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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?
equipment with a useful life of 5 years and a residual value of 6000 was purchased on january 3 2002 for 48500. the
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On August 1, 2009, Columbo Co.'s treasurer signed a notepromising to pay $240,000 on Dec. 31, 2009. The proceeds of thenote were $232,000.
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Which of the following should be classified as an investing activity on a statement of cash flows?
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