Exercise 11-19 (Algorithmic) (LO. 7) Sweeney originally contributed $318,000 in cash for a one-fourth interest...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Exercise 11-19 (Algorithmic) (LO. 7) Sweeney originally contributed $318,000 in cash for a one-fourth interest in the Gilbert LILC. During the time Sweeney was a member of the LLC, his share of the LLC's income was $190,800 and he withdrew $127,200 cash. The LLC's liabilities are $159,000, of which Sweeney's share is $39,750. Sweeney sells his LLC interest to Jana for $419,760 cash, with Jana assuming Sweeney's share of the LLC's liabilities. How much is Sweeney's gain on the sale, and how much is Jana's adjusted basis for her LLC interest? Sweeney's gain on the sale is and Jana's adjusted basis for her LLC interest is
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
