Homework Answers
The correct option C : $ 65,000.
Recourse liabilities compels the general partner like Marcus for repayment in full, as Malcolm is limited Partner. But In case of non-recourse liabilities, he will be liable to the extent of his share that is 50%.
So Marcus' total share in liabilities will be-
| 100% of Recourse liabilities | $50,000 |
| +50% of Non-recourse liabilities | $15,000 |
| Marcus' total share in liabilities | $65,000 |
Thanks & all the best...............
Add Answer to:
Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron...
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...
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?
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...
Question 17 of 75. Which of the following accurately describes a general partner in a partnership?...
Question 17 of 75. Which of the following accurately describes a general partner in a partnership? O A partner who is personally liable for partnership debts only up to the amount of money or other property that the partner contributed to the partnership. O A partner OA partner who is personally liable for partnership debts. nonrecourse loans O A partner who adheres to generally accepted accounting principals Mark for follow up
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...
A partner owns a 50-percent interest in a partnership. For the partnership tax year ended December...
A partner owns a 50-percent interest in a partnership. For the partnership tax year ended December 31, the partnership reports the following items of partnership income, gain, loss, deduction, and credit. Gross sales $400,000 Cost of goods sold 220,000 Wages 100,000 Net Section 1231 gain 50,000 Casualty loss 10,000 Interest 5,000 Depreciation 20,000 Business bad debt 5,000 Charitable contributions 5,000 Calculate the partner's distributive shares of (1) partnership ordinary income or loss and (2) separately stated items.
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...
Question 17 of 75. Which of the following accurately describes a general partner in a partnership? O A partner who is personally liable for partnership debts only up to the amount of money or other property that the partner contributed to the partnership. O A partner OA partner who is personally liable for partnership debts. nonrecourse loans O A partner who adheres to generally accepted accounting principals Mark for follow up
Most questions answered within 3 hours.
-
A sample of food (1.00 g) was mixed with appropriate amount of
water and titrated using...
asked 11 minutes ago -
Conformers:
list the following substituents in order from most equatorial
position preferring to least: (CH3)3, H,...
asked 12 minutes ago -
Twenty students took a test. The average grade was 86 with a
standard deviation of 9....
asked 22 minutes ago -
NP complete problem:
Big project problem. To finish the big project, you need to
finish X...
asked 16 minutes ago -
How much is the
multiplier?. Here are some facts about the economy of Inferior.
Marginal propensity...
asked 18 minutes ago -
What’s the allocation of the purchase price between newmont merger
goldcorp?
And does the merger adhere...
asked 18 minutes ago -
I am getting an error that the variable num was not declared in
the scope on...
asked 19 minutes ago -
Peroxyacetyl Nitrate (PAN) is formed by addition of NO2
to the corresponding peroxyacetyl radical. PAN is...
asked 23 minutes ago -
Suppose that at a large university 30% of students are involved
in intramural sports. If we...
asked 31 minutes ago -
Answer items 7 and 8 from the following information:
The mean for VO2max is 50 ml/kg/min...
asked 31 minutes ago -
The formation factor of a rock sample is 50. Calculate the
porosity if the sample is;...
asked 33 minutes ago -
If the anion in an insoluble salt is a conjugate base of a weak
acid, will...
asked 38 minutes ago