Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. julie simmons had a 60 % interest in capital and p

Julie Simmons had a 60 % interest in capital and profits of Tri-State Partnership ....

90.2K

Verified Solution

Question

Accounting

Julie Simmons had a 60 % interest in capital and profits of Tri-State Partnership . Her basis for this interest at the beginning of 2022 was $5,700. During the year , the Tri-State distributed the following assets to Julie. Basis Fair Market Value Cash 2,000 $2,000 Machinery 4,900 6,100 Inventory 1,500 2,000 Office Equipment 3,000 $4,300 Julie also received a guaranteed payment from the partnership in the amount of 3,000 for management services that she provided In addition , the partnership had operating income of 10,000 (before considering any of these other transactions ) and LTCLs of 20,000
Calculate the basis and return effects of the partnership transactions and withdrawals during the year for the partner
Determine the basis of any property received by the partner during the year

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

Suppose you wanted to evaluate the performance of the three judges in Smallville, Texas: Judge Adams,...

Statistics
Q

C++ Define a class PersonalRecord, which will be storing an employee’s information. Internally, the class should have the...

Programming
Q

How is the height of the stage adjusted in relatively large increments?Condenser knobCoarse adjustment knobFine...

Biology
Q

E x XEN and 28 x 87 Choose the correct answer below OA E 28...

Basic Math
Q

Eva invests $8000 in a new savings account which earns 4.8% annual interest, compounded semi-annually....

Basic Math
Q

Blue Construction Inc has poor internal control Recently, Fred White the owner has suspected the...

Accounting
Q

3 of 3 On October 5. Cullumber Company buys merchandise on account from Bramble Company....

Accounting
Q

Compare and contrast planning decisions from control decisions. Is one more important than the other,...

Accounting
Q

The University is now keen to develop your plans outlined in task 1 and would...

Accounting
Q

A company signs a lease acquiring the right to use property for five years. Lease...

Accounting
Q

A company must decide between scrapping or reworking units that do not pass inspection. The...

Accounting
Q

if your lending institution is willing to give you an 85% loan mortgage on a...

Finance