Troy sells his 25% interest in a ptrsp for $50,000 cash when the ptrsp assets are as
Fantastic news! We've Found the answer you've been seeking!
Question:
Troy sells his 25% interest in a ptrsp for $50,000 cash when the ptrsp assets are as follows:
Basis FMV cash $40,000 $40,000
accounts receivables -0- 36,000
inventory 40,000 92,000
land used in the business 40,000 32,000
The ptrsp has no liabilities on the sale date. Troy's outside basis in his ptrsp interest is $30,000 on the date of the sale. How much income does Troy recognize and what is it's character?
Expert Answer:
Answer rating: 100% (QA)
Troy sells his 25 of Interest in Partnership for 50000 value of Partnership is as follow... View the full answer
Posted Date:
Students also viewed these accounting questions
-
Computation of selected ratios. The following data is given: December 31, 2015 2014 Cash$ 66,000 $50,000 Accounts receivable (net) 90,000 60,000 Inventories 90,000 110,000 Plant assets (net) 383,000...
-
In a cash basis system, firms recognize revenues when they receive cash from customers and recognize expenses as they pay cash for goods and services. How does a cash basis system violate the...
-
In Problems 1158, perform the indicated operation, and write each expression in the standard form a + bi. 2 + i i
-
If you save $6000 a year into a 401(k) retirement plan for 25 years and earn an average rate of interest of 6% per year, how much will you have at the end of the 25th year? (Assume the first payment...
-
The new media discussed in this chapter have some distinct advantages over traditional media, but also have some disadvantages. Discuss some of the advantages and disadvantages of traditional and new...
-
Consider the Michaelis-Menten model introduced in Eq. (12.23). Graph the expectation function for this model for \(\theta_{1}=200\) and \(\theta_{2}=0.04,0.06,0.08\), 0.10 . Overlay these curves on...
-
Tess is the development manager for the Isabelle Stewart Gardner Museum in Boston. She was in the middle of a large campaign to raise $50 million for a building expansion project. Her development...
-
The student will prepare a Word document in a pa format that includes an implementation summary for each tier in the N-tiered system. This document should be three to four pages. Describe the...
-
Lavender Plantations Pty Limited produces and sells two types of lavender-based products: soaps and candles. Peta Mitchell, the manager, is implementing a new marketing strategy in 2022. Actual sales...
-
QUESTION 1 In the Boyle's Law experiment, you studied how the pressure of the gas sample changed when the volume of the sample changed. How did you change the volume of the sample? O The volume of...
-
The CanadaEuropean Union Comprehensive Economic and Trade Agreement (CETA) becomes effective July 2017. It will increase Canadas European cheese import quota by 17,700 tonnes. The change could cost...
-
Working men and women had not had it so bad since the middle of the 19th century. During the 1860s, like the 2000s and 2010s, real wages grew slowly. Those mid-Victorian years were a lost decade for...
-
FOMC participants saw the data on aggregate expenditure and unemployment as little changed since June but expected the unemployment rate to fall. Participants expected that inflation would remain...
-
Cite two advantages and two disadvantages of the Peruvian traditional public agency model.
-
What is the role of the Bank of Canada in macroprudential policy and how does inflation targeting contribute to financial stability?
-
Which of the statements below best summarizes the main limitations of Net Present Value (NPV), as a criterion for evaluating an investment project? Question 5Answer a. Net present value does not take...
-
Charles owns an office building and land that are used in his trade or business. The office building and land were acquired in 1978 for $800,000 and $100,000, respectively. During the current year,...
-
It is easier to measure the electrical resistivity of a metal than to measure its thermal conductivity. A new alloy has an electrical resistivity \(ho_{e}\) of \(55 \mu \Omega \mathrm{cm}\). Use the...
-
A novel strontium-silica glass has a thermal conductivity \(\lambda\) of \(2.1 \mathrm{~W} / \mathrm{m} \mathrm{K}\) (exceptionally high for a glass). What, approximately, would you expect its...
-
The window through which the beam emerges from a high-powered laser must obviously be transparent to light. Even then, some of the energy of the beam is absorbed in the window and can cause it to...
Study smarter with the SolutionInn App