provide an explanation of the correct answer and why the other choices are incorrect. 3) Gray...
Homework Answers
Add Answer to:
provide an explanation of the correct answer and why the other
choices are incorrect.
3) Gray...
For the following question, provide an explanation of the correct answer and why the other choices...
For the following question, provide an explanation of the correct answer and why the other choices are incorrect. 2) Marsha exchanged land in Florida with an FMV of $72,700 and an adjusted basis of $40,000 for land in lowa with an FMV of $57,700. Marsha also paid $5,000 cash in the transaction and received an automobile worth $20,000. What is Marsha's recognized gain on the transaction? A. $0 B. $15,000 C. $20,000 D. $32,700
For the following question, provide an explanation of the correct answer and why the other choices...
For the following question, provide an explanation of the correct answer and why the other choices are incorrect. 3) Agnes sold 50 shares of ABC stock to her son, Steve, in Year 4 for $42,000. She bought the stock eight years ago for $50,000. Steve sold the stock to an unrelated party in Year 6 for $60,000. How much gain will Steve recognize from the sale in Year 6? A. $0 B. $10,000 C. $18,000 D. $60,000 Recognized Gain New...
Hilary had an outside basis in LTL, General Partnership of $10,000 at the beginning of the...
Hilary had an outside basis in LTL, General Partnership of $10,000 at the beginning of the year. LTL reported the following items on Hllary/'s K-1 for the year: ordinary business income of $5,000, a $10,000 reduction in Hilary's share of partnership debt, a cash contribution of $20.000. and tax-exempt income of $3,000. How much capital gain must Hilary report, and what is Hilary's adjusted basis at the end of the year? $12,000 gain; ($12,000) adjusted basis. $0 gain; ($12,000) adjusted...
Required information Justin and Lauren are equal partners in the PJenn Partnership. The partners formed the...
Required information Justin and Lauren are equal partners in the PJenn Partnership. The partners formed the partnership seven years ago by contributing cash. Prior to any distributions, the partners have the following bases in their partnership interests: (Leave no answer blank. Enter zero if appplicable.) Partner Justin Lauren Outside Basis $ 25, see $ 25,500 On December 31 of the current year, the partnership makes a pro rata operating distribution of Partner Justin Lauren Distribution Cash $29, see Cash $21,000...
A and B are equal partners in a personal services partnership. Each partner acquired her partners...
A and B are equal partners in a personal services partnership. Each partner acquired her partnership interest for cash several years ago. None of the partnership’s assets is Section 704(c) property. The partnership has the following balance sheet: Assets Liabilities and Partners’ Capital A.B. F.M.V. A.B.* F.M.V. Cash $13,000 $12,000 Liabilities: $2,000 Capital Assets: Capital: Collectibles 1,000 3,000 A $10,000 15,000 Other 6,000 2,000 B 10,000 15,000 Subtotal 7,000 5,000 Receivables 0 14,000 Total $20,000 $32,000 $20,000 $32,000 Consider the...
Please provide a detail step by step explanation of how you broke down the depreciation recapture...
Please provide a detail step by step explanation of how you
broke down the depreciation recapture and solved for the section
1231 gain.
7) Brandon, an individual, began business four years ago and has sold $1231 assets with $5,000 of losses within the last five years. Brandon owned each of the assets for several years. In the current year, Brandon sold the following business assets: Asset Original Cost Accumulated Depreciation Gain/loss Machinery $30,000 $7,000 $10,000 Land 40,000 20,000 Building 90,000...
Help with this please. Partnership Income. Howard Gartman is a 40% partner in the Horton &...
Help with this please.
Partnership Income. Howard Gartman is a 40% partner in the Horton & Gartman Partnership. During 2019, the partnership reported the total items below (100%) on its Form 1065: 10,000 Ordinary income $180,000 Qualified dividends Long-term capital loss (12,000) Long-term capital gain 28,000 Charitable contributions 4,000 Cash distributions to partners 150,000 Howard and his wife Dawn, who file a joint return, also had the following income and deductions from sources not connected with the partnership: Income Dawn's...
1:1-45 Partnership Income. Howard Gartman is a 40% partner in the Horton & Gartman Partnership. During...
1:1-45 Partnership Income. Howard Gartman is a 40% partner in the Horton & Gartman Partnership. During 2018, the partnership reported the total items below (100%) on its Form 1065: Ordinary income $180,000 Qualified dividends 10,000 Long-term capital loss (12,000) Long-term capital gain 28,000 Charitable contributions 4,000 Cash distributions to partners 150,000 Howard and his wife Dawn, who file a joint return, also had the following income and deductions from sources not connected with the partnership: Income Dawn's salary $40,000 Qualified...
2. Smith Corp. has made S - election on the date of its incorporation in year...
2. Smith Corp. has made S - election on the date of its incorporation in year 2012. For the year 2019, Smith has a gross receipt for the year totaling $350,000 of which $100,000 is passive investment income. Expenditures directly connected to the production of the passive income total $35,000. Calculate Smith Corp.’s passive investment income tax (assume the tax rate 21%). Please show all calculations. 3. Tami, a U.S. Citizen, is a sole shareholder of S corporation, named "Happiness"....
> Question 19 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal...
> Question 19 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal partners. Hailie contributed $55,000 cash. Lauryn contributed and property with an adjusted basis of $20,000 and a FMV of $35,000. Camee contributed property with an adjusted basis of $43,000 and a dia ntributed $55,000 cash. Lauryn contributed $25,000 cash 43000 and a FMV of $55,000. The partnership made $30,000 m ordinary income for the year and there were no cash or property distributions. what...
For the following question, provide an explanation of the correct answer and why the other choices are incorrect. 2) Marsha exchanged land in Florida with an FMV of $72,700 and an adjusted basis of $40,000 for land in lowa with an FMV of $57,700. Marsha also paid $5,000 cash in the transaction and received an automobile worth $20,000. What is Marsha's recognized gain on the transaction? A. $0 B. $15,000 C. $20,000 D. $32,700
For the following question, provide an explanation of the correct answer and why the other choices are incorrect. 3) Agnes sold 50 shares of ABC stock to her son, Steve, in Year 4 for $42,000. She bought the stock eight years ago for $50,000. Steve sold the stock to an unrelated party in Year 6 for $60,000. How much gain will Steve recognize from the sale in Year 6? A. $0 B. $10,000 C. $18,000 D. $60,000 Recognized Gain New...
Hilary had an outside basis in LTL, General Partnership of $10,000 at the beginning of the year. LTL reported the following items on Hllary/'s K-1 for the year: ordinary business income of $5,000, a $10,000 reduction in Hilary's share of partnership debt, a cash contribution of $20.000. and tax-exempt income of $3,000. How much capital gain must Hilary report, and what is Hilary's adjusted basis at the end of the year? $12,000 gain; ($12,000) adjusted basis. $0 gain; ($12,000) adjusted...
Required information Justin and Lauren are equal partners in the PJenn Partnership. The partners formed the partnership seven years ago by contributing cash. Prior to any distributions, the partners have the following bases in their partnership interests: (Leave no answer blank. Enter zero if appplicable.) Partner Justin Lauren Outside Basis $ 25, see $ 25,500 On December 31 of the current year, the partnership makes a pro rata operating distribution of Partner Justin Lauren Distribution Cash $29, see Cash $21,000...
Please provide a detail step by step explanation of how you
broke down the depreciation recapture and solved for the section
1231 gain.
7) Brandon, an individual, began business four years ago and has sold $1231 assets with $5,000 of losses within the last five years. Brandon owned each of the assets for several years. In the current year, Brandon sold the following business assets: Asset Original Cost Accumulated Depreciation Gain/loss Machinery $30,000 $7,000 $10,000 Land 40,000 20,000 Building 90,000...
Help with this please.
Partnership Income. Howard Gartman is a 40% partner in the Horton & Gartman Partnership. During 2019, the partnership reported the total items below (100%) on its Form 1065: 10,000 Ordinary income $180,000 Qualified dividends Long-term capital loss (12,000) Long-term capital gain 28,000 Charitable contributions 4,000 Cash distributions to partners 150,000 Howard and his wife Dawn, who file a joint return, also had the following income and deductions from sources not connected with the partnership: Income Dawn's...
1:1-45 Partnership Income. Howard Gartman is a 40% partner in the Horton & Gartman Partnership. During 2018, the partnership reported the total items below (100%) on its Form 1065: Ordinary income $180,000 Qualified dividends 10,000 Long-term capital loss (12,000) Long-term capital gain 28,000 Charitable contributions 4,000 Cash distributions to partners 150,000 Howard and his wife Dawn, who file a joint return, also had the following income and deductions from sources not connected with the partnership: Income Dawn's salary $40,000 Qualified...
> Question 19 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal partners. Hailie contributed $55,000 cash. Lauryn contributed and property with an adjusted basis of $20,000 and a FMV of $35,000. Camee contributed property with an adjusted basis of $43,000 and a dia ntributed $55,000 cash. Lauryn contributed $25,000 cash 43000 and a FMV of $55,000. The partnership made $30,000 m ordinary income for the year and there were no cash or property distributions. what...
Most questions answered within 3 hours.
-
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 29 minutes ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 2 hours ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 3 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 3 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 3 hours ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 3 hours ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 4 hours ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 3 hours ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 3 hours ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 4 hours ago -
Please answer the question in brief.
Discuss the role of ERP in organizations. Are ERP tools...
asked 3 hours ago -
Discuss the pros and cons of collaborative software such
as SameTime. Does it increase productivity? What...
asked 4 hours ago