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My clients, Lisa and Matthew, plan to form Lima General Partnership. Lisa will contribute $50,000.00 cash to Lima for a 50% interest in capital and profits. Matthew will contribute land having a $35,000.00 adjusted basis and a $50,000.00 FMV to Lima for the remaining 50% interest in capital and profits. Lima will borrow additional funds of $100,000.00 from a bank on a recourse basis and then will subdivide and sell the land. Prepare a draft memorandum for your tax managers signature outlining the tax treatment for the partnership formation transaction. As part of your memorandum, compare the reporting of this transaction on the tax and financial accounting books. References: IRS Sec. 271 & Accounting Standards Codification (ASC) 845 (Nonmonetary Transactions)
prepare the 2012 fiduciary income tax return form 1041 for the green trust. in addition determine the amount and
Determine the total direct manufacturing cost. Briefly explain the difference between manufacturing overhead costs and selling and administrative costs. Calculate both the total manufacturing overhead cost and the total selling and administrative cos..
advanced management accounting questionsquestion 1 there is a company called walmart and it deals with machining work
Discussion board: Read the article "The Economic Effects of IFRS Adoption" and answer the following questions.
On January 6, Arneson Co. sells merchandise on account to Cortez Inc. for $9,000 terms 2/10, n/30. On January 16, Cortez Inc. pays the amount due. Prepare the entries on Arneson's books to record the sale and related collection.
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A bank quotes certificate of deposit (CD) yields both as annual percentage rates (APR) without compounding and as annual percentage yields (APY) that include the effects of monthly compounding.
Tonya had the following items for last year: Determine Tonya's adjusted gross income for the current year?
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Use information from the latest financial statement to compute operating leverage, ROI, EVA and another performance measure of Textron,
chose an organization that will serve as the focal point of individual project part 2 due in unit 5. create a 1-page
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