Laine and emma form the equal el partnership emma

Assignment Help Cost Accounting
Reference no: EM13370354

Laine and Emma form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a fair market value of $100,000.

a. How much gain, if any, must Emma identify on the transfer? Must Laine recognize any gain?

b. Evaluate what is Emma's basis in her partnership interest?

c. Find what is Laine's basis in her partnership interest?

d. What basis does the partnership take in property transferred by Laine?

Reference no: EM13370354

Questions Cloud

Requirement 1for material glass cost suppose the average : requirement 1for material glass cost suppose the average cost per pound is based on table cost per batch divided by the
Companys annual report for its 2008 fiscal yearthen answer : companys annual report for its 2008 fiscal year.then answer the following questionsexplain and evaluate the companys
A citys enterprise fund issued revenue bonds with a face : a citys enterprise fund issued revenue bonds with a face value of 10000000. the bonds were issued with a 2 percent
Question 1scores are obtained from law school admission : question 1scores are obtained from law school admission test are normally distributed with a mean score of 550 and a
Laine and emma form the equal el partnership emma : laine and emma form the equal el partnership. emma contributes cash of 100000. laine contributes property with an
Accounting firm has noticed that of companies it audits 85 : accounting firm has noticed that of companies it audits 85 percent show no inventory shortages 10 percent show small
Standard cost sheet massage chairmetal tubing 6 meters 3 : standard cost sheet massage chairmetal tubing 6 meters 3 18.00leather 2 square meters 7 14.00padding 3 kilograms 4
In 2012 harry a self-employed accountant travels from : in 2012 harry a self-employed accountant travels from kansas city to miami for a 1-week business trip. while in miami
Compute accrual and cash incomein its first year of : compute accrual and cash incomein its first year of operations harden co. earned 39000 in revenues and received 33000

Reviews

Write a Review

Cost Accounting Questions & Answers

  In summer 2005 time warner inc announced they were setting

in summer 2005 time warner inc. announced they were setting aside 3 billion to settle lawsuits from shareholders who

  Anderson manufacturing makes a single productnbsp budget

anderson manufacturing makes a single product.nbsp budget information regarding the current period is given

  Limitation of break-even analysis

Plot the date of your answer to above inthe form contribution sales graph known as profit volume graph. and to comment on the result shown and state the break- even point.

  Compute the current ratio and quick ratio

The 2007 and 2008 balance sheets for Alan Jack and Sons showed net accounts receivable of $10,000 and $14,000, respectively, and inventory of $8,000 and $6,000, respectively. Their 2008 income statement showed net sales of $109,500 and cost of goo..

  Determine the average cost per patient-day

Determine the average cost per patient-day

  Compute total costs be for the month

Fixed costs total $84,000 per month, If 80% of the rooms are occupied each night in the month of February Compute total costs be for the month

  What obligation do you have to help her

What obligation do you have to help her and how can you help her and should be two pages long APA format with IRS coodes and accounting rules with your decision.

  Find the break points associated with each source

Find the break points associated with each source of capital and use them to specify each of the ranges of total new financing over which the firm's WACC remains constant.

  Evaluate the amount of cost of goods sold for the month

Axis uses periodic inventory system. Using FIFO method, evaluate the amount of cost of goods sold for the month?

  Explain activity-based management

Evaluate how the company you selected could best allocate costs to divisions, plants, departments, contracts, and / or products. Describe your rationale.

  Provide a brief definition of a compilation

Explain one difference in auditor's procedures when conducting a evaluation under SSARS vs. a review of interim financial information conducted under auditing standards.

  Compute the product margins for the ex300 and tx500

The company has created an activity-based costing system to evaluate the profitability of its products. PMI's ABC implementation team concluded that $57,000 and $101,000 of the company's advertising expenses could be directly traced to EX300 and T..

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