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Henry receives his 20% partnership interest as a gift from a friend. The friend's basis (without considering partnership liabilities) is $34,000. The FMV of the interest at the time of the gift is $36,000. The partnership has liabilities of $100,000 when Henry receives his interest. No gift tax was paid with respect to the transfer.
Adjusted Basis of Contributed Gift $34,000 Henry's Share of Income (34,000 X 0.20) + $6,800 = $40,800 Henry Deemed Distribution from Repayment of Partnership Liability (100,000 X 0.20) -$20,000 Henry's Recognized Liability $14,000 why would his recognized liability be $14,000... When the math makes it look like it should be $20,800.... what am I doing wrong or what other variable do I need to know about?
Determine what is the full disclosure principle in accounting and explain why has disclosure increased substantially in the last ten Years?
A. Prepare a trial balance in U.S. dollars at the date of acquisition. B. Prepare the journal entry to recognize the acquisition of LRB by Micro Electronics. C. Prepare the worksheet elimination, in journal entry form, at the date of acquisition.
Debauge Co. had beginning capital balances on January 1, 2008, as follows: Nick Foley $30,000 and Tom Wenger $25,000. During the year, drawings were Foley $15,000 and Wenger $8,000. Net income was $50,000, and the partners share income equally. Pr..
Would you answer in above question be different if the shareholder had also lent the subchapter S corporation cash in an amount in excess of the shareholders' allocable share of losses and deductions, and if so how?
hulse company had the following transactions pertaining to stock investments. feb. 1 purchased 490 shares of wade
cane company manufactures two products called alpha and beta that sell for 120 and 80 respectively. each product uses
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the following data relate to direct materials costs for november actual costs 4624 pounds at 5.20 standard costs 4474
discuss the advantages and disadvantages of each costing method including fifo lifo and average cost.discuss the
Calculate the equivalent units for conversion costs for the month in the first processing department.
to be successful a company must anticipate its cash flows. what evidence would help you evaluate whether or not a
after finishing her first year of operations nicole used the debt-to-assets asset turnover and net profit margin ratios
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