The following information pertains to land contributed by Bea Dott for a 20% interest in a new partnership. The partnership had no debt before the contribution of this asset. $42,000 150,000 60,000 Dott's adjusted basis Fair market value Mortgage assumed by partnership How much is Dott's gain on this exchange of property for a partnership interest? b. $6,000 c. $18,000 d. $60,000 a. $0 CPA B The following information pertains to land contributed by Bea Dott for a 20% interest in a new partnership. The partnership had no debt before the contribution of this asset. Dott's adjusted basis Fair market value Mortgage assumed by partnership $42,000 150,000 60,000 How much is Dott's basis for her partnership interest? a. $0 b. $24,000 c. $27,000 d. $42,000 CPA May, 1987 A

The following information pertains to land contributed by Bea Dott for a 20% interest in a new partnership. The partnership had no debt before the contribution of this asset. $42,000 150,000 60,000 Dott's adjusted basis Fair market value Mortgage assumed by partnership How much is Dott's gain on this exchange of property for a partnership interest? b. $6,000 c. $18,000 d. $60,000 a. $0 CPA B The following information pertains to land contributed by Bea Dott for a 20% interest in a new partnership. The partnership had no debt before the contribution of this asset. Dott's adjusted basis Fair market value Mortgage assumed by partnership $42,000 150,000 60,000 How much is Dott's basis for her partnership interest? a. $0 b. $24,000 c. $27,000 d. $42,000 CPA May, 1987 A

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 9BCRQ

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Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in Juans Capital account due to this contribution? A. $10,000 B. $7,000 C. $3,000 D. none of the above
Chani contributes equipment to a partnership that she purchased 2 years ago for $10,000. The current book value is $7,500 and the market value is $9,000. At what value should the partnership record the equipment? A. $10,000 B. $9,000 C. $7,500 D. none of the above
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Marisa received a distribution from the LMP Partnership of property with a bisis to the partnership of $ 15,000. At the time of the distribution, Marisa's basis in the partnership was $25,000. What was her basis int he partnership after the distribution. A. $0. B. $10,000. C. $15,000. D. $25,000.
C. Shelton contributed land, inventory and $58,000 cash to a partnership. The land had a book value of $20,000 and a market value of $48,000. The inventory had a book value of $50,000 and a market value of $45,000. In the journal entry to record Shelton's contribution to the partnership, for what amount should inventory be debited? JOURNAL Date Description P.Ref DEBIT CREDIT Inventory ? (2) (2) Group of answer choices $58,000 $50,000 $48,000 $45,000
John has a $24,000 basis in his partnership interest. He receives a current distribution of $4,000 cash, accounts receivable ($12,000 A/B. $16.000 FMV) and land ($3,000 A/B, $8.000 FMV) The basis of his partnership interest following the distribution is Selected Answer: Ⓒa. 50 Answers: 0.50 b. $5,000 c. $1,000 d. ($4,000) D
1. What is Phillip’s recognized gain or loss on the distribution? 2. What is the partnership’s recognized gain or loss? 3. After the distribution, what is Phillip’s basis in the receivables?
Subject: acounting
Please help me with all answers thanku
1. A, B and C, three individuals, form a general partnership by contributing the following property in exchange for equal 1/3 interests in the partnership's capital, profits, and losses: A contributes land, a capital asset that A acquired several years ago, worth $100 in which A has a tax basis of $40. contributes machinery with a basis of $25 and a value of $60, plus $40 in cash. purchased the machinery several years ago for $75 and has taken $50 of depreciation. contributes inventory with a value of $100 in which has a basis of $90. What gain and/or loss will be recognized by the partners and the partnership on formation? What will be the partnership's "inside basis" and holding period for each of the contributed assets? What will be the partners' "outside bases" and holding period for their partnership interests?
On January 2 of the current year, Black acquired a 50% interest in New Partnership by contributing property with an adjusted basis of $7,000 and a fair market value of $9,000, subject to a mortgage of $3,000. What was Black's basis in New Partnership at January 2 of the current year? a. $3,500 b. $4,000 c. $5,500 d. $7,500
Using the information attached, how much is the initial total capital of the partnership? 592,000 750,000 1,342,000 2,322,000