[The following information applies to the questions displayed below.] Bryce's basis in the Markit Partnership is $58,000. In a proportionate liquidating distribution, Bryce receives the following assets: Cash FMV Tax Basis $8,000 $8,000 Land A $20,000 $45,000 Land B $20,000 $25,000 (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) b. What is Bryce's basis in the distributed assets? Basis Land A Land B

[The following information applies to the questions displayed below.] Bryce's basis in the Markit Partnership is $58,000. In a proportionate liquidating distribution, Bryce receives the following assets: Cash FMV Tax Basis $8,000 $8,000 Land A $20,000 $45,000 Land B $20,000 $25,000 (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) b. What is Bryce's basis in the distributed assets? Basis Land A Land B

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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[The following information applies to the questions displayed below.]Cliff’s basis in his Aero Partnership interest is $16,900. Cliff receives a distribution of $29,400 cash from Aero in complete liquidation of his interest. Aero is an equal partnership with the following balance sheet: Tax Basis FMV Assets Cash $ 29,400 $ 29,400 Investment 16,900 16,900 Land 4,400 40,800 Totals $ 50,700 $ 87,100 Liabilities and capital Capital—Chris $ 16,900 Capital—Cliff $ 16,900 Capital—Cooper $ 16,900 Totals $ 50,700 Problem 21-57 Part b (Algo) b. If Aero has a §754 election in place, what is the amount of the special basis adjustment? please prvide correct solution
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Aaron and Jireh share profits in the ratio of 2:3. Their capital contributions are: P150,000 to Aaron and P250,000 to Jireh. Give the journal entries to record the admission of BJ under each of the following assumptions: a. BJ purchases 1/3 interest of Aaron for P50,000. b. Jireh sells ½ of her interest to BJ for P140,000. c. BJ invests P120,000 for a ¼ interest in the firm. Partners agreed that the new capitalization is P480,000. d. BJ invests 90,000 for a 1/5 interest in a new capitalization of P500,000.
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