Explain how much gain must the sa general partnership

Assignment Help Financial Accounting
Reference no: EM13129749

Sue and Andrew form SA general partnership. Each person receives an equal interest in the newly created partnership. Sue contributes $10,000 of cash and land with a FMV of $55,000. Her basis in the land is $20,000. Andrew contributes equipment with a FMV of $12,000 and a building with a FMV of $33,000. His basis in the equipment is $8,000, and his basis in the building is $20,000. How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew?

Reference no: EM13129749

Questions Cloud

Calculate the company''s current e&p : Loon, Inc. reported taxable income of $600,000 in 2011 and paid federal income taxes of $202,000. Calculate the company's current E&P.
Explain why dichloroethene has a boiling point : Explain why dichloroethene has a boiling point of 60 degrees C while trans-dichloroethene as a boiling point of 48 degrees C. Include drawings of the structures with dipoles in your answer.
Controls and processing procedures : Describe weaknesses in internal control over information and data flows and the procedures for processing shipping notices and customer invoices, and recommend improvements in these controls and processing procedures.
Do you agree with either of these individuals : Another employee argued that a Private Purpose Trust Fund should be used for both principal and income. Do you agree with either of these individuals, or do you have a better suggestion?
Explain how much gain must the sa general partnership : His basis in the equipment is $8,000, and his basis in the building is $20,000. Explain how much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew?
Organic chemistry- hydrogen chloride gas : Organic chemistry- When 2-butene reacts with hydrogen chloride gas, only one product is detected, whereas when 1-butene reacts similarly
Illustrate what is the amount of the taxable gifts : At Christmas, Samantha gave each of her three nephews Christmas gifts of an additional $5,000 in cash. Illustrate what is the amount of the taxable gifts, if any, made by Samantha this year?
Investor company reports equity income : If investor company owns 20% of the stock of investee company and investee company reports profits of $100000, then Investor company reports equity income of ?
Easily substituted until the trihalo species is obtained : each successive hydrogen is more easily substituted until the trihalo species is obtained. Explain

Reviews

Write a Review

Financial Accounting Questions & Answers

  Analyzing financial statement using ratio analysis

Analyzing financial statement using ratio analysis  - determine and recommend appropriate action on the loan request.

  Show the accounting treatment of purchased goodwill

Briefly show the accounting treatment of purchased goodwill. Briefly describe impairment concept in relation to intangible assets, with reference to relevant accounting standards

  How many pupils do molly and kathleen

How many pupils do Molly and Kathleen need to enroll in their class to break even and If Molly and Kathleen want to make a profit of $5,000 for the summer, how many pupils do they need to enroll?

  Calculation of earnings per share of common stock

Calculation of earnings per share of common stock and Determine the earnings per share of common stock.

  What role do ethics play in market efficiency

Will market efficiency evolve on its own without government intervention? Why or why not and what role do ethics play in market efficiency?

  Evaluate what is the total value of assets

That US parent company ABC has a subsidiary XYZ in Outer Mongolia. XYZ's total assets are as follows in Mongolian marks and evaluate what is the total value of assets if the functional currency is the Outer Mongolian mark?

  Evaluate of dividend per share, net dividend per share

Evaluate of Dividend per share, Net Dividend per share and Retention Ratio. If each preferred shareholder pays an income tax of 33.33% on their dividend income, what will be their net dividend earning? What is the retention ratio?

  Should the company continue to manufacture the part

Should the company continue to manufacture the part, or should it buy the part from the outside supplier? Support your answer with analyses.

  Money from these accounts could be mixed

Money from these accounts could be mixed or further divided and sent to other accounts or individuals, who, in turn, would do the same, until several checks for $1000 or less eventually arrive at party headquarters.

  Determine the expected portfolio return

Determine the expected portfolio return, rp, for each of the 6 years. Evaluate the expected value of portfolio returns, rp, (line over the r) over the 6-year period

  Make a cash budget for rotor products

Prepare a cash budget for Rotor Products, Inc. for the second quarter of 2006, based on the following information. The marketing department has provided you with the following sales estimates.

  Determine the contribution margin

What are the expected rates of reimbursement for this time frame for each payer

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd