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Mary contributed assets valued at $360,000 (basis of $200,000) in exchange for her 40% interest in ABC GP (a general partnership). Steve contributed land and a building valued at $640,000 (basis of $380,000) in exchange for the remaining 60% interest. Steve's property was encumbered by a qualified nonrecourse debt of $100,000, which was assumed by the partnership. The partnership reports the following income and expenses for the current tax year.
During the current tax year, ABC refinanced the land and building. At the end of the year, ABC had recourse debt of $110,000 for partnership accounts payable and qualified nonrecourse debt of $180,000.
A. What is Mary's basis after formation of the partnership? Steve's basis?B. What income and separately stated items does the partnership report on Mary's SchedulesK-1?C. What items does Mary report on her tax return?D. Assume that all partnership debts are shared proportionately. At the end of the tax year, what are Mary's basis and amount at risk in her partnership interest?E. What is Mary's capital account balance at the beginning of the tax year?F. What is Mary's capital account balance at the end of the tax year?G. What accounts for the difference between Mary's ending capital account and her ending tax basis in the partnership interest?
Assume the states between years are independent, an interest rate of 6%, and state 1 is realized in year 1. Show the balance sheet, income statement, and residual income / goodwill analysis for year 1.
Assume a fiscal year-end of September 30. Compute the annual depreciation charges over the asset's life applying each of the following methods.
On February 15, Company A declares a 1 for 4 reverse stock split effective on March 1. The stock price on February 15 is $50 and the stock price on March 1 is $20. What is the amount of the each share of stock after the stock split?
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1. In November 2013, the Brunswick Company signed two purchase commitments.
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During the current year merchandise is sold for $795,000.the cost of the merchandise sold is $477,000. (A) whats is the amount of gross profit?
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