FACTS / DATA / GIVEN: Тахрауer: Receipts/Earnings/balances during the taxable period: Resident citizen Description Winnings from gambling Interest on bank deposits Increase in fair value of lands held for Amount P900,000 20,000 500,000 investment Share in partnership income credited to capital account in the partnership Gross income from profession 150,000 200,000 COMPUTE: Taxable Income О А. 350,000 Ов. 870,000 C. 1,270,000 O D. 1,770,000

FACTS / DATA / GIVEN: Тахрауer: Receipts/Earnings/balances during the taxable period: Resident citizen Description Winnings from gambling Interest on bank deposits Increase in fair value of lands held for Amount P900,000 20,000 500,000 investment Share in partnership income credited to capital account in the partnership Gross income from profession 150,000 200,000 COMPUTE: Taxable Income О А. 350,000 Ов. 870,000 C. 1,270,000 O D. 1,770,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information Problem 10-55 (LO 10-1, LO 10-6) (Algo) [The following information applies to the questions displayed below.] Michelle pays $177,000 cash for Brittany's one-third interest in the Westlake Partnership. Just prior to the sale, Brittany's basis in Westlake is $96,200. Westlake reports the following balance sheet: Tax Basis FMV Assets Cash $ 96, 200 $ 96, 200 Land 192, 400 434, 800 Totals $ 288, 600 $ 531, 000 Liabilities and capital Capital - Amy Capital - Brittany Capital - Ben $ 96, 200 $ 96, 200 $ 96, 200 $ 288, 600 Totals (Leave no answer blank. Enter zero if applicable.) Problem 10-55 Part b (Algo) b. What is Michelle's basis in her partnership interest? What is Michelle's inside basis? Amount Basis in partnership interest Inside basis
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N2. part d please
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2022 tax rules
2022 tax rules
blanaces of accounts for M&M partnership are cash 34000 account payable (27000) loan to Matter (7000) Matter capital 8000 Mansour capital (8000) avaliable cash should distributed as follows after payment 25000 to account payables: ○ A. 7000 to Mansour O B. 7000$ for loan of Matter O c. $3500 each to Matter and Mansour OD. 1000 to Matter and 7000 to Mansour
Answer please
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