Partnership interest after the distribution

Assignment Help Accounting Basics
Reference no: EM13142303

Howard and Dick are equal partners in a partnership. The partnership has 450 shares of IBM stock (per share FMV = $100, Adjusted Basis = $10) and 820 shares of Xerox stock (per share FMV = $95, Adjusted Basis = $25). Howard's basis for his partnership interest is $9,300. The partnership distributes 400 shares of the IBM stock to Howard in a current distribution.

Compute the gain or loss Howard must recognize on the distribution?

Calculate Howard's basis in the stock he received in the distribution?

Calculate Howard's basis in his partnership interest after the distribution?

Reference no: EM13142303

Questions Cloud

Prepare the estimated bad debts : Prepare the estimated bad debts assuming that doubtful accounts are estimated to be (1) 7% of gross accounts receivable and (2) 1% of net sales
Joint costs in production : Which of the following industries would most likely have joint costs in production?
Calculate probability for average sat score for students : Suppose that a group of 48 students who took the SAT was chosen. If you wanted to calculate a probability for the average SAT score for these 48 students, what is the standard error.
What is the amount of the refund owed to customer : What is the amount of the refund owed to the customer? Journalize the entries made by the seller to record the return and the refund. If an amount box does not require an entry, leave it blank.
Partnership interest after the distribution : Compute the gain or loss Howard must recognize on the distribution? Calculate Howard's basis in the stock he received in the distribution?
Prepare the entry to establish the fund : Gannon uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund and (2) the September 30 entry to both reimburse the fund and reduce it to $300.
Does bacillus cereus produce a capsule : Does bacillus cereus produce a capsule. Does morganella morganii have a caspule, does it have spore if what are there position, and does morganella morganii have acid fast stain.
Probability that at least eight people started smoking : Find the probability that at least 8 of them started smoking before 18 years of age. According to the Information Please Almanac.
Compare the relative size of the coelom : compare the relative size of the coelom with that ofthe mantle cavity in the freshwater clam.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the payback period for the proposed investment

Rieger International is attempting to evaluate the feasibility of investing $ 95,000 in a piece of equipment that has a 5- year life. The firm has estimated the cash inflows associated with the proposal as shown in the table at the right. The firm..

  Determining the choice of an allocation base

"Cost allocation is arbitrary, so there is nothing gained by it. We should report only the costs we know are direct." Do you agree? Why?

  What do you see as the major impediments to effective

How are managerial accounting concepts useful for a decision-maker at any level in an organization? Make sure to include different levels of decision-makers in your reply.

  Measurement of the pension obligation

Alternative methods exist for the measurement of the pension obligation (liability). Which measure requires the use of future salaries in its computation?

  Prepare dold''s journal entries for the initial transaction

Prepare Dold's journal entries for the initial transaction, recognition of interest each year, and the collection of $35,843 at maturity. (Round answers to 0 decimal places, e.g. $6,538. Credit account titles are automatically indented when the am..

  How to prepare the bank reconciliation

On July 31, 2010, Fenton Company had a cash balance per books of $6,140. The statement from Jackson State Bank on that date showed a balance of $7,695.80. A comparison of the bank statement with the cash account revealed the following facts.

  What portion of the test takers scored between 70 and 130

In a recently administered IQ test, the scores were distributed normally, with mean 100 and standard deviation 15. What portion of the test takers scored between 70 and 130?

  How many brackets should lenova produce in january

Finished goods inventory at the end of last December was 200 units. Ending finished goods inventory is equal to 25 percent of the next month's sales. Lenova Company expects to sell the brackets for $45 each. How many brackets should Lenova produce..

  Compute the return on stockholder equity ratio

Oslo Corporation decided to issue common stock and used the $400,000 proceeds to retire all of its outstanding bonds on January 1, 2010. The following information is available for the company for 2009 and 2010.

  How do we determine value

Not all benefits have monetary value. Companies are in business to make money, therefore the benefits should generate revenues whether directly or indirectly. As CFO of a company, what technical analysis would you do to determine the cost/benefit ..

  Determining the income tax payable

The estimated litigation expense of $1,000,000 will be deductible in 2011 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of $500,000 in each of the next three years. The income tax rate is 30% for all ..

  What is the customer profit

A company estimates that ordering costs are $2.00 per order, picking costs are $1.00 per unique item ordered, packing costs are $0.07 per item, and return costs are $40.00 per return.

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