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Question: When Thomas Properties LLC was formed, Candice contributed land (value of $200,000 and basis of $50,000) and $100,000 cash, and Oscar contributed cash of $300,000. Both partners receive a 50% interest in partnership profits and capital.
a) How is the land recorded for A 704(b) book capital account purposes?
b) What is Thomas Properties tax basis in the land?
c) If Thomas Properties sells the land several years later for $300,000, how much tax gain will Candice and Oscar report?
as the manager of the accounts receivable department for beavis leather goods ltd. you recently noticed that kelly
EM Sales had $2,200,000 in sales last month. The contribution margin ratio was 30% and operating profits were $180,000. What is EM's break-even sales volume? $660,000 $1,540,000 $1,600,000 $2,020,000.
described below are certain transactions of edwardson corporation. the company uses the periodic inventory system.1. on
What is its net operating income?
In 2012 the Moncrief Company purchased from Jim Lester the right to be the sole distributor in the western states of a product called Zelenex.
If, Sales = Rs. 800,000, Markup = 25% ofcost, what would be the value of Gross profit? Which of the following is correct?
carnival corporation has recently placed into service some of the largest cruise ships in the world. one of these ships
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What are balance sheet accounts?
on january 1 2012 sammy corp. granted an employee an option to purchase 9000 shares of sammys 5 par value common stock
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