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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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Consider the following information regarding a person's decision to go to college college tuition is $20,000 per year, room and
Ostrovityanka [42]

Answer:

$50,000

Explanation:

The computation of the cost of going the college is shown below:

= College tuition fees per year + boarding fees per year + books and materials charges per year + earnings while working

= $20,000 + $10,000 + $2,000 + $18,000

= $50,000

For computing the cost of going to the college we simply added the total cost that is mentioned in the question so that the accurate amount could come

7 0
3 years ago
On May 1, 2020, Course Co. borrowed $16,000 and signed a three-year note bearing interest at 6% per annum. Interest is payable q
butalik [34]

The amount that Course Co. should report as a liability for accrued interest on its December 31, 2021 balance sheet is $240.

<h3>What is accrued interest?</h3>

Accrued interest is an accounting expression that shows a liability for interest payment has been incurred for a loan but the payment has not yet been made.

For Course Co., it incurs accrued interest of $240 every quarter for the three-year note payable. Usually, the accrued interest is paid at the beginning of the next quarter.

<h3>Data and Calculations:</h3>

3-year note payable = $16,000

Rate of interest = 6% per year

Date of loan = May 1, 2020

Interest payment = quarterly or 4 times annually

Interest per quarter = $240 ($16,000 x 6% x 1/4).

Thus, the accrued interest on Course Co.'s December 31, 2021 balance sheet is $240.

Learn more about accrued interest at brainly.com/question/1542335

5 0
2 years ago
When the demand for the economy is expanding, the demand for loanable funds will ________.
nikklg [1K]

When the demand for the economy exist expanding, the demand for loanable funds will increase.

<h3>What is Demand?</h3>

The quantity of a good that consumers are willing and able to buy at various prices at a specific time period and location is known as the demand. The demand curve is another name for the relationship between price and quantity demand. Demand is just a consumer's desire to buy products and services immediately and to pay the price associated with them. Demand can be defined as the quantity of things that consumers are prepared and willing to purchase at various prices within a specific time frame.

Loanable funds are all the resources that individuals and organizations in a given economy have chosen to set aside and lend to investors rather than use for their own needs. Savings are the source of the loanable funds available. It is predicated on borrowing that loanable funds are in demand. The real interest rate and the amount of loans made depend on how the supply of savings and the demand for loans interact.

Hence, When the demand for the economy exist expanding, the demand for loanable funds will increase.

To learn more about Demand refer to:

brainly.com/question/1245771

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7 0
1 year ago
Clabber Company has bonds outstanding with a par value of $119,000 and a carrying value of $108,700. If the company calls these
Vladimir79 [104]

Answer:

option (b) $4,200 gain

Explanation:

Data provided in the question:

Par value of outstanding bonds  = $119,000

Carrying value of the bonds = $108,700

Price at which bond is called = $104,500

Now,

Gain on the retirement is calculated using the relation as;

Gain on retirement

= Carrying value of Bonds - Price at which bond is called

= $108,700 - $104,500

= $4,200

Since, the result is positive, therefore a gain will be recognized

Hence, correct answer is option (b) $4,200 gain

6 0
3 years ago
Business analytics tools are used with data in the ________________ to gain insight and support decision making.
kenny6666 [7]

Answer:

Business

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The extensive use of data and quantitative analysis to support fact-based decision making within organizations.

8 0
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