Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 11-19 (algorithmic) (lo. 7) sweeney origi

Exercise 11-19 (Algorithmic) (LO. 7) Sweeney originally contributed $318,000 in cash for a one-fourth interest...

90.2K

Verified Solution

Question

Accounting

image
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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Does psychotherapy work? There are over 100 different types of therapy available in the US. For a long...

Psychology
Q

2. A four-wheeled vehicle has a mass of 1500 kg. the tractive resistance is 1100 N....

Mechanical Engineering
Q

Use the following data to determine the maximum rate at which a standard man can climb...

Physics
Q

Question No 9 a x where x is the distance measured from A and po...

Physics
Q

To test H 100 versus H 100 a simple random sample of size n 23...

Statistics
Q

Use your Transformations Reference Sheet to follow the rules 1 3 5 7 Reflection across...

Algebra
Q

Could you help me answer the following questions, Thank you. . Genitive Ltd Deferred...

Accounting
Q

True or False? In the manufacturing overhead budget, the non-cash charges (such as depreciation) are...

Accounting
Q

The following lots of Commodity Z were available for sale during the year. \table[[Beginning...

Accounting
Q

During 2019, Elsner, a married taxpayer with adjusted gross income of $50,000, redeemed Series EE...

Accounting
Q

Problem 1 Supreme Companys bookkeeper prepared the bank reconciliation for May 31, 2010. The bookkeeper...

Accounting
Q

To calculate Customer Lifetime Value percisely requires precise numbers that are often only available to...

Accounting