Write a tax mamo about countess aether

Assignment Help Accounting Basics
Reference no: EM13151566 , Length: 1006 words

1. Countess Aether, now a California resident, owns a 60% interest in the Gore General Partnership which only does business in California.

2.  Countess Aether has a basis of $400,000 and a fair market value of $2,000,000 in the partnership. Her share of partnership liabilities is $1,000,000 which are included in his $400,000 basis calculation.

3. Countess Aether is nearing retirement age, which is not very young in her profession, and has decided to give away her partnership interest on June 15th.

4. The partnership's year ends on June 30th as it has a 50% plus capital interest owner (Gaia Corporation).

5. Countess Aether intends to give half of her interest to her son, Uranus and half to the Chapman University.

6. Countess Aether is 84 years old and in less than robust health as a life time smoker. Her net assets, exclusive of his interest in the partnership, exceed $18,000,000. She is single, but dating a young man, Phanes, who is 30 years old, who she loves and believes loves her.

Reference no: EM13151566

Questions Cloud

Calculate the cross-price elasticity : Panel B shows how the demand for X shifts when the price of related good Y increases from $60 to $68. Use the information in Panel B to calculate the cross-price elasticity. Are goods X and Y substitutes or complements?
Concept of percentage-of-completion method : At the end of 2011, the costs to date were $6,325,000 and the estimated total costs to complete had not changed. The progress billings during 2011 were $3,000,000 and the cash collected during 2011 was $2,000,000. Eilert uses the percentage-of-co..
Probability that week-s show have thirty seven viewers : The number of viewers of American Idol has a mean of 33 million with a standard deviation of 10 million. What is the probability that next week's show will: Have between 37 and 44 million viewers?
What is the map distance between white and diminutive : White eye (w) female Drosophila are crossed with diminutive (dm) males. The F1 wild type females are then crossed to the double mutant, white eye, dimunutive males and produce the following.
Write a tax mamo about countess aether : Countess Aether, now a California resident, owns a 60% interest in the Gore General Partnership which only does business in California.
Explain how many molecules an ideal gas at stp : How many molecules are in 22.41 L of an ideal gas at STP? Remember the answer is supposed to be in molecules
Growth rate of the economy in the future : Economists generally agree that high budget deficits today will reduce the growth rate of the economy in the future
Explain the concept of separation of germline and soma : Explain the concept of separation of germline and soma (2). Explain how this concept changed our understanding of the evolutionary significance of the inheritance of acquired characteristics (3).
How much heat (in kj) is required : how much heat (in KJ) is required to warm 10g of ice, initially at -10 degree celsius, to steam 110 degree celsius?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Accounting for extractive industries

Accounting for Extractive Industries Production commences in Site One

  Journal entry for admission of partnership

For each of the following independent cases, prepare the journal entry that was made to record the admission of Shaw into the partnership.

  Journal entries of solomon company

On January 1, 2006, Solomon Company purchased the following two machines for use in its production process. The journal entry to record its purchase on January 1, 2006.

  Fasb and iasb current convergence

Explain the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).

  Implied value of each warrant

Upstate Water Company just sold a bond with 50 warrants attached. The bonds have a 20-year maturity and an annual coupon of 12%, and they were issued at their $1,000 par value. The current yield on similar straight bonds is 15%. What is the implie..

  Manufacturing overhead variance

Manufacturing overhead is applied to jobs on the basis of direct labor costs using a predetermined overhead rate. The actual manufacturing overhead cost for the year was $172,000.

  Common-size financial statement

A useful tool in financial statement analysis is the common-size financial statement. What does this tool enable the financial analyst to do?

  Fixed overhead budget and volume variance

The Stanford Company uses a standard cost system for and applies overhead based on machine hours. The following information is available for June: Calculate the fixed overhead budget variance and volume variance for the month of June.

  Find gain in the year the involuntary conversion occurred

on an involuntary conversion in which the taxpayer does not buy replacement property within the replacement period the gain on the involuntary conversion and any tax due must be reported.

  Generally accepted auditing standards

Prepare a 700-1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the fo..

  Method-technique and findings of an audit

Research and locate a company who was audited by an outside source and explain the method, technique, and findings of an audit.

  Test for detemining us residence

Compare the so called test for detemining US residence in section 7701 (b) and the myraid of exceptions and special rules used in applying such tests with the facts and circumstances approached used under prior law..

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