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
Alex73 [517]
3 years ago
9

T. palms has a basis of $20,000 for her one-third interest in a partnership. the partnership has no liabilities, cash of $22,000

, and property with a partnership basis of $38,000 and fair market value of $44,000. for her one-third interest, palms receives the cash of $22,000. if the partnership elects sec. 754 optional basis adjustment, what is the basis of the retained partnership property?
Business
1 answer:
dybincka [34]3 years ago
5 0

Answer: $40000

Explanation:

The following can be deduced from the question

The Fair market value of Property = $44,000

Gain on the property = $44000 - $38000 = $6,000

Share of T. Palms = ⅓ × $6000 = $2000

Therefore, the basis of the retained partnership property will be:

= $44000 - $6000 + $2000

= $40000

You might be interested in
When a​ firm's longminus−run average cost curve is horizontal for a range of​ output, then in that range production displays?
Lostsunrise [7]

Answer:

constant returns to scale

Explanation:

Constant returns to scale describes a scenario when long run returns as the scale of production increases, when all input levels including physical capital usage are variable.

7 0
3 years ago
Case Study: Melanie’s Breakeven Analysis Melanie is considering opening a not-for-profit child care and education center and wan
aliina [53]

Answer:

$800

Explanation:

Calculation for how much would she need to charge per month for tuition in order to break even

Using this formula

Amount to charge to break even=[(Monthly Fixed Costs+Salary and Benefits Costs+Estimated Food Costs)÷Number of Children Served]

Let plug in the formula

Amount to charge to break even=[($4,000+$7,000+$1,000)÷15]

Amount to charge to break even=$12,000/15

Amount to charge to break even=$800 per month

Therefore the amount she would need to charge per month for tuition in order to break even will be $800

6 0
3 years ago
Rip garage, inc. (459 ellis avenue, harrisburg, pa 17111), is an accrual basis taxpayer that repairs automobiles. in late decemb
mixas84 [53]

Answer:

<u>MEMO</u>

To: Treasurer of Trip Garage, Inc.

From: Me

Subject: Dispute over accrued revenue

Mrs. S. Apple,

Good evening. Regarding your dispute over accrued revenue generated form the repair of Mr. Mosley's car, I must inform you the following:

Trip Garage, Inc., is an accrual basis taxpayer, therefore, revenues must be recorded once the repair service was completed, not when the invoice was collected.

In future occasions when similar problems show up, you should record an allowance for doubtful accounts. This way, if you believe that an account receivable is unlikely to be collected, it will be not considered for the year's financial records. This adjusting journal entry must be recorded before the end of the year, if not, all related revenues must be included in the years income statement.

Regards,

Me

Explanation:

Accrual taxpayers are required to record revenues once the revenue generating activity has been completed, i.e. Trip should have recorded $1,000 in revenue during 2017:

Dr Accounts receivable 1,000

    Cr Service revenue 1,000

If Trip didn't consider that it would be able to collect the $1,000 receivable, then it should have recorded it as bad debt expense:

Dr Bad debt expense 1,000

    Cr Allowance for doubtful accounts 1,000

If thy did not record the bad expense, then the IRS agent is right, and the $1,000 must be included in the 2017 income statement.  

3 0
3 years ago
Explain the difference between direct and indirect strategy when writing reports​
nika2105 [10]

Answer:

A direct report is an employee who formally reports to you. This generally means that you are directly responsible for assigning them work and managing their performance. An indirect report are the employees who report to your direct reports and their subordinates.

plz give brainliest to help you with further questions :'D

3 0
3 years ago
Read 2 more answers
What is the difference between a checking account debit card and a gift card?
vekshin1
A gift card is something that anyone, of any age, can buy. This card works only at the certain business it is for. Such as a Burger King gift card, you can only use that card at Burger King. A checking account debit card is a card you can use in any situation, as long as they have the proper equipment. This card extracts money from your banking account, whereas the gift card has a set amount of money on it. Also, a checking account debit card is only given to people 18 and over, since signing a check is technically signing a contract, and using a debit card goes along the same lines as signing a check. 
6 0
3 years ago
Other questions:
  • Red Rock Bakery purchases land, building, and equipment for a single purchase price of $260,000. However, the estimated fair val
    9·1 answer
  • El tapitio purchased restaurant furniture on september 1, 2018, for $45,000. residual value at the end of an estimated 10-year s
    9·1 answer
  • A firm has 5,000,000 shares of common stock outstanding, each with a market price of $8.00 per share. It has 25,000 bonds outsta
    14·1 answer
  • operation, 2,300 units were produced and 1,800 units were sold. Actual fixed costs are the same as the amount budgeted for the m
    12·2 answers
  • What do geographers call the unequal distribution of wealth and resources in a specific geographic area?
    15·2 answers
  • Which of the following is not a condition of price discrimination? a. The seller must be a price searcher. b. The seller must be
    5·1 answer
  • When does a product’s life cycle begin? A. once the product begins to lose customers B. once the product is successful in the ma
    11·1 answer
  • PLEASE HELP ASAP!
    11·1 answer
  • Bernard is a board member at Lopez Electronics Inc. He is also a senior executive of the firm. The board is chaired by Ernest Jo
    9·1 answer
  • The method of cost estimating that falls between the other two cost estimating methods in complexity is the __________ method.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!