david is a general partner who owns 50% interest in live free enterprises. steve is a...
david is a general partner who owns 50% interest in live free enterprises. steve is a limited partnerwho also owns 59%. the partnership has $45,000 in recourse liabilies and $15,000 in nonrecourse liabilies. what is david's totak share of liabilities?
Homework Answers
David's total share of liabilities
Since, David is a general partner. Recourse liabilities increase the basis of general partner only and recourse liabilities increase the basis of both of general and limited partner.
David's total share of liabilities = $45,000 + $(50%*$15,000)
= $45,000 + $7,500
= $52,500
Add Answer to:
david is a general partner who owns 50% interest in
live free enterprises. steve is a...
Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron...
Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcolm is a limited partner who owns 50%. The partnership has $50,000 in recourse liabilities and $30,000 in nonrecourse Viabilities. What is Marcus' total share of liabilities? $40,000 $50,000 $65,000 $80,000 Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcolm is a limited partner who owns 50%. The partnership has $50,000 in recourse liabilities...
Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcom is a...
Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcom is a limited partner who owns 50%. The partnership has $50000 in recourse liabilities and $30000 in non recourse liabilities. What is Marcus's total share of liabilities?
Question 15 of 75. Dione is a general partner who owns 50% interest in Love First...
Question 15 of 75. Dione is a general partner who owns 50% interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50,000 in recourse liabilities and $20,000 in nonrecourse liabilities. What is Dione's total share of liabilities? O $35,000 O $45,000 O $60,000 O $70,000 Jaylan and Casper are equal partners in J&C Raccoon Hats. Jaylan contributed $12,000 and Casper contributed inventory with a FMV of $12,000 and an adjusted basis of...
Question 19 of 75. Dione is a general partner who owns 50% Interest in Love First...
Question 19 of 75. Dione is a general partner who owns 50% Interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50,000 in recourse liabilities and $20,000 in nonrecourse liabilities. What is Dione's total share of liabilities? $35,000 $45,000 $60,000 $70,000 Mark for follow up Question 20 of 75. For the tax year, ABC partnership reported a $68,000 ordinary loss and a $30,000 increase in recourseliabilities for which the partners are able...
Question 9 of 75. Dawson, Inc., had regular tax due of $35,000 for the tax year...
Question 9 of 75. Dawson, Inc., had regular tax due of $35,000 for the tax year ending December 31, 2018. It also had 560,000 of AMT credit carried forward from prior years and available in 2018. What is the amount of the AMT credit that can be claimed in 2018? O $35,000 O $47.500 O $60,000 $65,000 Mark for follow up Dione is a general partner who owns 50% interest in Love First Enterprises. Sammy is a limited partner who...
Joseph and Savannah are partners in a limited partnership. Joseph is the general partner with a...
Joseph and Savannah are partners in a limited partnership. Joseph is the general partner with a 70% profits interest. Savannah is the limited partner with a 30% profits interest. Even though Savannah is a limited partner, she agreed to make an additional $20,000 capital contribution at any time the partnership required additional working capital. At the end of the year, the balance sheet showed $200,000 in recourse liabilities and an additional $60,000 in nonrecourse liabilities. Joseph’s beginning adjusted basis in...
On the first day of the partnership's tax year, Karen purchases a 50% interest in a...
On the first day of the partnership's tax year, Karen purchases a 50% interest in a general partnership for $30,000 cash and she materially participates in the operation of the partnership for the entire year. The partnership has $40,000 in recourse liabilities when Karen enters the partnership. Partners share the economic risk of loss from recourse liabilities in the same way they share partnership losses. There is no minimum gain related to the nonrecourse liability. During the year the partnership...
Partner X of the XYZ equal partnership (1/3 to each partner) has a total basis in...
Partner X of the XYZ equal partnership (1/3 to each partner) has a total basis in her partnership interest of $30,000. The partnership has $21,000 of nonqualified nonrecourse debt, and no recourse debt. XYZ has a current ordinary loss of ($120,000). X does not materially participate in XYZ, and also has another passive activity for which her share of the income for the year is $5,000. a. How much X’s share of the XYZ loss is deductible, and how much...
Shauna is a 50 percent partner in the SH Partnership. Shauna sells one-half of her interest to Kara for $60,000 cash. Ju...
