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Bob Krause and his large family corporation have been longtime clients of your accounting firm. During the current year, Bob and his adult son, Tom, formed the BT Partnership to develop and sell vacation homes on the Suwanee River. Bob contributed a 1,000-acre tract of land in exchange for 50% interest in BT Partnership's profits and looses. The land had a $300,000 FMV and a $30,000 adjusted basis. Tom contributed $150,000 in cash for the remaining 50% interest in the partnership. Two months after being formed, BT partnership used the land as security for a $200,000 loan from a local bank. of the $200,000 loan proceeds, the partnership then distributed the other $150,000 of the loan proceeds to Bob. Bob plans not to report these transactions becasue property contributions in exchange for a partnership interest and distributions of money by a a partnership that do not exceed the partners basis are nontaxable transactsion. What would you advise your clent to do in this situation.
What is wrong with the above situation? What does Bob have to report for tax and why?
Purpose a brief comment to management on the results of operations. What recommendations would you make to management to improve profitability?
Compute the Payback statistic for Project A and recommend whether the firm should accept or reject the project with the cash flows shown below if the appropriate cost of capital is 8 percent and the maximum allowable payback is 4 years.
Prepare journal entries to record all transactions including the variances in requirement 1. Compute for November: The labor efficiency variance and The labor rate variance.
Calculate Oriole Company's effective tax rate. Provide a reconciliation of Oriole Company's effective tax rate with its hypothetical tax rate of 34%.
Purchased inventory that cost $2,200 on account from Blue Co. under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $110 were paid in cash
Explain the importance of the notes to the financial statements.7. What causes an auditor's report to be qualified? adverse? a disclaimer of opinion? unqualified with explanatory language?
1.What are the five key steps to recognizing revenue?
Compute the labor rate and efficiency variances. Assuming that the labor variances are attributable to the new manufacturing process, should it be continued or discontinued?
Identify five local businesses and talk to their owners. Ask them about how they handle their accounting needs. Do they do it allthemselves or do they use an accountant or an accounting service? If they use an accountant or an accounting service, ..
Explain the differences and similarities between PBO and ABO. Describe how the 'Projected benefit obligation in excess of plan asset' is shown in the financial statement.
Evaluate owner's equity at the end of 2008 and 2009? and If Nobel paid dividends of $100 in 2009, and made no stock issues. what must have been net income during the year?
A taxpayer is considering two mutually exclusive alternatives. Alternative A is to hire a tax accountant at a cost of $ 20,000 to research the tax law on a tax avoidance plan. If successful, the plan would save the taxpayer $ 21,000 in taxes.
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