Problem 14-10 (Algorithmic) (LO. 2)Kenisha and Shawna form the equal KS LLC, with a cash contribution of $416,000 from Kenisha and a property contribution (adjusted basisof $436,800, fair market value of $416,000) from Shawna.If an amount is zero, enter "0".a. Shawna has realizedo :of which $is recognized.b. Kenisha's tax basis in her LLC interest is $c. Shawna's tax basis in her LLC interest isd. The tax basis that the partnership takes in the property transferred by Shawna is $e. Are there more effective ways to structure the formation?

Problem 14-10 (Algorithmic) (LO. 2) Kenisha and Shawna form the equal KS LLC, with a cash contribution of $416,000 from Kenisha and a property contribution (adjusted basis of $436,800, fair market value of $416,000) from Shawna. If an amount is zero, enter "0". a. Shawna has realized , of which is recognized. b. Kenisha's tax basis in her LLC interest is $ c. Shawna's tax basis in her LLC interest is s

Problem 14-10 (Algorithmic) (LO. 2) Kenisha and Shawna form the equal KS LLC, with a cash contribution of $416,000 from Kenisha and a property contribution (adjusted basis of $436,800, fair market value of $416,000) from Shawna. If an amount is zero, enter "0". a. Shawna has realized , of which is recognized. b. Kenisha's tax basis in her LLC interest is $ c. Shawna's tax basis in her LLC interest is s

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
6a.Harry and Sally formed the Evergreen partnership by contributing the following assets in exchange for a 50 percent capital and profits interest in the partnership: Basis Fair Market Value Harry: Cash $ 30,000 $ 30,000 Land 100,000 120,000 Totals $ 130,000 $ 150,000 Sally: Equipment used in a business 200,000 150,000 Totals $ 200,000 $ 150,000 What is Evergreen’s tax basis in its assets?
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N2. part d please
Please help me, this is for financial mathematics
H1.
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 O A. 350,000 О в. 870,000 ОС. 1,270,000 O D. 1,770,000
Discussion Question 13-16 (LO. 4) Tammy and Willy own 40% of the stock of Roadrunner, an S corporation. The other 60% is owned by 99 other shareholders (all are single and unrelated). Tammy and willy have agreed to a divorce and are in the process of negotiating a property settlement. a. Select "Yes" or "No" to identify the relevant tax issues that Tammy and Willy should address. • They should check whether there is a right of first refusal provision on the part of the corporation, or other shareholders, with regard to transferring stock outside the extant shareholder group. • They should check whether the divorce results in the S corporation exceeding the maximum number of shareholders. • They should check whether divorced taxpayers can be shareholders in an S corporation. b. The divorce resulted in the Roadrunner stock being distributed equally to Tammy and Willy. Complete the statements below that outline potential changes to Roadrunner's S status. • If Tammy or Willy retain their…
8 Multiple Choice 1-24 (LO 1-2) Jennifer and Paul, who file a joint return, have taxable income of $97,425 and the following tax liability: $20,550 x 10% = ($83,550 $20,550) × 12% = ($97,425 - $83,550) × 22% = Total tax liability Their average tax rate is: Multiple Choice O O 1 O O 12%. 13%. 22% 10%. $ 2,055.00 7,560.00 3,052.50 $ 12,667.50
Haresh
Please do Parts B, C, D. thank you.
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