(please give me Answer within 10-40min.) Partnership(taxation)Assume that all partnership interestsexpressed as percentages are thosepercentages of bothprofits/losses and capital. Assume that allliabilities are recourse.a) Three individuals, C, D, and E, form CDELLC. CDE LLC does not "check the box" tobecome a corporation and therefore istreated as a partnership for tax purposes. Ccontributes land,AB 70 FMV 100 and cash of 20. Dcontributes inventory (in the hands of bothD and CDE), AB 50FMV 120. E contributes services. Inexchange, each partner receives a 1/3interest in the LLC.What are the consequences to all of theparties?(b) Same as (a) except that C's land issubject to an assumable mortgage of 30and has a FMV of130

a) Contributions are always recorded in FMV. Now, given that, C contributed= 100+20= 120 D…

Answered: Assume that all partnership interests…

Assume that all partnership interests expressed as percentages are those percentages of both profits/losses and capital. Assume that all liabilities are recourse.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: d. Depreciation of the factory equipment, $26,000. Description Debit Cred e. Depreciation of the…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: Liam Wallace is general manager of Countrywide Salons. During 2018, Wallace worked for the company…

A: The gross pay is the amount of total annual salary and bonus earned by an employee. The net pay is…

Q: Allowance for Doubtful Accounts 106,106 6,074 6,990 14,592 28,950 49,500 Assume that the allowance…

A: Solution: Bad debt expense = 106106 - 8240 = $97,866

Q: An invoice for $5313 is dated May 12 and offers terms of 2/20-40x. If the invoice is paid on July…

A: Discounts are offered by the seller to collect payment from the buyer in fewer days.

Q: g. Office prepaid rent that expired during the period, $2,000. Description Debit Credit h. Other…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: Create at least 3 transactions in one month for each specialized journals

A: The creation of at least 3 transactions in one month for specialised journals is shown hereunder :…

Q: w did you get the numbers for aug. 13?

A: Journal entry is the first stage of accounting process.Journal entry used to record business…

Q: Ajit and Preena are married. Ajit is 63 years old; Preena is 60 years old. Ajit retired earlier this…

A: Answer :- Ajit's RRIF withdrawals The pension income splitting provision is only applicable in the…

Q: Remaining Time: 57 minutes, 12 seconds. Question Completion Status: OC.12.19% OD.7.19% QUESTION 3 An…

A: As per the given information: Historical return - 12.5%Standard deviation - 20.0%99.9% of the time…

Q: Write 5 sentences on what you did yesterday.

A: 1)Yesterday I woke up at 6.30 A.M. In the morning. 2)I brushed my teeth and washed my face with…

Q: Phone calls arrive at the rate of 48 per hour at the reservation desk for Regional Airways. (Round…

A: The objective of this question is to find the probability that the agent can take 2 minutes for…

Q: What’s the difference between accounts payable and receivable

A: You will have to deal with accounts payable and receivable if you utilise the accrual accounting…

Q: The current zero-coupon yield curve for risk-free bonds is as follows: What is the price per $100…

A: Zero-coupon bonds offer the potential for fixed returns, capital appreciation, portfolio…

Q: The monthly average cable TV bill in 2017 is $65.13. If cable costs are climbing at an annual rate…

A: Present value:- The term present value represents that an amount of money today have more worth or…

Q: An invoice for $10,000 dated September 10 with terms 3/10, 12/20, n/30, EOM is recelved in the mail…

A: Invoice is a document in which complete information is contained regarding the transaction that…

Q: If the billing cycle is from the first day of April to the last day of April, how many days are in…

A: Billing cycle is the time period between two statement closing dates. It is also called billing…

Q: Complete the following table by calculating the missing amounts (indicated as A- E). Round to two…

A: Amount Excluding VAT VAT Amount Amount Including VAT R1304.04 R1499.65 - R1304.04 = R195.61…

Q: Click the icon to view the estimated expenses for the last nine months of the coming year. Define…

A: Q3 Data given:

Q: 9. Explain the difference between ordinary dating and end-of-month dating. (Lesson 4/5)

A: Accounting is the method that is used by a business to estimate the financial result of the…

Q: Given: A. The following hypothetical and undiscounted flows of benefits and costs for three (3)…

A: Net present value shows the difference between the present value of cash inflows and outflows…

Q: What is the purpose of making profit and loss account and what accounting items will be reported in…

A: The financial statements of the company are the records that summarizes the transactions made by the…

Q: Calculate AD Line from the following (Photo) (Note: Take only upto 2 decimals as it appears on…

A: Calculation of Money flow: Step 1: Calculate Typical price : (high + low + close) / 3 Step 2 :…

Q: Then, prepare the journal entry assuming the payment is made within 10 days (the discount period).

A: Formula: Net sales = Sales - discount where, Discount = Sales x discount rate

Q: Collection calls may be made to Ontario residents between the hours of 7 a.m. and 9 p.m. Fastern…

A: In this question, we are required to determine the timing of collection calls.

Q: Ali decided to install a new internet fiber service. He signed a contract with Company XYZ. The…

A: Sunk cost: In economics and business decision-making, a sunk cost is a cost that has already been…

Q: For each of the transactions for the month below, journalize the necessary entry. The first entry…

A: Job costing is a system in which costs are recorded for a particular job rather than the entire…

Q: Class Collaborate-AC-163-44 P x CengageNOWv2| Online teachin X +…

A: Analyzing a Company's Financial Health (Data Limitations)This explanation explores the challenges of…

Q: 63. In accruing patient charges for the current month, which one of the following accounts should a…

A: Accrued revenue means the revenue earned by an entity which is yet to be received.