Shauna is a 50 percent partner in the SH Partnership. Shauna sells one-half of her interest to Kara for $60,000 cash. Just before the sale, Shauna's basis in her entire partnership interest is $150,000, including her $60,000 share of the partnership liabilities. SH's assets on the sale date are as follows: Assets Basis FMV Cash $80,000 $80,000 Inventory 60,000 $180,000 Land held for investment 160,000 100,000 Total $300,000 $360,000 What is the amount and character of Shauna's gain or loss...
Nichole owns a 50% interest in partnership J&K. She contributed a computer system with a FMV...
Nichole owns a 50% interest in partnership J&K. She contributed a computer system with a FMV of $15,000 and an adjusted basis of $10,00U tU un partnership. Neither Nichole nor the partnership recognized any gain when the property was contributed. Which of the following is true regarding dhe partnership's basis in the computer system and Nichole's outside basis? O Partnership's basis in computer system - $10,000, Nichole's outside basis - increases by $10,000. Partnership's basis in computer system - $10,000,...
Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcolm is a limited partner who owns 50%. The partnership has $50,000 in recourse liabilities and $30,000 in nonrecourse Viabilities. What is Marcus' total share of liabilities? $40,000 $50,000 $65,000 $80,000 Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcolm is a limited partner who owns 50%. The partnership has $50,000 in recourse liabilities...
Question 15 of 75. Dione is a general partner who owns 50% interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50,000 in recourse liabilities and $20,000 in nonrecourse liabilities. What is Dione's total share of liabilities? O $35,000 O $45,000 O $60,000 O $70,000 Jaylan and Casper are equal partners in J&C Raccoon Hats. Jaylan contributed $12,000 and Casper contributed inventory with a FMV of $12,000 and an adjusted basis of...
Question 19 of 75. Dione is a general partner who owns 50% Interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50,000 in recourse liabilities and $20,000 in nonrecourse liabilities. What is Dione's total share of liabilities? $35,000 $45,000 $60,000 $70,000 Mark for follow up Question 20 of 75. For the tax year, ABC partnership reported a $68,000 ordinary loss and a $30,000 increase in recourseliabilities for which the partners are able...
Question 9 of 75. Dawson, Inc., had regular tax due of $35,000 for the tax year ending December 31, 2018. It also had 560,000 of AMT credit carried forward from prior years and available in 2018. What is the amount of the AMT credit that can be claimed in 2018? O $35,000 O $47.500 O $60,000 $65,000 Mark for follow up Dione is a general partner who owns 50% interest in Love First Enterprises. Sammy is a limited partner who...
Nichole owns a 50% interest in partnership J&K. She contributed a computer system with a FMV of $15,000 and an adjusted basis of $10,00U tU un partnership. Neither Nichole nor the partnership recognized any gain when the property was contributed. Which of the following is true regarding dhe partnership's basis in the computer system and Nichole's outside basis? O Partnership's basis in computer system - $10,000, Nichole's outside basis - increases by $10,000. Partnership's basis in computer system - $10,000,...
Most questions answered within 3 hours.
-
Tucson Machinery, Inc., manufactures numerically controlled
machines, which sell for an average price of $0.5 million...
asked 2 minutes ago -
Review the referenced paper by Melse (2008). Describe the
research question being addressed. Discuss the methods...
asked 7 minutes ago -
Please do all parts. I don't want to hear your as per guidelines
stuff. Do if...
asked 17 minutes ago -
1. Why is Hardy-Weinberg Theorum important? How can we
test whether a population is in H-W...
asked 17 minutes ago -
A sample of 3 is selected from 9 cards. How many permutation is
possible? Show Work.
asked 30 minutes ago -
Identify a commercial data mining software product (e.g., SAS)
and an open-source data mining product (e.g.,...
asked 33 minutes ago -
Following are the capital account balances for the William,
Jennings, and Bryan partnership:
William (40% of...
asked 25 minutes ago -
An investment project provides cash inflows of $770 per year for
11 years.
a. What is...
asked 34 minutes ago -
About the lecture of human resource management, give me the
process and schedule of how the...
asked 31 minutes ago -
A fair D10 die is rolled 100 times. What is the probability of
rolling five 1s,...
asked 44 minutes ago -
Other than hydrogen bonding, what is the major interaction that
causes proteins to fold into compact,...
asked 45 minutes ago -
In an RC circuit, the total resistance is 1 k ohm and the
battery voltage is...
asked 50 minutes ago