, and as such, would always favor socialism more than free market capitalism. His phrase "Capitalism is for freedom, socialism is for equality" and the fact that he believed in a strict following of the Bible, you make him a more socialist person.

Dr. Paul Copan is also a very religious man, but his views are less extreme than Dr. McQuilkin's. He is more pragmatic and argues in favor of religion from a more neutral or agnostic point of view. He even argues that religious beliefs and economics are not mutually exclusive.

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2 years ago
Eugene agrees to finish painting Hazel’s house within two weeks of the time they agree to in the contract. A week in, Eugene rea
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Answer:

Yes, Hazel needs to pay extra $700

Explanation:

As per pre-existing duty rule, a person is obligated to perform his duty at the consideration agreed upon initially. Any modification to the contract is void.

Exceptions to this rule:

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In this case, Hazel agreed to pay $700 extra. Under pre-existing duty rule, she is not required to pay Eugene extra $700 but since Eugene took additional help exception to the rule applies and Hazel is obligated to pay $700 extra.

6 0
2 years ago
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Answer:

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Explanation:

Direct response marketing -

It is the method of sales , which require immediate response and  encourages customer to take any action regarding the goods and services , is referred to as direct response marketing.

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<em>Option A</em> is wrong because opportunity cost is not related to intelligence.

<em>Option C</em> is not correct because a high school graduate and a college attending student can access to student loans.

The family's wealth can not be a factor in terms of opportunity cost of attending college or a high school graduate. Therefore, <em>option D</em> is incorrect.

Option B is correct as a college attending student cannot take over the family business. So, it is his opportunity cost. On the other hand, a high school graduate can take over the business.

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<u>Answer: </u>True

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