Q: BUS 038 : Business Computations 8. An invoice for $75.20 has terms of 3/10, 1/30, n/60. If you make…

A: Invoice amount = $75.20 Discount rate if payment within 10 days = 3% Discount rate if payment within…

Q: (10)Post this transaction: Paid $225 to have advertising leaflets printed (11) Post this…

A: As requested to answer only 10, 11 and 12 so we are answering only those.

Q: Interval Answer: A. B. C. Monthly D. on day 1st of every 1 O An unscheduled journal entry O…

A: Recurring Transfer means a transfer or Basic Payment scheduled for a fixed amount at regular…

Q: Directions: Review the timecard below and read the situation to the right of the timecard to answer…

A: The daily totals on the can be computed by adding the morning shift and day shift and overtime shift…

Q: Statement 1 Gross receipts of common carriers derived from their incoming and outgoing freight shall…

A: Gross Receipts - Gross revenues are the sum of all funds received by the organisation during its…

Q: Write a short note (max 150) words to describe the System of National Accounts 2008

A: solution System of National Accounts 2008 It is a international statistical standard . System of…

Q: Identify the term, which is used for the full payment is due on the 15th of the month following the…

A: The details relating to the payment of the invoice and the time in which the payment has to be made…

Q: 3. P7.900 made every three months at 6.75% converted bimonthly

A: Payment every three months (quarterly) = P 7900 Interest rate = 6.75% converted bimonthly…

Q: Please select the correct journal entry for it O Dr Dr Dr Dr Cr Cr Cr Interest expenses (p&l)…

A: The adjustment entries are prepared to adjust the revenue and expense of the current period. The…

Q: How many three-letter sequences are possible that use the letters a, p, j, e, z at most once each?

A: There are 5 choices for the first letter 4 choices for the second letter (since one letter has…

Question

(please give me Answer within 10-40min.)

Partnership(taxation)
Assume that all partnership interests
expressed as percentages are those
percentages of both
profits/losses and capital. Assume that all
liabilities are recourse.
a) Three individuals, C, D, and E, form CDE
LLC. CDE LLC does not "check the box" to
become a corporation and therefore is
treated as a partnership for tax purposes. C
contributes land,
AB 70 FMV 100 and cash of 20. D
contributes inventory (in the hands of both
D and CDE), AB 50
FMV 120. E contributes services. In
exchange, each partner receives a 1/3
interest in the LLC.
What are the consequences to all of the
parties?
(b) Same as (a) except that C's land is
subject to an assumable mortgage of 30
and has a FMV of
130

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Monitoring By the Board of Directors and Others

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Journalize this transaction: Paid $320 to Ameren for the monthly bill. Edit View Insert Format Tools Table 12pt v Paragraph v В I U MacBook Pro Oine Fi En ACCT 101 Onre le Oa01 for Ais eet # $ % & 3.
Calculate average daily balance: (Round your answer to the nearest cent.) 29 Day Billing Cycle 9/6 Balance $600 9/18 Payment $200 9/24 Charge $300 Average daily balance
K An invoice is dated June 18 with terms 3/10-50 ex. Find the final discount date and the net payment date. The net payment date is 20 days after the final discount date. The final discount date is The net payment date is June July ▼ ▼ CHE
Please answer the question Minimum 150 words What are the most important statements of the Annual report? Why are they important ? What do they measure?
Please do not give solution in image format
I will give UPVOTE 45-- Minutes. I already bought bartleby I hope u can help me to answer this activity of mine.GO GO GO. 1.6.1. ----------------------------------------------- ----------------------------------------------------------------------- 45-- Minutes. I already bought bartleby I hope u can help me to answer this activity of mine.GO GO GO. 1.6.1. I will give UPVOTE
M Inbox (909) - camillejeunei @gm i General (BSA 1-1: FAR 2) | Micro O FAR 2 LONG QUIZ /Pages/ResponsePage.aspx?id3DcYWpTercOUiPsQvdXclp-WXyu19p0dpLjDbGCXgjKqpURFVGNzZDSzZDWUhSWkRNTUoxTjBXNzhF The net income from January 1 to September 30, 2019 is P44,000. Also, on this date, cash and liabilities are P40,000 and P90,000, respectively. For Romans to receive P55,200 in full settlement of his interest in the firm, how much must be realized from the sale of the firm's non-cash assets? * Corinthians and Galatians decide to dissolve the partnership on September 30, 2021. neir capital balances and profit ratio on this date, follow: Capital Balances Profit Ratio Romans P50,000 40% Corinthians 60,000 Galatians 20,000 30% P196,000 P177,000 P193,000 国 IN
Should we record account payable at 12/31, if the invoice date is after 12/31, lets say 1/3, for example the utility or telephone bill for December.
Fill the table as on december 31. Want correct exact answer, other wise downvote for sure.
2. The date 8/9/2024 is stored in cell C5, and =WEEKDAY (C5) is stored in cell D5. What is the default function result if cell D5 has not been formatted? a. 6 b. 9 c. Friday, August 9, 2024 d. Friday
Quiz 4: Module 4- Requires Respondus L Started: Nov 16 at 6:41am Quiz Instructions Quiz 4 covers the content from Module 4. The quiz has a 45-minute timer t question at a time but you can go back and change your answers if you nee Quiz answers can be viewed for 72 hours after the final due date, Be sure to Question 17 An anecdote is a type of analogy | metaphor Sumile comparison example Previous
O Mail - Edjouline X E Content - ACG2 X * CengageNOW. X O (58) YouTube * from Towards a X m/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro. Q < ☆ STIOW Me TOW Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $410,000; Allowance for Doubtful Accounts has a credit balance of $3,500; and sales for the year total $1,850,000. Bad debt expense is estimated at 3/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Debit (Credit) Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Check My Work Previous Next V O 11:51