Homework Answers
Answer-1-
|
Particulars |
Jane |
Joe |
Jack |
|
|
25% |
45% |
30% |
||
|
Initial Basis |
$11,500 |
$16,500 |
$8,500 |
|
|
Operating Income |
$ 113,000 |
$ 28,250.00 |
$ 50,850.00 |
$ 33,900.00 |
|
1231 Gain |
$ 21,500 |
$ 5,375.00 |
$ 9,675.00 |
$ 6,450.00 |
|
Tax - Exempt income |
$ 9,500 |
$ 2,375.00 |
$ 4,275.00 |
$ 2,850.00 |
|
Additional debt |
$ 18,500 |
$ 4,625.00 |
$ 8,325.00 |
$ 5,550.00 |
|
Charitable Contribution |
$ (31,500) |
$ (7,875.00) |
$ (14,175.00) |
$ (9,450.00) |
|
Total |
$ 44,250.00 |
$ 75,450.00 |
$ 47,800.00 |
Hence, the correct option is b-$44,250
Answer-2-
Ans:$65,500 is Correct Answer
Explanation:
Adjusted basis of Jerry In his Partnership=Partnership
interest-Ordinary Loss +Long term Capital gain +Dividend-Non
Deductible Expenses+Cash Contribution-Share deduction
=$40,000-$5,000+$5,000+$4,000-$2,500+$30,000-$6,000
=$65,500
Here,Ordinary Loss,Share deduction reduces the Partnership interest however, Long term capital gain and Dividend non Deductible expenses and cash Contribution increase the Partnership Interest
Add Answer to:
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